Last Update: November 1, 2020
As a global financial institution, SPMS is fully committed to complying with all applicable laws and regulations regarding Anti-Money Laundering (“AML”). SPMS’s policy is to prevent criminals from using SPMS’s services.
SPMS has robust policies and procedures in place to prevent, mitigate, detect and report any suspicions in money laundering, fraud, and other financial crimes, including terrorist financing.
To comply with OFAC (Office of Foreign Asset Control) requirements, and global sanctions, we screen all our client accounts against government watch lists.
Under the proceeds of Crime Act 2002 (POCA 2002), we are required to report any knowledge or suspicion of Money Laundering/ Terrorist Financing our local financial Investigations Unit (FIU) which in this case is the National Crime Agency.
How does this impact me?
As per the Money Laundering Regulations 2017 (MLR17), it is a requirement for firms to conduct KYC using a risk-based approach. We have procedures in place to satisfy these requirements. This means that we will request information to help us identify you and your business before we can provide our services to you. We may ask you to provide additional documentation to help us gain a better understanding of your business.
As part of our ongoing monitoring commitment, we may ask you for documentation should any details change on you or your business. SPMS will conduct account reviews on our existing clients.
You are independently responsible for complying with all applicable laws and all of your actions related to your use of SPMS’s services, regardless of the purpose of the use. In addition, you must adhere to the terms of this Acceptable Use Policy.