At Jet, we uphold the highest standards of ethical conduct and compliance with applicable laws and regulations. Our Anti-Money Laundering (AML) Policy is a critical element in our commitment to prevent, detect, and report any activities related to money laundering and terrorist financing. This comprehensive policy outlines the procedures and measures we have put in place to ensure that our operations are conducted in a manner that aligns with legal requirements, promotes transparency, and mitigates risks associated with financial crimes.
Objective
The primary objective of our AML Policy is to prevent the misuse of our services for money laundering, terrorist financing, and other illicit financial activities. We are dedicated to ensuring that our operations are conducted with integrity and in full compliance with legal and regulatory standards. This policy aims to provide a framework for identifying and mitigating risks, ensuring that our activities are aligned with the principles of transparency and accountability.
Scope
This AML Policy applies to all employees, contractors, and partners of Jet who are involved in the provision and management of our rental betting ID and master panel solutions. It encompasses all aspects of our operations, including client onboarding, transaction monitoring, and the reporting of suspicious activities. All individuals and entities associated with Jet must adhere to the provisions of this policy to ensure a comprehensive approach to combating financial crime.
Customer Due Diligence (CDD)
- Identification and Verification: Jet implements stringent procedures for the identification and verification of clients. This process involves collecting and verifying essential personal and business information to confirm the legitimacy of all parties involved. We require clients to provide valid identification documents, such as government-issued IDs and proof of address, and may perform background checks or use third-party verification services as necessary.
- Enhanced Due Diligence (EDD): For clients or transactions that present higher risks—such as large transactions, those from high-risk jurisdictions, or those involving politically exposed persons (PEPs)—we apply enhanced due diligence measures. EDD involves more rigorous verification processes and continuous monitoring to assess and mitigate potential risks. This may include additional documentation, in-depth background checks, and closer scrutiny of the source of funds.
Transaction Monitoring
- Ongoing Monitoring: We employ sophisticated tools and technologies to monitor transactions in real-time, identifying any unusual or suspicious activities. This includes analyzing transaction patterns, amounts, and sources of funds to detect potential money laundering or terrorist financing activities. Transactions are reviewed for consistency with known client profiles and expected behaviors.
- Suspicious Activity Reporting: Any transaction that raises suspicion or appears inconsistent with a client’s known profile or normal business activities is flagged for further investigation. Our policy mandates the documentation and reporting of such activities to the relevant regulatory authorities in accordance with legal requirements. This ensures that potential illicit activities are reported promptly and accurately.
Staff Training
- Training Programs: We provide comprehensive training programs for all employees to ensure they are knowledgeable about AML laws, regulations, and internal policies. Training covers recognizing the signs of money laundering, understanding regulatory obligations, and adhering to proper reporting procedures. Training is conducted at regular intervals and whenever there are updates to AML regulations or policies.
- Ongoing Education: To keep our employees informed about the latest developments in AML regulations and best practices, we offer ongoing education opportunities. This includes workshops, seminars, and updates on changes in the regulatory landscape. Continuous education ensures that our staff remains proficient in identifying and addressing potential money laundering risks.
Record Keeping
- Documentation: We maintain detailed records of all client identification documents, transaction details, and reports of suspicious activities. These records are essential for compliance and are kept for the period required by law, typically for at least five years. Records are organized and easily accessible for review by regulatory authorities if required.
- Data Security: All records are stored securely to protect client confidentiality and ensure compliance with data protection laws. We implement stringent security measures, including encryption and access controls, to safeguard sensitive information from unauthorized access or data breaches.
Compliance and Audits
- Internal Audits: Regular internal audits are conducted to assess the effectiveness of our AML controls and procedures. These audits help identify any gaps or areas for improvement and ensure that our policies are being adhered to. Findings from audits are used to enhance our AML measures and address any identified issues.
- Regulatory Compliance: We stay abreast of changes in AML regulations and ensure that our policies and procedures are updated accordingly. Compliance with legal and regulatory requirements is continuously monitored, and we take prompt action to address any changes or new requirements. Our commitment to regulatory compliance ensures that we operate within the legal framework and uphold the highest standards of integrity.
Conclusion
Jet’s Anti-Money Laundering Policy is a cornerstone of our commitment to maintaining a secure and compliant business environment. We have implemented robust procedures to prevent, detect, and report money laundering and terrorist financing activities. Our policy reflects our dedication to ethical practices, legal compliance, and the protection of our clients and business. For further information or questions regarding our AML Policy, please contact us at Contact Us. We are here to assist and ensure that our operations adhere to the highest standards of integrity and compliance.