Money laundering includes various manipulations with assets (monetary funds or financial instruments) with the purpose of concealing their illegal origin. Illegally obtained funds, within the meaning of the terms of the Criminal Procedure Code of the Republic of Latvia, are illegally obtained property and financial resources, if they are directly or indirectly owned or under control of persons committing illegal activities.
The issue of prevention of money laundering and terrorism financing is one of the priorities in the activities of Renesource Capital (hereinafter – the Company.
The Company is obliged to identify its Customers, evaluate risks on the basis of the data provided by the Customer and conduct the Customer due diligence. These requirements are imposed by the Law “On the Prevention of Money Laundering and Terrorism Financing” of the Republic of Latvia and are binding on the Company in fighting money laundering and terrorism financing.
The objective of fighting money laundering is to prevent possibilities of legalization of proceeds of robbery, fraud, trafficking in drugs and human beings and other illegal activities (disguising the illegal origin and criminal nature of funds), using the investment and ancillary investment services provided by the Company. The objective of fighting terrorism financing is to prevent the involvement of the Company in provision of financial support to terrorists or organization of terrorist acts.
The policy of the Company is based on the following legal acts:
- Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing;
- Financial and Capital Market Commission Regulations No. 135 of 21.08.2019 “Regulations for Enhanced Customer Due Diligence and numerical risk evaluation system";
- Council Directive 91/308/EEC of 10 June 1991 on prevention of the use of the financial system for the purpose of money laundering;
- Directive 2001/97/EC of the European Parliament and of the Council of 4 December 2001 amending Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering - Commission Declaration.