Compliance
We thoroughly vet potential customers and partners. We do not provide service to sanctioned countries or nationals that appear in the US Government OFAC or any other government or United Nations related sanctions list.
We adhere to internationally accepted Know Your Customers standards. Countries and counterparties from Cuba, Iran, Syria, Somalia, Yemen, North Korea and any other sanctioned countries that appear on any government or United Nations issued sanctions list we are unable to transact with. This list is not conclusive – all countries are subject to sanctioned related reviews for KYC and AML purposes.
What is KYC?
Know your customer (KYC) refers to due diligence activities that financial institutions and other regulated companies must perform to ascertain relevant information from their clients for the purpose of doing business with them. The term is also used to refer to the bank regulation which governs these activities. Know Your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agent’s, consultant’s or distributor’s anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.
Who has to enforce KYC?
Know your customer (KYC) falls under the responsibility of each financial institution and/or regulated company.
The regulations require these entities to adopt KYC procedures. It assists them in knowing/understanding the customers and their financial dealings better to monitor their transactions for identification and prevention of suspicious transactions.
Our KYC Procedures
Our KYC check and control process includes among others the following:
– Collection and analysis of basic identity information (referred to in US regulations and practice a “Customer Identification Program” or CIP)
– Name matching against lists of known parties (such as “politically exposed person” or PEP)
– Name matching of the company, shareholders, directors and other associated parties against sanctions lists in the US and Europe such as OFAC
– Verification of the client’s existence by obtaining proof of address and matching the records received against known address lists
– Determination of the customer’s risk in terms of propensity to commit money laundering, terrorist finance, or identity theft
– Creation of an expectation of a customer’s transactional behavior
– Monitoring of a customers’ transactions against their expected behavior and recorded profile as well as that of the customers’ peers
KYC Jurisdiction and Locality
KYC regulations are local and differ from country to country. Jurisdiction is also, on a country to country basis. USA Equipmnet Sales jurisdiction is in Duval County, Florida.
What is AML?
Standing for “Anti-money Laundering”, it is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases, money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.
Who has to enforce AML?
In response to mounting concern over money laundering, the Financial Action Task Force on Money Laundering (FATF) was established by the G-7 Summit that was held in Paris in 1989. In April 1990, less than one year after its creation, the FATF issued a report containing a set of Forty Recommendations, which provide a comprehensive plan of action needed to fight against money laundering.
The FATF calls upon all countries to take the necessary steps to bring their national systems for combating money laundering and terrorism financing into compliance with the new FATF Recommendations, and to effectively implement these measures.
Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.
OUR AML Procedures
On top of the KYC procedures detailed above, our AML procedures include the following:
– Identification of all companies, shareholders, directors and other parties with incorporation papers and valid passports to ensure they are who they claim to be and to meet the ultimate beneficial owner burden (UBO) of the parties we transact with
– Inspect proof of address such as utility bills showing operation of the underlying company / business
AML Jurisdiction and Locality
AML regulations are also local and differ from country to country. Some countries choose a top-down approach, inheriting much of their AML policies from the FATF, while others go for a bottom-up approach and then have to reconcile both policies. Extreme countries where such reconciliation is impossible (generally due to Government unwillingness) are excluded from the FATF membership, with the corollary of increased complications to access the international markets and financing. USA Equipment Sales adheres to both, KYC and AML guidelines and procedures.
Have Questions? Send us a message
CONTACT US FOR INTERNATIONAL AND NATIONAL EQUIPMENT SALES OR RENTAL
2300 Marsh Point Road, Suite 301
Neptune Beach, FL 32266 USA