Anti-Money Laundering (AML) Policy for World Market Connect Ltd

Purpose: The purpose of this Anti-Money Laundering (AML) policy is to establish a framework

to detect, prevent, and report any potential money laundering activities within World Market

Connect Ltd, a multi-vendor e-commerce platform. This policy outlines the procedures for

identifying and mitigating money laundering risks, ensuring compliance with legal and

regulatory requirements.

Scope: This policy applies to all employees, vendors, customers, and third parties involved in

transactions with World Market Connect Ltd.

AML Procedures

1. Customer and Vendor Due Diligence

To prevent money laundering, World Market Connect Ltd requires thorough due diligence for all

customers and vendors, including:

For Individual Customers and Vendors:

 Full Name

 Date of Birth

 Nationality

 Residential Address

 Contact Information (Phone Number and Email)

 Government-issued Photo ID (e.g., Passport, National ID, Driver’s License)

 Proof of Address (e.g., Utility Bill, Bank Statement, Lease Agreement)

For Business Entities (Vendor Accounts):

 Business Name

 Registration Number

 Country of Incorporation

 Registered Business Address

 Contact Information (Phone Number and Email)

 Government-issued Business Registration Certificate

 Details of Directors/Owners (including Full Name, Nationality, and Contact Information)

 Proof of Address for Business Premises

 VAT or Tax Identification Number

2. Verification and Monitoring

The verification process includes:

 Collecting and verifying required documentation.

 Cross-referencing information against public databases and records.

 Conducting checks against international sanctions lists and watchlists.

Ongoing monitoring involves:

 Regularly reviewing and updating customer and vendor information.

 Monitoring transactions for suspicious or unusual activity.

 Implementing transaction monitoring systems to flag potential money laundering

activities.

3. Risk Assessment

World Market Connect Ltd will classify customers and vendors into different risk categories

(low, medium, high) based on factors such as:

 Nature and purpose of the business relationship.

 Type of products or services offered.

 Geographic location and associated risks.

 Transaction patterns and volumes.

Higher-risk customers and vendors will be subject to enhanced due diligence measures, including

more frequent reviews and additional documentation.

4. Reporting Suspicious Activity

Employees must report any suspicious activity to the Compliance Officer. Suspicious activity

may include, but is not limited to:

 Transactions that are inconsistent with the customer's known legitimate business.

 Unusually large or complex transactions.

 Transactions involving countries with high money laundering risk.

The Compliance Officer will review and, if necessary, report suspicious activities to the relevant

authorities in accordance with legal requirements.

5. Record Keeping

World Market Connect Ltd will maintain accurate and up-to-date records of all AML activities,

including:

 Customer and vendor identification documents.

 Transaction records.

 Reports of suspicious activity.

Records will be stored securely and retained for a minimum period of five years following the

termination of the business relationship.

6. Employee Training

World Market Connect Ltd will provide regular training to employees on AML policies,

procedures, and regulatory requirements. Training will cover:

 Identifying and reporting suspicious activities.

 Understanding the AML framework and compliance obligations.

 Recognizing money laundering schemes and techniques.

Responsibilities

Compliance Officer:

 Oversee the implementation of the AML policy.

 Ensure compliance with legal and regulatory requirements.

 Conduct regular audits and reviews of AML procedures.

 Report suspicious activities to authorities.

Employees:

 Conduct due diligence and verification for customers and vendors.

 Monitor transactions and report suspicious activities.

 Maintain accurate records and comply with AML procedures.

Conclusion

World Market Connect Ltd is committed to maintaining the highest standards of integrity and

security in our operations. By implementing this AML policy, we aim to protect our platform

from money laundering activities, ensure compliance with legal requirements, and foster a secure

and trustworthy online marketplace.

Approved by: AMERICA Fred, CEO of World Market Connect Ltd

Date: 06/09/2023

Contact Information: World Market Connect Ltd

CHIC Building 029

+250789723974

worldmarketconnect1@gmail.com