Know Your Customer (KYC) Policy

Premiumreal Technologies Inc. commitment to preventing money laundering and the financing of terrorism in its corporate practices and transactions is reaffirmed by this policy.

In order to prevent Money Laundering (ML) and the Financing of Terrorism (FT), Premiumreal Technologies Inc. has instituted Know Your Customer (KYC) processes. Through these processes, we can identify every individual/company with whom we do business, evaluate the validity of our commercial partnerships and detect inconsistent behavior and take appropriate action.

The Objective

The objective of Premiumreal Technologies policies is to stop the platform from being used, knowingly or unknowingly, by organized criminals for the purpose of money laundering. The guidelines also require making a reasonable effort to ascertain the true identity and beneficial ownership of accounts, the source of funds, the type of business conducted by the customer, the reasonableness of account operations in light of the nature of the customer's business, etc., all of which aid Premiumreal Technologies in risk management. Therefore, the main objective of this policy is to enable Premiumreal Technologies to have positive identification of its customers, otherwise known as ‘Know Your Customer’ (KYC).

Key Provisions

Premiumreal Technologies shall adopt and implement a continual risk-based methodology to discover, evaluate, and comprehend its ML and TF risks. It must also make sure that the measures adopted to reduce ML and/or TF are commensurate with the risks noted, enabling it to spend resources in the most effective ways feasible.

The following procedures, among others, will need to be taken in order to manage AML/CFT risk: Due diligence on the customer;

  • Risk-based measures, such as Customers Due Diligence (CDD) and/or Know Your Customer (KYC), which take into account the type of counterparty, the counterparty relationship, the financial instrument, and the country of transaction, will be used by Premiumreal Technologies Inc.
  • Premiumreal Technologies shall identify and confirm the identity and profile of its Counterparties before entering into a counterparty partnership (including their beneficial owners).
  • The customer profile includes details on the customer's identity, social and financial situation, type of business activity, as well as location and other details about his clients' businesses. The type and degree of due diligence will depend on the risk that Premiumreal Technologies perceives. However, Premiumreal Technologies will only ask the user for information that is pertinent to the risk category and is not disruptive when creating a customer profile. The customer profile will be treated as a confidential document, and the information in it won't be shared for cross-selling or any other reason unless it's considered to be used for money laundering or financing terrorism.
  • This policy's goal is not to prevent the general public, particularly those who are economically or socially disadvantaged, from accessing financial services. Premiumreal Technologies will make sure that, while exercising due diligence, no honest consumers will be denied services as a result of the method used.
  • Before opening an account, Premiumreal Technologies must perform extensive customer due diligence (CDD). Premiumreal Technologies may refuse to open an account if the actual identity of the account holder is unknown or it may report suspicious activity.

  • Relationship with a counterparty.

    Premiumreal shall use reasonable efforts to examine the objective, economic justification, overall AML/CFT and associated integrity issues of the Counterparty and its Beneficial Owners in order to avoid becoming involved in arrangements created for the purposes of money laundering (ML) and financial terrorism (FT).

    Premiumreal Technologies will end any existing Counterparty relationships and refrain from engaging with;

  • Counterparties who are unwilling to assist Premiumreal Technologies in their KYC efforts
  • Counterparties that participate in actions covered by Premiumreal Technologies policy on banned practices; or Counterparties that are currently the target of any financial sanctions issued by international organizations.

  • KYC Identification.

    Customer identification is the process of identifying the customer and confirming his or her identity using trustworthy and independent sources of documents, data, or information to make sure the customer is real and not fraudulent. Premiumreal Technologies shall gather the data required to establish each customer's identification and the intended use of the financial transaction to Premiumreal Technologies’ satisfaction.

    KYC Acceptance

    The following requirements must be met before a customer is accepted:

  • No account may be opened using a false identity or a fraudulent name; following requirements must be met before a customer is accepted:
  • The Customer Due Diligence (CDD) method must be followed before beginning any transaction or account-based relationship.
  • It is important to gather the information that is required for KYC purposes when opening an account and at the prescribed intervals for updates.
  • To enable the classification of consumers into low, medium, and high risk, parameters of risk assessment in terms of the identification, social/financial position, type of business activity, information about the clients' businesses and their locations, etc., have been defined.

  • KYC Review for the Existing Accounts

    On the basis of significance and risk, Premiumreal Technologies shall likewise apply this policy to its current customers. Additionally, existing account transactions must be regularly watched, and any unexpected patterns in the account's functioning must prompt a reassessment of the CDD safeguards/guidelines.

    When the customer refuses to provide information or cooperate with Premiumreal Technologies, we may consider terminating the account or ending the business relation after giving the customer due notice and explaining the circumstances for the decision.

    Premiumreal Technologies shall not establish an account where it is not able to implement specific CDD measures, i.e Premiumreal Technologies is not able to confirm the identity or obtain the documents needed in accordance with the risk categorization due to the customer's lack of cooperation or the unreliability of the data/information provided to Premiumreal Technologies. To prevent customer’s harassment, however, it could be required to have the proper built-in security measures. For instance, the decision to cancel an account may be made at a sufficient level after providing the customer with adequate notice and an explanation of the decision;

    Premiumreal Technologies must maintain a program for employee training to ensure that staff employees are properly taught in KYC and AML procedures. Different training needs should be addressed for front-line employees, compliance personnel, and employees working with new customers. It is essential that everyone responsible should thoroughly comprehend the justification for the KYC policy and apply it consistently.

    Customer Education

    In order to implement KYC procedures, Premiumreal Technologies must ask customers for information that may be personal or that has never been requested before. The customer may become quite curious about the purpose behind and reason for the collection of such information as a result of this at times. Premiumreal Technologies will create specific literature, booklets, etc. to inform the customer of the KYC program's goals. The front desk employees will receive specialized training to deal with such circumstances when interacting with clients.

    In the event that counterparties are perceived to be high-risk for any reason (such as being included on a list of sanctions or engaging in unusual behavior), Premiumreal Technologies may:

    Immediately stop transacting any business with the counterparty

    Determine the counterparty's beneficial owners and see if they are listed on any watchlists or sanctions lists

    Report such counterparties to the government/regulatory bodies like FINTRAC, FCA or required anti-corruption agency(s).

    Premiumreal Technologies’ anti-fraud unit (AFU) will be in charge of development and implementation of this policy and relevant procedures, and Premiumreal Technologies commits to review our KYC policy and procedure every year.


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