Anti-Money Laundering philosophy
Renesource Capital pays special attention to compliance with the international requirements in the field of the prevention of money laundering and terrorism financing. To this purpose, the Company has established the Customer monitoring department (Compliance department) and implemented an internal control system which ensured in-depth research / analysis and operational control of financial transactions.
Renesource Capital has developed and accepted the Policy on the prevention of money laundering and terrorism financing (AML policy) which determines the general principles guiding the Company to ensure compliance with the legal acts of the Republic of Latvia and international practice. Renesource Capital continuously invests significant resources in new electronic solutions designated to prevent money laundering. The Company conducts seminars and regular training of the responsible personnel and updates the internal regulations aimed at fighting money laundering.
The Company focuses on a Customer, learning needs of a Customer and providing high-quality investment and ancillary investment services. In its activities, the Company consistently adheres to the requirements of the regulatory acts and the principles of best international anti-money laundering practice, including recognition of transactions unusual for a Customer, which serves as an additional security guarantee for both the Customer and the reputation of the Company.
The principle of "Know your Customer" (KYC) means studying a Customer at the time of conclusion of the contract on the level of recognition of the relevant characteristics and categories of risks of terrorist financing and money laundering and, during the period of the contract, obtaining information about a Customer - beneficial owner, business and personal activities, transaction purposes, carrying out continuous monitoring and analysis of information.In order to achieve the objectives set by the AML policy, the Customer monitoring department has established a system (register) of processing the personal data of Customers and persons, relations with whom, in the manner prescribed by law, either have not started or have been terminated.
In light of the above, Renesource Capital:
- neither accepts nor disburses cash;
- deals with Customers’ bank accounts only, neither accepting nor transferring funds to accounts of third parties.