Royal Vegas is committed to preventing money laundering and terrorist financing and ensuring compliance with all applicable Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) regulations. This AML Policy outlines our procedures and controls to detect, report, and prevent money laundering activities.
1. Purpose and Scope
The purpose of this policy is to:
- Prevent the misuse of our services for money laundering or terrorist financing.
- Comply with all relevant AML laws and regulations in New Zealand and international standards.
- Protect the integrity and reputation of Royal Vegas.
This policy applies to all employees, agents, and affiliated entities of Royal Vegas.
2. Legal Framework
This AML Policy complies with the following regulations and guidelines:
- Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (New Zealand)
- Financial Transactions Reporting Act 1996 (New Zealand)
- FATF Recommendations
- Any other applicable local or international regulations
3. Responsibilities
The responsibility for AML compliance at Royal Vegas lies with:
- The Compliance Officer, who oversees AML activities and ensures effective implementation.
- All employees, who must be aware of AML risks and report suspicious activities.
4. Customer Due Diligence (CDD)
Royal Vegas conducts thorough Customer Due Diligence (CDD) procedures, including:
- Verifying the identity of each customer using reliable and independent documents (e.g., passport, ID card, utility bill).
- Ongoing monitoring of customer transactions and behavior to detect suspicious activities.
- Enhanced due diligence for high-risk customers and politically exposed persons (PEPs).
5. Suspicious Activity Monitoring
Royal Vegas implements robust monitoring systems to detect suspicious activities, including:
- Unusually large or frequent transactions
- Transactions from high-risk jurisdictions
- Multiple accounts controlled by the same individual
- Unexplained changes in customer behavior
6. Reporting and Record Keeping
We ensure timely reporting of suspicious transactions to the relevant authorities, including:
- Filing Suspicious Activity Reports (SARs) with the Financial Intelligence Unit (FIU) in New Zealand.
- Maintaining accurate records of transactions and CDD documents for a minimum of 5 years.
7. Employee Training
We provide comprehensive training to employees on AML policies and procedures, including:
- Identifying red flags and suspicious behavior.
- Reporting procedures for suspicious activities.
- Legal obligations and consequences of non-compliance.
8. Risk Assessment
Royal Vegas conducts regular risk assessments to evaluate the effectiveness of its AML procedures and to address emerging risks. This includes assessing customers, transactions, products, and delivery channels.
9. Internal Controls
Royal Vegas has established internal controls to ensure:
- Compliance with AML regulations.
- Regular audits and independent reviews.
- Immediate actions on any identified weaknesses or gaps in controls.
10. Review and Updates
This policy is regularly reviewed and updated to ensure compliance with changing regulations and evolving threats. Any changes will be communicated to all relevant stakeholders.
11. Contact Information
If you have questions or concerns about this AML Policy, please contact us at:
Royal Vegas 220 Queen Street, Auckland Central, Auckland 1010, New Zealand
Email: [email protected]
By accessing or using our services, you acknowledge your understanding and acceptance of this AML Policy.
