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;
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;
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:
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.