Anti-Money Laundering (AML) Policy
Introduction
Quick Safari Cars is committed to the highest standards of Anti-Money Laundering (AML) compliance and ensuring that its services are not used to facilitate money laundering or terrorist financing. This policy outlines the steps and procedures that Quick Safari Cars will take to prevent, detect, and report money laundering activities.
Policy Statement
Quick Safari Cars will fully comply with all applicable AML laws and regulations in Tanzania and any other jurisdictions where it operates. We are dedicated to implementing and enforcing effective systems and controls to mitigate the risks associated with money laundering and terrorist financing.
Objectives
1. Compliance: To comply with all relevant AML laws and regulations.
2. Prevention: To prevent the use of Quick Safari Cars’ services for money laundering and terrorist financing.
3. Detection: To detect and report suspicious activities and transactions.
4. Education: To educate employees on AML regulations and the importance of compliance.
Scope
This policy applies to all employees, agents, and third parties acting on behalf of Quick Safari Cars.
Key Procedures and Controls
1. Customer Due Diligence (CDD)
– Identification and Verification: Obtain and verify the identity of all customers before establishing a business relationship.
– Risk Assessment: Assess the risk level of each customer based on their profile and type of transaction.
– Enhanced Due Diligence (EDD): Apply enhanced due diligence measures for high-risk customers, including those from high-risk jurisdictions.
2. Record Keeping
– Maintain records of all customer identification documents, transactions, and correspondence for a minimum of five years.
– Ensure records are easily retrievable and secure.
3. Monitoring and Reporting
– Continuously monitor customer transactions to identify and report suspicious activities.
– Report any suspicious transactions to the Financial Intelligence Unit (FIU) in Tanzania promptly.
4. Employee Training
– Provide regular training to employees on AML laws, regulations, and internal policies.
– Ensure employees are aware of the importance of AML compliance and the procedures for reporting suspicious activities.
5. Internal Controls and Audits
– Implement robust internal controls to ensure compliance with AML policies.
– Conduct regular audits and reviews of the AML program to identify areas for improvement and ensure effectiveness.
6. Third-Party Relationships
– Conduct due diligence on third parties acting on behalf of Quick Safari Cars to ensure they comply with AML regulations.
– Monitor third-party transactions and activities for compliance with AML policies.
Responsibilities
– Management: Responsible for the overall implementation and enforcement of the AML policy.
– Compliance Officer: Designated AML Compliance Officer to oversee the AML program, conduct risk assessments, and report suspicious activities.
– Employees: Responsible for adhering to the AML policy, completing training, and reporting any suspicious activities.
Reporting
Any employee who detects or suspects money laundering activities must report their concerns immediately to the AML Compliance Officer. The Compliance Officer will review the report and, if necessary, file a Suspicious Activity Report (SAR) with the Financial Intelligence Unit (FIU).
Review and Updates
This AML policy will be reviewed annually or as required to ensure it remains effective and compliant with applicable laws and regulations. Updates will be made as necessary to address emerging risks and changes in the regulatory environment.
Conclusion
Quick Safari Cars is committed to combating money laundering and terrorist financing. Through the implementation of this AML policy, we aim to protect our business, customers, and the wider community from the risks associated with financial crime.