KYC & AML Policy

KYC & AML Policy

for Neomo LTD

Introduction

At Neomo, we are committed to maintaining the highest standards of compliance with all applicable anti-money laundering (AML) and know your customer (KYC) regulations. Our goal is to provide secure and transparent payment solutions while preventing fraudulent activities, money laundering, and the financing of terrorism. This policy outlines our approach to KYC and AML compliance.

1. Objectives

The primary objectives of our KYC & AML policy are:

  • To verify the identity of our customers and ensure they meet regulatory requirements.
  • To detect, prevent, and report any suspicious activities.
  • To comply with all legal and regulatory obligations applicable to payment service providers.

2. Customer Identification (KYC)

As part of our KYC process, we require customers to provide:

  • Personal Identification: A valid government-issued photo ID (passport, national ID, or driver’s license).
  • Proof of Address: A recent utility bill, bank statement, or similar document not older than three months.
  • Business Documents (if applicable): For corporate customers, company registration documents, shareholder information, and beneficial ownership details are required.

3. Risk Assessment

Neomo adopts a risk-based approach to KYC:

  • Low-Risk Customers: Individuals or businesses with straightforward profiles and transparent transactions.
  • High-Risk Customers: Customers involved in high-risk industries (e.g., gambling, forex) or located in jurisdictions with weak AML regulations.
    Enhanced due diligence (EDD) is conducted for high-risk customers.

4. Monitoring Transactions

We continuously monitor all transactions to identify unusual patterns or activities, including:

  • Transactions significantly above the customer’s usual activity.
  • Payments to or from high-risk jurisdictions.
  • Multiple small transactions that may indicate structuring.

Suspicious activities are promptly reported to the relevant authorities, as per local AML regulations.

5. AML Procedures

Our AML procedures include:

  • Screening customers against international sanctions and watchlists (e.g., OFAC, EU, UN).
  • Regular training for employees to ensure compliance with AML laws.
  • Reporting suspicious activities through Suspicious Activity Reports (SARs).

6. Data Privacy and Security

We value our customers’ privacy and ensure that all personal data collected during the KYC process is handled in compliance with GDPR and other relevant data protection laws. Information is stored securely and used strictly for compliance purposes.

7. Continuous Review

Our KYC & AML policies are reviewed regularly to adapt to changes in regulations, industry standards, and best practices.

8. Non-Compliance

Failure to provide the necessary information or involvement in suspicious activities may result in the suspension or termination of services. Neomo reserves the right to refuse services to individuals or entities that do not meet our compliance standards.

Contact Us

For questions or further information about our KYC & AML policies, please contact us at [email protected].