Anti-Money Laundering

Buy Gift Cards

HomeAnti-Money Laundering

COMPLIANCE & REGULATORY STATEMENT of UAB TECHNNOBELA

Recitals
This compliance & regulatory statement (hereinafter referred to as Statement) provides instructions to the employees of UAB Technobela (hereinafter referred to as Company) regarding the implementation of the measures provided for in the legal acts on prevention of money laundering and terrorists financing in the Company’s activities in providing a internet based platform for provision of services of gift cards.
Though the Company is not a subject to whom provisions of the Law on the Prevention of Money Laundering and Terrorist Financing of the Republic of Lithuania are mandatory, it has made a decision to apply relevant provisions of that law voluntary.
Definitions
1. Capitalized words in this Statement shall have meanings as follows:
POLICY OF COMPANY’S PREVENTION OF MONEY LAUNDERING AND TERRORISTS FINANCING
1. Company undertakes to pursue a strict policy of money laundering and terrorists financing prevention to achieve zero tolerance in such the illegal activities.
2. Company undertakes to ensure that all its contractors and partners in their activities, as far as it is related to legal relations with the Company, comply with the provisions in line with the Company's Money Laundering and Terrorist Financing Prevention Policy.
3. All customers (including potential customers) of the Company will be introduced, will have to agree, and comply with the following provisions:
  1. Customers are not allowed to use the services provided for on the Foog Platform for money laundering and terrorists financing or related activities.
  2. Customers must comply with the Company’s instructions related to the identification (KYC), i. e. customers must undertake to provide the Company and, upon request, to substantiate information about themselves, the Beneficiary Owner, the nature of their activities, etc.
  3. Should the Company have suspicions that customer enters into Transaction for the purpose of money laundering and/or terrorists financing or other related activities, the Company reserves a right to suspend or terminate the provision of services to such the customer.
  4. Company reserves a right to use personal data of customer/Beneficial Owner to investigate or prevent illegal activities related to money laundering or terrorists financing and to provide the customer’s/Beneficial Owner’s personal data to the relevant competent governmental bodies for purposes of such investigations.
4. Company shall not provide services in the countries enlisted by the FATF among “High-Risk Jurisdictions subject to a Call for Action“.
5. Company shall appoint a compliance officer (Senior Manager) as an employee responsible for implementation of money antilaundering and terrorists financing prevention measures, processing of registration logs and data storage as well as maintaining of relations with relevant state institutions. Until such appointment the head of the Company shall be responsible for the fulfilment of obligations set forth in this clause.
METHODS OF IDENTIFICATION OF MONEY LAUNDERING AND/OR TERRORISTS FINANCING ACTIVITIES
1. Company shall seek to identify cases of money laundering and/or terrorists financing based on:
  1. Customer risk.
  2. The nature of Transaction.
  3. Country-based risk/geographical area risk.
PROCEDURE OF THE IDENTIFICATION OF THE CUSTOMERS AND BENEFICIAL OWNERS (KNOW YOUR CUSTOMER (KYC) PROCEDURE)
1. Purpose of KYC procedure is to ensure that Company has sufficient reliable information to correctly identify the persons with whom Company has legal relationship.
2. Where appropriate, Company carries out due diligence checks in respect of customers or potential customers. Company will consider carrying out due diligence checks in cases when a customer executes multiple purchases on the Foog Platform or there are other suspicions of money laundering and/or terrorist financing activities. Company will also carry out random due diligence checks of transactions executed on the Foog Platform.
3. In determining the customer’s identity, the Company on its own discretion reserves the right to identify Beneficial Owner. Identifying a Beneficial Owner always means identifying a natural person or a group of natural persons.
4. There are three levels of customer identification:
  1. When creating an account on the Foog Platform and/or in cases of conclusion and/or execution of an occasional transaction on the Foog Platform less than EUR 1000 (or equivalent in other currency).
  2. When registering with the Foog Platform.
  3. Enhanced customer identification.
5. When creating a customer's account, Company must receive and store data about customer’s valid e-mail address. Company does not require to provide more data for identification as long as the customer concludes occasional transactions which sum is less than EUR 1000 (or equivalent in other currency) per one day on the Foog Platform.
6. During the process of registration with the Foog Platform in order to identify a customer Company shall require the customer to upload an identity document (passport or ID card or a driving licence issued in a state of the European Economic Area in accordance with the requirements laid down in Annex I to Directive 2006/126/EC of the European Parliament and of the Council of 20 December 2006 on driving licences (recast), which contains the following data:
  1. Name and surname.
  2. Personal number or any other unique sequence of symbols granted to that person, intended for personal identification or date of birth if customer is not identified by personal number.
  3. Photograph.
  4. Signature (except for the cases where it is optional in the identification document).
  5. Citizenship (except for the cases where it is optional in the identification document) and in the case of a stateless person – the state which issued his identification document.
7. Besides collection of the data as foreseen in the Clause V.6 of the Statement Company shall ensure that the first payment by the customer be carried out through an account with a credit institution, where the credit institution is registered in a Member State of the EU (or in a third country which imposes requirements not less than those applied in the EU).
8. Company reserves a right to apply any other appropriate measures for identification of a customer adopted by the competent governmental institutions (Financial Crime Investigation Service under the Ministry of Interior of the Republic of Lithuania).
9. During the customer’s registration with the Foog Platform, the Company’s employee must also check:
  1. Whether the customer is not included in the consolidated list of persons, groups of persons and undertakings and bodies subject to the European Union and/or the USA restrictive measures (sanctions) (by screening relevant online lists: consolidated list of persons, groups and entities subject to EU financial sanctions, OFAC SDN list and others).
  2. Whether the customer in not a natural person participating in politics (by checking in freely available sources).
10. The Company’s employees must perform enhanced customer identification in the following cases:
  1. When a customer is a natural person participating in politics.
  2. Where there is a high level of money laundering and/or terrorist financing risk.
11. The high level of money laundering and/or terrorist financing risk shall be established by assessing one of the following criteria:
  1. Customer, at the time of identification, avoids performing the actions necessary to identify him, provide information about himself, his business.
  2. Customer does not submit the documents specified in this Statement at the request of the employee of the Company.
  3. Customer – a natural person, domiciled in a country other than a member of an international organisation with the status of an Observer of the Financial Action Task Force against Money Laundering (FATF) (the list of FATF members is set out in http://www.fatf-gafi.org).
  4. The identification data of a customer, person on whose behalf the Transaction is performed corresponds to the data of persons related to money laundering and/or terrorist activities in the lists drawn up by the Republic of Lithuania and international organizations (FATF, United Nations, European Union, US) or are subject to financial sanctions in accordance with the Law on Economic and Other International Sanctions of the Republic of Lithuania.
  5. An employee of the Company determines that there are indications of not typical activities of the customer (Transactions are performed in larger amounts).
12. An employee of the Company, performing enhanced identification of a customer, requires that the first payment related to Transaction of such customer be executed through a credit institution operating in a State of the European Union (or in a third country which imposes requirements not less than those applied in the EU).
13. The employees of the Company must take measures to re-establish the identity of the customer and the Beneficial Owner at the appropriate level:
  1. Where there are doubts as to the correctness or authenticity of previously obtained customer or Beneficial Owner identity data.
  2. In any case where there is a suspicion that money laundering and/or terrorist financing activities exist, have been or will be carried out.
DETERMINATION OF SUSPICIOUS AND UNUSUAL TRANSACTIONS
1. Company undertakes to carry out continuous monitoring of Transactions performed on the Foog Platform.
2. An employee of the Company, having determined that the Transaction performed by a customer may be related to money laundering and/or terrorist financing and meets at least one of the established criteria for being considered suspicious, must immediately inform the Senior Manager, who, having assessed the situation and if there are grounds, suspends this Transaction regardless of the amount of the Transaction. If the customer does not dispel the suspicions Company shall refuse to execute relevant Transaction.
3. A Transaction shall be considered suspicious if at least one of the following indications is identified:
  1. customer is interested in the measures taken by the Company to prevent money laundering and/or terrorist financing, and there is a reasonable suspicion that this is done in order to avoid these measures.
  2. customer's Transactions do not comply with good business practice or his usual communication with the Company and he/she does not provide a reasoned explanation and information about his/her transactions at the request of the Company.
  3. Information from publicly available sources reveals that the customer is involved in a breach of law of a corrupt, financial nature or terrorist activity.
  4. There are reasonable suspicions that the customer does not act in his/her own name and does not provide sufficient data to identify the represented person at the request of the Company.
  5. Customer intends or seeks to execute the Transaction for an unusually large amount. An abnormally large amount shall be considered to be a transaction amount exceeding EUR 5000 or equivalent in another currency, unless transactions of this size are customary in that customer's relationship with the Company.
  6. the amount exceeding EUR 5000 or equivalent in another currency shall be paid for the customer by persons not related to its normal activities and the customer, upon request of the Company, does not provide a reasoned justification for legality of such transaction.
  7. Customer, his/her representative, the person on whose behalf the Transaction is performed are subject to financial sanctions in accordance with the Law on the Implementation of Economic and Other International Sanctions of the Republic of Lithuania.
  8. There are other suspicious or unusual circumstances.
REPORTING OF SUSPICIOUS TRANSACTIONS
Company reserves the right to report to the relevant governmental institution if it knows or suspects that property of any value used in the Transactions is, directly or indirectly, derived from a criminal act or from involvement in such an act, also if it knows or suspects that such property is used to support terrorism.
TERMINATION OF TRANSACTIONS
Where the customer avoids or refuses to submit additional information to the Company at its request and within the specified time limits, the Company reserves the right to refuse to execute the Transaction and terminate the Transaction.
FINAL PROVISIONS
Company shall keep a register of reports and suspicious Transactions specified in this Statement.