The ownership of the website: positivemorale.com
Company Name: Fonetid Limited
Address: Archangelou Michail 26A, Lakatamia;
Trade Register number in: Cyprus
Registered Number : HE 380169;
VAT : 10380169P;
Company director: Maria Kyriacou
The legal person for the publication:
The Webmaster: Fonetid Limited
Contact the Webmaster: [email protected]
Company contact details:
Main Institution Address: Archangelou Michail 26A, Lakatamia;
Email address: [email protected]
The Site Builder: Fonetid Limited
The Publishing Manager: Fonetid Limited
Contact the person responsible for the publication: [email protected]
Fonetid Limited is a member locating in Cyprus of the European Union(hereinafter EU) and the FATF which is obliged to execute a legal line of responsibility and rules to implement the AML policies of FATF and EU. The reason for those laws is to detect and avert money laundering including potential terrorist financing.
This document describes Fonetid Limited policy and precautionary measures for the detection and prevention of fraud or terrorism financing activity (hereinafter AML) within the products and services offered by Fonetid Limited to its customers. Used Fonetid Limited methods and approaches based on the Financial Action Task Force (hereinafter FATF) and Bank Secrecy Act (hereinafter BSA) guidance and recommendations.
Consequently, the terms of reference of Fonetid Limited to implement AML procedures and compliance by the FATF recommendations and Cyprus AML regulations.
The policy and terms are provided for informational reasons only and are without legal recourse to Fonetid Limited or any of company subsidiaries, officers or agents.
RISK-BASED APPROACH IN Fonetid Limited
Identification of the AML risks of customers and transactions allow Fonetid Limited to determine and implement relational measures to control and minimize these risks. Used risk criteria are the following: countries risk, customer’s risk. Fonetid Limited identify clients who are held in countries having inadequate AML standards or that may represent a high risk of crime and corruption in accordance with FATF recommendations.
In relation to FATF recommendations all procedures based on the risk-based approach. For AML compliance Fonetid Limited implements next procedures:
AML Employee Instructions
AML instructions are set to acquaint employees with the process of money laundering — the criminal business used to cover up the true origin and ownership of illegal bills, the laws that make it a crime and approaches to investigate the suspected activity.
Clients Activity Monitoring
Taking into account fraudulence in the financial flows Fonetid Limited demands on regular monitoring of the activity of every client to identify and prevent any suspicious transactions. This monitoring provides for identification inconsistent and untypical transactions usual client's transaction history known from previous client activity monitoring.
Within the process of payment, each client has to provide personal information, including:
· full name;
· complete address (city and country);
· phone number;
· city code;
Accordingly, before start providing services and products Fonetid Limited assures evidence has proceeded or such other precautionary measures that will produce satisfactory evidence of the identity of any customer.
Fonetid Limited saves records of all documents and/or information received for the purpose of customer identification (KYC policy requirements). Fonetid Limited reserves the right record keeping for a minimum of 5 years. FATF or other AML regulator can increase the period of the record keeping.
In the investigation suspected activity Fonetid Limited reserves the right to provide the customer information of the law-enforcement agency and organizations responsible for controls AML laws.
Last update: 01.05.2020