Jade Scientific Inc
Jade Scientific Inc
This policy confirms Jade Scientific Inc’s commitment to preventing money laundering and the financing of terrorism in its business practices and transactions. Money laundering is the process of disguising the financial proceeds of crime to conceal their illegal origin. The financing of terrorism is any kind of financial support to those who attempt to encourage, plan or engage in terrorism.
Jade Scientific Inc has established Know Your Counterparty (KYC) procedures to combat money laundering and the financing of terrorism. These procedures allow us to identify every organization that we deal with, to understand the legitimacy of our business relationships, and to identify and react to unusual or suspicious activity.
At Jade Scientific, our CFO is responsible for the development and implementation of this policy and relevant procedures, and Jade Scientific Inc commits to review our KYC policy and procedure every year.
To support our KYC policy and procedures, Jade Scientific Inc has developed a KYC form which we send to all our counterparties (this is our business partners: suppliers and customers) to collect relevant business information to identify risks of money-laundering. We require the form to be completed for all existing and new counterparties.
By collecting and reviewing the information in completed KYC forms, Jade Scientific Inc commits to
· establishing the identity of our counterparties
· checking that our counterparties are not considered high-risk
· maintaining an understanding of the nature and legitimacy of all our counterparties’ businesses
· maintaining KYC records for at least five years
· maintaining records of all single or linked cash transactions
· monitoring transactions for unusual or suspicious activity – this type of activity will cause the counterparty to be considered high-risk.
If counterparties are considered high-risk for any reason (for example named on a sanctions list or engaging in unusual activity) we may:
· Cease trading with the counterparty
· Identify the beneficial owners of the counterparty and check whether the beneficial owners are on any watchlists or sanctions list
· Make an on-site visit to the high-risk counterparty.
Business Verification Policy
· Prior to shipping Jade Scientific will verify the address and business name listed on the order to ensure all policies are met and required permits and certifications are obtained. No items will be shipped without verification of business identity.