Competitia Online Ltd
Anti-Money Laundering Policy
1. Purpose
The purpose of this Anti-Money Laundering Policy is to outline the measures and procedures
that Competitia Online Ltd will undertake to prevent and detect money laundering activities in
accordance with the laws and regulations of the United Kingdom. This policy aims to ensure
compliance with the UK’s anti-money laundering legislation and to protect our organization from
being involved in any illegal financial activities.
2. Scope
This policy applies to all employees, contractors, and agents of Competitia Online Ltd who are
involved in financial transactions or have access to sensitive financial information. It is the
responsibility of every individual associated with the company to adhere to this policy and report
any suspicious activities promptly.
3. Risk Assessment
a. Competitia Online Ltd will conduct a comprehensive risk assessment to identify and evaluate
the potential money laundering risks associated with our business operations.
b. The risk assessment will be reviewed periodically to ensure it remains current and reflects any
changes in our business activities or the regulatory environment.
4. Customer Due Diligence (CDD)
a. Competitia Online Ltd will perform adequate and appropriate customer due diligence
measures to verify the identity of customers, including individuals and entities, before
establishing a business relationship or conducting significant transactions.
b. The level of due diligence will be based on the assessed risk associated with each customer,
taking into consideration factors such as the nature of the business, the source of funds, and the
country of origin.
5. Record Keeping
a. Competitia Online Ltd will maintain accurate and up-to-date records of all customer due
diligence, including identification documents, transaction records, and relevant communications.
b. These records will be retained for the minimum period required by UK law and made available
to relevant authorities upon request.
6. Reporting Suspicious Activities
a. All employees are obligated to promptly report any suspicions or knowledge of potential
money laundering activities to the designated Money Laundering Reporting Officer (MLRO).
b. The MLRO will assess the reported suspicions and, if necessary, make a Suspicious Activity
Report (SAR) to the appropriate authorities as required by law.
7. Training and Awareness
a. Competitia Online Ltd will provide regular training to employees to ensure they understand the
risks associated with money laundering and are aware of their responsibilities in preventing and
detecting such activities.
b. Training will be tailored to specific roles and will be updated to reflect any changes in
legislation or industry best practices.
8. Compliance Monitoring and Review
a. Competitia Online Ltd will establish internal procedures to monitor and review our compliance
with the anti-money laundering policy, including periodic internal audits.
b. The policy will be reviewed and updated as necessary to ensure its effectiveness and
compliance with UK laws and regulations.
9. Non-Compliance
a. Non-compliance with this Anti-Money Laundering Policy may result in disciplinary action, up to
and including termination of employment or legal action if necessary.
By implementing this Anti-Money Laundering Policy, Competitia Online Ltd is committed to
mitigating the risk of money laundering and maintaining compliance with UK laws and
regulations