Anti-Money Laundering (AML) Policy
Last Update: December 29, 2024
At Elite Consulting FZC-LLC (“the Company”), we are deeply committed to preventing money laundering, terrorism financing, and other illicit activities in accordance with UAE laws, international standards, and best practices. This AML Policy outlines our procedures, controls, and responsibilities to ensure compliance with all applicable regulations.
1. Introduction
This AML Policy applies to all users (“You”) accessing or using Elite Consulting services (“Services”), including company setup and offshore company services provided through OffshorePRO (“the Webapp”).
By using our Services, you agree to comply with this AML Policy and all applicable laws and regulations. If you do not agree with any part of this policy, please refrain from using our Services.
2. Key Definitions
- User (You): Any individual or entity accessing or using the Webapp.
- Services: Products and services offered by Elite Consulting, including but not limited to offshore company setup and related services.
- AML: Anti-Money Laundering laws and regulations designed to prevent money laundering and terrorism financing.
- KYC: Know Your Customer processes aimed at verifying the identity and legitimacy of clients.
3. Compliance with Laws
We operate in full compliance with local, national, and international AML and Counter-Terrorism Financing (CTF) regulations, including but not limited to UAE law and standards recommended by the Financial Action Task Force (FATF).
4. Prohibited Activities
You shall not use our Services for unlawful activities, including but not limited to:
- Money laundering.
- Financing terrorism.
- Fraud.
- Circumventing sanctions or embargoes.
- Any other activities that violate applicable laws.
5. AML Controls
5.1 Due Diligence
We use industry-leading systems such as AidKYC, Onfido, and SumSub to conduct due diligence, including:
- Verification of identity documents (e.g., passports, national IDs).
- Collection of proof of address documents.
- Gathering information on business activities and ultimate beneficial owners (UBOs).
5.2 Ongoing Monitoring
We continuously monitor transactions and client activities to identify and mitigate suspicious or unusual patterns.
5.3 Record Keeping
We securely retain records of transactions, due diligence documentation, and monitoring data for the legally mandated period, ensuring full compliance with applicable regulations.
6. User Responsibilities
6.1 Compliance with Laws
You agree to comply with all applicable local, national, and international laws and regulations when using our Services.
6.2 Prohibited Activities
You shall not use the Webapp for any unlawful purposes, including but not limited to money laundering, financing terrorism, fraud, or any activities that violate applicable laws.
6.3 Account Security
You are responsible for maintaining the confidentiality of your account credentials and for all activities conducted under your account.
6.4 Accurate Information
You agree to provide truthful and accurate information and promptly update any changes to ensure compliance with legal obligations.
7. Eligibility
To use our Services, you must be at least 18 years old and have the legal capacity to enter into binding agreements. You agree to provide accurate and complete information during the registration process and to update such information promptly if there are any changes.
8. Unsupported Countries and Industries
8.1 Unsupported Industries
In compliance with strict AML and CTF regulations, we do not provide Services to businesses involved in the following industries:
- Weapons dealing
- Pornography or adult entertainment
- Marijuana-related businesses
- Money service businesses
- Gambling-related businesses (e.g., casinos)
- Money remittance and payment services
- Tobacco businesses
- Alcohol businesses
- Debt loan collection businesses
- Precious metal or stone trading businesses
- Sensitive virtual asset businesses
- Oil and gas businesses
- Government services
- Lending and credit services
- Investment and brokerage services (including real estate-based investments)
- Bank account funding
- Buy Now Pay Later services
- Debt collection agencies
- ATMs
- Insurance services (including medical benefit packages)
- Money transmitters, remittances, currency exchange services, and other money service businesses
- Peer-to-peer money transmission
- Escrow services
- Neobanks or challenger banks
- Check cashing
- Payable-through accounts
- Funded prop trading
- Shell banks
- Selling bearer shares
- Other financial services
- Prop firms
- Prop firms with demo accounts
- Online pharmacies (including SaaS platforms)
- Prescription-only products and pharmaceuticals
- Prescription delivery services
- Age-restricted goods or services (e.g., alcoholic beverages)
- Payment facilitation and aggregation
- Multi-level marketing
- Telemedicine and telehealth services
- Tobacco products (including e-cigarettes, cigars, and e-liquid)
- Herbal cigarettes
- Production equipment specifically marketed for the production of tobacco products
8.2 Unsupported Countries
In compliance with AML/CTF regulations and recommendations from credible sources such as the FATF, we do not offer Services to nationals from the following countries:
- Afghanistan
- Algeria
- Belarus
- Bhutan
- Brunei
- China
- Cuba
- Iran
- Iraq
- Libya
- Myanmar
- North Korea
- Pakistan
- Russia
- Somalia
- South Sudan
- Syria
- Venezuela
- Vietnam
- Yemen
- Zimbabwe
9. Anti-Money Laundering (AML) Compliance
We implement strict AML controls in accordance with UAE laws and international standards to prevent illegal activities.
9.1 AML Controls
We reserve the right to implement strict AML controls in accordance with UAE laws and international standards to prevent illegal activities.
9.2 Due Diligence
We reserve the right to conduct due diligence, including identity verification and background checks, to comply with AML regulations.
9.3 Reporting Obligations
If we detect any suspicious activities, we are obligated to report them to relevant authorities without prior notice to you.
9.4 Client Cooperation
You agree to provide all necessary information and documentation promptly upon request to assist with AML compliance.
9.5 Refusal of Service
We reserve the right to refuse or terminate Services if you fail to comply with AML requirements or if your activities are deemed suspicious.
10. Reporting Obligations
We are required by law to report suspicious activities to relevant authorities without prior notice to you. This includes the sharing of client information with government entities to ensure compliance with AML/CTF regulations.
11. Account Suspension and Termination
11.1 Regulatory Requests
We may suspend or terminate accounts based on orders from regulatory or law enforcement authorities.
11.2 Non-Compliance
If you fail to meet AML/KYC requirements or engage in suspicious activities, your account may be suspended or terminated without notice.
11.3 Cooperation with Authorities
You are obligated to cooperate with any investigations or requests from governmental authorities.
12. Refusal and Termination of Service
We reserve the right to refuse or terminate Services if:
- You fail to meet AML compliance requirements.
- Your activities are deemed suspicious or violate this policy.
No refunds will be issued in such cases.
13. Training and Awareness
All employees and agents undergo regular AML/CTF training to stay informed of regulatory changes and maintain awareness of evolving threats.
14. Data Protection
All personal data collected for AML purposes is handled in accordance with our Privacy Policy and data protection laws.
- Data is used solely for compliance purposes.
- Sensitive information is stored securely and only accessible to authorized personnel.
15. Policy Updates
This AML Policy may be updated at any time to reflect changes in regulations or company operations. Updates take effect immediately upon posting on our website.
16. Contact Information
If you have questions or require clarification regarding this AML Policy, please contact us:
Email: [email protected]
Address: Elite Consulting FZC-LLC, Sharjah Publishing City, United Arab Emirates