Counter-Terrorism and Money Laundering Policy
1. Introduction
Live SmartCity Technology Development Initiative is committed to ensuring that our resources and activities are not exploited for terrorist financing or money laundering purposes. This policy outlines our commitment to implementing effective measures to prevent and detect any activities related to terrorism financing and money laundering, in accordance with applicable laws and regulations.
2. Purpose
The purpose of this policy is to:
- Prevent the misuse of our resources for terrorism financing or money laundering.
- Ensure compliance with relevant legal and regulatory requirements.
- Protect the integrity and reputation of Live SmartCity Technology Development Initiative.
- Promote transparency and accountability in all our financial activities.
3. Scope
This policy applies to all employees, volunteers, board members, partners, contractors, and beneficiaries of Live SmartCity Technology Development Initiative. It covers all financial transactions and activities, including donations, grants, contracts, and program expenditures.
4. Legal and Regulatory Framework
4.1. Compliance with Laws and Regulations
- We adhere to all applicable national and international laws and regulations related to counter-terrorism financing and anti-money laundering.
- Regular reviews are conducted to ensure ongoing compliance with evolving legal requirements.
4.2. International Standards
- We align our practices with international standards and guidelines, including those set by the Financial Action Task Force (FATF) and the United Nations.
5. Risk Assessment and Due Diligence
5.1. Risk Assessment
- We conduct regular risk assessments to identify and evaluate potential risks related to terrorism financing and money laundering.
- Risk mitigation measures are implemented based on the findings of these assessments.
5.2. Due Diligence
- We implement due diligence procedures for all transactions, partners, donors, and beneficiaries to verify their legitimacy and ensure they are not linked to terrorist activities or money laundering.
- Enhanced due diligence is conducted for high-risk transactions and entities.
6. Financial Controls and Monitoring
6.1. Transaction Monitoring
- We monitor all financial transactions for unusual or suspicious activity.
- Automated systems and manual reviews are used to detect and report suspicious transactions.
6.2. Financial Controls
- We implement robust financial controls to ensure transparency and accountability in all financial activities.
- These controls include segregation of duties, regular audits, and documentation of all transactions.
7. Reporting and Investigation
7.1. Suspicious Activity Reporting
- All employees, volunteers, and partners are required to report any suspicious activity or transactions to the designated Compliance Officer.
- Reports are handled confidentially and investigated promptly.
7.2. Investigation Process
- The Compliance Officer is responsible for investigating all reports of suspicious activity.
- Investigations are conducted fairly, thoroughly, and in accordance with legal requirements.
8. Training and Awareness
8.1. Training Programs
- We provide regular training programs on counter-terrorism financing and anti-money laundering to all employees, volunteers, and partners.
- Training covers relevant laws, risk indicators, reporting procedures, and the importance of compliance.
8.2. Awareness Initiatives
- We conduct awareness initiatives to promote a culture of vigilance and responsibility among all stakeholders.
- Information and resources are provided to ensure understanding and compliance with this policy.
9. Record-Keeping and Documentation
9.1. Records Maintenance
- We maintain comprehensive records of all financial transactions, due diligence checks, and risk assessments.
- Records are retained for a minimum period as required by law and are accessible for audits and reviews.
9.2. Documentation Standards
- All documentation related to financial transactions and compliance activities is accurate, complete, and up-to-date.
- Documentation standards are regularly reviewed and updated to ensure compliance.
10. Review and Update
10.1. Policy Review
- This policy is reviewed periodically to ensure its effectiveness and relevance.
- Updates are made as necessary to reflect changes in laws, regulations, and best practices.
10.2. Continuous Improvement
- We are committed to continuously improving our counter-terrorism financing and anti-money laundering practices.
- Feedback from employees, volunteers, and stakeholders is actively sought and used to enhance our efforts.
11. Conclusion
Live SmartCity Technology Development Initiative is dedicated to preventing and detecting any activities related to terrorism financing and money laundering. We believe that maintaining robust financial controls and promoting a culture of transparency and accountability are essential to achieving our mission of ending hunger and providing sustainable food solutions for vulnerable communities.