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AML / KYC PROCEDURES
This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy (hereinafter the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of Satang Corporation Co., Ltd. (hereinafter “Satang Corporation”) being involved in any kind of illegal activity.
Satang Corporation is subject to local AML legislation in Thailand, Satang Corporation intends to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its Satang Corporation will take steps to confirm the authenticity of documents and information provided by the Users. Satang Corporation checks user indentity information with DOPA. All legal methods for double-checking identification information will be used and Satang Corporation reserves the right to investigate certain Users who have been determined to be risky or suspicious.
- Verification proceduresOne of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, Satang establishes its own verification procedures within the standards of AML and KYC frameworks.
- Card verificationThe Users who are intended to use payment cards in connection with the Satang’s Services have to pass card verification in accordance with instructions available on the Satang’s Site.
- Compliance OfficerThe Compliance Officer is the person, duly authorized by Satang, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of Satang’s anti-money laundering and counter-terrorist financing, including but not limited to:
- Collecting Users’ identification information
- Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations
- Monitoring transactions and investigating any significant deviations from normal activity.
- Implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs.
- Updating risk assessment regularly
- Providing law enforcement with information as required under the applicable laws and regulations
- Monitoring TransactionsThe Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do). Therefore, Satang relies on data analysis as a risk-assessment and suspicion detection tool. Satang performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:
- Daily check of Users against recognized “black lists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable;
- Case and document management.
- ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
- request the User to provide any additional information and documents in case of suspicious transactions;
- suspend or terminate User’s Account when Satang has reasonably suspicion that such User engaged in illegal activity.
- Risk AssessmentSatang, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, Satang is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.