This document, the Anti-Money Laundering (AML) / Counter Terrorism Financing (CTF) and Know Your Customer (KYC) Policies and Procedures Manual (“AML Manual”), pertains to Globus Solutions Z.o.o, (to be referred to herein as the “Company“) located at Lodz, Piotrkowska St. 116/52, Poland
The outlined procedures aim to guide The Company in fulfilling its legal obligations by taking reasonable, enhanced steps and exercising due diligence and enhanced due diligence if required, to prevent money laundering or terrorist financing offenses.
Personnel responsible for compliance at The Company and others following these procedures should also consult relevant legal sources, including the Act, the Regulations, and pertinent provisions regarding the identification, full assessment and comprehended risks associated with money laundering and terrorist financing. Additionally, The Company conducts thorough reviews and evaluations of its operations, implementing measures to mitigate these risks. These measures are tailored in proportion to the level of risk identified.
The Company employs a risk-based approach, evaluates the likelihood of risks materializing and the ramifications of such occurrences. This evaluation includes considering the potential occurrence of relevant circumstances, encompassing risks that could impact both the Company and its clients, and factors that may increase the likelihood of such risks.
The Company is required to undertake a risk assessment to identify, evaluate, and analyze the risks associated with its clients’ activities concerning money laundering, terrorist financing, and financial sanctions.
This risk management model, concerning the identification and handling of risks associated with clients and their activities, is established to fulfill obligations stipulated in clauses § 14 1) (2) and (6) of the RahaPTS, in alignment with the overarching regulations outlined in the Money Laundering and Terrorist Financing Prevention Act, the International Sanctions Act, and Directive (EU) 2015/849 of the European Parliament and of the Council. The model encompasses:
- Identification and management procedures for risks arising from clients and their activities, along with determining the client’s risk profile.
- Identification and management procedures for risks arising from the activities of The Company including protocols for identifying and managing risks associated with new technologies, services, products, and sales channels.
Globus Solutions Sp. z o.o categorizes and evaluates its clients into three categories:
A – Low Risk (1 risk point): No significant risk factors are present, and the client’s activities are transparent and consistent with typical practices in their field, with no suspicion of potential money laundering or terrorist financing risks.
B – Moderate Risk (2 risk points): One or more risk factors deviate from typical activities in the client’s field, although their activities remain transparent, with no suspicion of overall money laundering or terrorist financing risks.
C – High Risk (3 risk points): One or more risk factors raise concerns regarding the transparency of the client and their activities, suggesting potential money laundering or terrorist financing activities.
As part of its ongoing monitoring efforts, The Company diligently implements all necessary due diligence measures as mandated by law. The extent of these measures depends on the specific business relationship or transaction and the associated risk level of the parties involved, adhering to the “know your customer” principle. Risk levels are determined by considering various factors, including:
- Customer-related risk.
- Risk associated with the legal nature of the customer and the identification of beneficial owners.
Risk levels are classified as follows:
A. Low Risk: Applies to entities such as publicly listed companies, legal persons governed by public law, governmental authorities, institutions of the European Union, and compliant credit or financial institutions. B. Moderate Risk: Applies to natural persons, transparently structured companies not listed on a market, and non-profit associations. C. High Risk: Applies to entities with complex ownership structures, companies with unclear management or beneficial ownership, entities subject to European Union or UN sanctions, or those registered in low-tax territories.
The list of countries not considered low-tax territories can be found below and is updated or affirmed on a weekly basis.
For countries or geographic territories, the risk is categorized as follows:
A. Low Risk:
- Customers from or residing in Poland.
- Customers from other EU or EEA countries.
- Customers from third equivalent countries listed in the common position adopted by the EU, including countries like Australia, Canada, Japan, etc.
B. Usual Risk:
- Customers from third countries not listed in the low-risk category.
C. High Risk:
- Countries or jurisdictions with inadequate anti-money laundering and counter-terrorist financing systems.
- Countries with significant corruption or criminal activity, indicated by a CPI score of 39 or lower.
- Countries subject to sanctions or embargoes by the EU or UN.
- Countries providing funding or support for terrorist activities.
- Countries with designated terrorist organizations operating within their territory.
For customer activities and provided products or services, the risk is categorized as follows:
A. Low Risk:
- Customers engaged in usual and normal economic and professional activities with a turnover of financial instruments not exceeding 40,000 euros per year.
B. Usual Risk:
- Customers engaged in usual and normal economic and professional activities with a turnover of financial instruments exceeding 40,000 euros per year.
C. High Risk:
- Business relationships under unusual circumstances, including complicated or unusually large-scale transactions, unusual transaction patterns, or involvement in specific activities such as private banking, providing anonymity-promoting products or services, personal asset holding, handling large amounts of cash, currency exchange, gambling services, gold or luxury goods trading, internet advertising, innovative services, company management, or other activities with a higher risk of money laundering or terrorist financing.
- Providing services via non-traditional sales channels or experiencing rapid customer base growth.
Billing and Transactions:
A. Low Risk:
- Long-term contracts in written, electronic, or reproducible formats.
- Payments received only via accounts in credit institutions meeting specified criteria.
- Total value of incoming or outgoing payments not exceeding 15,000 euros per year.
B. Usual Risk:
- Limited cash transactions below 32,000 euros or equivalent.
- Use of reliable financial institutions or payment systems.
C. High Risk:
- Use of institutions promoting anonymity or located in high-risk third countries.
- Involvement of unknown or unrelated third-party settlement channels or accounts.
- Large cash transactions exceeding 32,000 euros.
Politically Exposed Persons (PEPs):
A. Low Risk:
- Customer is not a PEP, family member of a PEP, or close associate of a PEP.
B. Usual Risk:
- Customer is a PEP or associated with a PEP; additional due diligence measures apply.
C. High Risk:
- Customer is a PEP or associated with a PEP; additional due diligence measures apply, including database checks and local search engine inquiries.
Customer Identification:
A. Low Risk:
- Face-to-face identification of Polish residents or legal entities based on specified documents.
B. Usual Risk:
- Face-to-face identification of foreign individuals or entities based on specified documents.
C. High Risk:
- Suspected falsification of information or documents.
- Absence of physical meeting between parties without application of specified safeguard measures.
- Identification based on other credible sources, including electronic means, using at least two different sources for verification.
This categorization assists in determining appropriate risk management strategies based on the nature of billing, transactions, presence of PEPs, and customer identification processes.
This document details the risk related to communication channels, services provided, mitigation strategies, risk appetite, and customer identification specifications for Globus Solutions Sp. z o.o, particularly concerning virtual currencies.
Risk Related to Channels of Communication or Transmission:
A. Low Risk:
- Consistent communication and delivery channels agreed upon or reliably modified during the business relationship.
B. Usual Risk:
- Temporary or alternate communication and delivery channels used at the start or during the business relationship.
C. High Risk:
- Accidental, unreliable, or unusual communication or delivery channels used.
- Use of service providers with unclear risk factors.
- Significant distance between customer and service provider.
Risk Related to Activities of the Company and Nature of Services Provided:
A. Low Risk:
- Selling virtual currency with payments through reputable institutions.
- Providing virtual currency wallet service with limited activity.
B. Usual Risk:
- Similar services with slightly higher transaction volumes.
C. High Risk:
- Selling virtual currency with payments from institutions outside of regulated areas.
- Involvement in transactions promoting anonymity or with third-party currencies.
- Significant transaction volumes exceeding specified thresholds.
Mitigation of Risks:
- Implementation of volume restrictions on business transactions based on risk analysis results.
- Application of simplified, usual, or enhanced due diligence measures based on transaction values and risk assessment.
Risk Appetite:
- Avoidance of business relations with prohibited or suspicious entities.
- Cautious approach towards high-risk categories of customers.
Customer Identification Specifications:
- Face-to-face identification or alternative methods authenticated by notaries.
- Use of credible and independent sources for verification, including electronic means.
- Interviews, trial payments, document submissions, or bill statements for identification purposes.
Currently The Company’s risk appetite calls for the rejections of clients deemed as high risk under any of the categories listed above or under any other categories or conditions that The Company will see fit to to apply, without any requirement for notice to any current or prospective customers.
This comprehensive framework assists The Company in managing risks associated with its activities, particularly in the realm of virtual currency transactions. It outlines specific measures and thresholds to ensure compliance and mitigate potential risks.
Acceptable documentation for customer identification:
- Clients residing within the EU, EEA, United Kingdom, Switzerland or Canada:
- Valid Passport with at least 6 months to expiry.
- Biometric issued Drivers License.
- Biometric identification Card (For UK residents – ID Card must show your social insurance/tax ID number)
- Clients residing within any other jurisdiction will