Momo Entertainment BV.
Policy aimed at countering legalization (laundering) of funds of the company
The company Momo Entertainment BV., that was registered on February 15, 2022 under the registration number 159982 with the registration address at Johan van Walbeeckplein 24, Curaçao (hereinafter referred to as the "Company") establishes the Company's policy on
countering the legalization (laundering) of money (hereinafter referred to as "AML") obtained by illegal means and financing terrorism (hereinafter referred to as "FT") (hereinafter referred to as "Company policy"). The present Company policy includes an information cluster on the
identification and conscientiousness of the Client (“Due Diligence Policy” (hereinafter - DD) and “Know Your Client Policy” (hereinafter - KYC)).
1. GENERAL PROVISIONS.
1.1. The present Company policy is aimed at preventing legalization (laundering) of proceeds obtained by criminal means, giving legal form to owning, using or disposing of cash assets or other property obtained as a result of committing crime by means of using the Company's services.
1.2. Counteraction to legalization (laundering) of income obtained by criminal means is a sequence of legal, information and technical measures set in the states of the location of citizens and organizations aimed at identifying, establishing and suppressing transactions with money or
other property that occur through their placement/deposit, layering/segregation, integration, and other forms for the purpose of giving legitimate form to owning, using or disposing of cash assets or other property obtained as a result of committing crime and (or) for the purpose of
1.3. The Clients are legal entities or natural persons that are the beneficial owners of legal entities, unless it is reasonable to presume that the beneficial owner is another natural person.
2. RESPONSIBILITIES OF THE CLIENT.
The Client undertakes to:
2.1. Comply with the legislation of the Curacao, the state of residence of the Client, as well as international norms aimed at combating illegal trade, AML and FT.
2.2. Exclude direct or indirect participation in activities specified in paragraph 2.1 and any other illegal actions, including using information and telecommunication technologies, audiovisual and other programs and technical means.
2.3. Guarantee and confirm the legitimacy of the sources of origin of the Client's funds involved in the Company's Services, other property of the Client, and affirm title to the Client's funds and property, or right of possession and right of use.
2.4. Submit documents (in hard copy (paper medium) and (or) through electronic media) upon the request of the Company, confirming the status of the Client for the purposes of his/her identification and valid at the date of submission, documents containing information that allow to identify
the client (identity document of the Client, document certifying the right to legally reside in the territory of the resident state), samples of handwritten signature.
2.5. Submit the documents specified in paragraph 2.4 with a duly certified translation into the language of the resident state, if documents for identification of the Client are compiled and presented in full or in any part in a foreign language.
2.6. Present legalized documents in accordance with the applicable procedure, if they are issued by the public authorities of foreign states.
2.7. Perform other duties to the Company in accordance with the current legislation of the resident state, international treaties, other international standards, the present Company Policy, and other internal local acts of the Company.
3. OBLIGATIONS OF THE COMPANY.
The Company undertakes to:
3.1. Observe the laws of the resident state, international norms aimed at combating illegal trade, AML and FT.
3.2. Comply with the prohibition on informing the Clients and other persons about applicable measures of AML and FT, as well as providing advice on the necessity to submit documents on the grounds provided for by legislation, and on committing other actions that will not allow the Company
to put in place AML/FT measures.
3.3. Cooperate with the competent authorities of the states-residents at the stages of collection of information, preliminary investigation, court proceedings and execution of court decisions on the available facts to assume (assert) the violation of AML and FT requirements by the Clients.
3.4. Maintain confidentiality of information about internal acts of the Company developed and applied for the purposes of AML and FT, unless otherwise provided by law.
3.5. Fulfill other requirements stipulated by the legislation of the resident states, international standards aimed at combating illegal trade, AML and FT.
4. “KNOW YOUR CLIENT” POLICY (KYC).
4.1. Power and authority of the Company.
In addition to the Client identification actions provided for in the present Policy, the Company shall carry out the following:
a). Questioning of the Clients;
b). Oral questioning of the Clients with indication of the required information in the Client's questionnaire;
c). Establishment of facts of the Client's action on behalf of another Client that is natural person as a representative (intermediary, attorney);
d). Use of external information sources available to the Company on legal grounds;
e). Other measures at the discretion of the Company.
4.2. The Clients who refused to undergo the procedure of identification. If potential Client or existing Client either refuses to provide information in accordance with the requirements of the present Company Policy or intentionally provides false information, the Company refuses to
provide the Client with the services, as well as ceases to provide services. The Company assigns the status of high risk Client to such potential or existing Client.
4.3. Suspicious activity of the Client.
4.3.1. The company is authorized to monitor the Client's activity and compliance with AML and FT requirements.
4.3.2. The Company exercises professional control over the Client's activity and compliance with AML and FT requirements in cases the Client or his representative:
a). Has an unusual concern about the Company's compliance with AML/FT reporting requirements, or refuses to provide the Company with any information related to its business activities or provides unreliable information, including the information contained on paper and (or) electronic
b). Presents information for identification containing data on imaginary facts and circumstances that are misleading;
c). Has doubtful financial and legal reputation;
d). Finds it difficult of specifying presumed or existing principles of organizing entrepreneurial, financial and economic activities in detail;
e). Asks to give him/her preferences towards other Clients regarding the implementation of the present Company Policy.
4.3.4. The present list of cases for conducting professional control over the Client's activity and compliance with AML and FT requirements is not exhaustive.
4.3.5. When the Company establishes one or more of the above cases, it applies further measures aimed at collecting, processing and analyzing additional internal information or information from external sources, and contacting the competent authorities of the resident states.
5. DUE DILIGENCE POLICY
5.1. Along with the identification of the Client, the Company conducts examination of financial and economic activities of the Client.
5.2. Due Diligence policy is also carried out for corruption management and control of the Client, which may directly or indirectly lead to violation of AML / FT legislation requirements.
5.3. Corruption for the purposes of the present Company Policy may include: Abuse of official position, giving bribe, accepting bribe, abuse of authority, commercial bribery/corrupt business practices or other unlawful use of official position by the Client who is natural person or his/her
representative contrary to the legitimate interests of the society and the resident state in order to obtain benefits in the form of money, values, other property or services of a property nature, other property rights for himself/herself or for third parties, or unlawful provision of such
benefits to the said person by other natural persons;
5.3.2. In case of application by the Client, the Company is entitled to:
a). Verify the reliability of the Client's financial and other internal information;
b). Ensure that all documents are properly compiled in terms of their compliance with the legislation of the resident state and internal local acts of the Company;
c). Verify the availability of licenses and accreditations of the Client;
d). Identify the presence and amount of the Client's internal and external debt;
e). Make sure that the Client is competent enough to implement and exercise the scope of his/her business activities.
6. LIST OF PROHIBITED PARTIES TO Momo Entertainment BV TRANSACTIONS
Company operates in various jurisdictions, and is subject to laws of other countries. Of note is the U.S. Office of Foreign Assets Control (“OFAC”) which administers the various laws that prohibit the conduct of business with hostile nations and blocked persons. Severe civil and criminal
penalties exist for violations of these laws. OFAC provides financial institutions with a comprehensive master list of blocked persons and entities (“Blocked Persons”). Momo Entertainment BV. is prohibited from engaging in transactions involving entities on this list, or other entities
subject to international sanctions under OFAC.
- OFAC makes public the embargoed nations and alphabetical master lists of Blocked Persons (“OFAC lists”). The OFAC lists are amended from time to time and are available in OFAC’s website at https://sanctionssearch.ofac.treas.gov/
- UK sanctions list in website at https://www.gov.uk/government/publications/the-uk-sanctions-list
- Consolidated list of persons, groups and entities subject to EU financial sanctions https://data.europa.eu/euodp/en/data/dataset/consolidated-list-of-persons-groups-and-entities-subject-to-eu-financial-sanctions
- Curacao sanctions list in website at http://mot.cw/web/motweb/motweb.nsf/web/home?opendocument
Each time a Client attempts to conduct a transaction, Momo Entertainment BV.’s processes compares the name of the prospect against the each of these lists, in addition to similar lists maintained by the United Nations,Australia, Canada, the European Union, the UK, Curacao, and other
If there is a match or a partial match, the MLRO is responsible for viewing all matched or partially matched items and releasing obvious “false positives”. In cases where it is impossible to determine
whether the match is true or false, more information will be requested of the originator of the transaction, and occasionally of the beneficiary as well.
Transactions involving a true match must be reported to the regulatory entity responsible for placing that party on the respective list. In some cases, the law may require any funds to be submitted to the government entity responsible for the respective sanctions, while in others Company
may simply hold funds until further instructions are provided by the regulatory entity. Usually prior to releasing a transaction, Brilliant Star Services B.V. will need to obtain additional Client information to assist in the evaluation process.
In addition, Company complies with the requirements of responsive games and checks the lists of persons who have introduced themselves as people with addiction to prevent them from creating an account.
7. DEPOSITS AND WITHDRAWALS OF THE CLIENT’S FUNDS.
7.1. In case the Client contributes funds, he/she acts as their sender, and his/her name should coincide with the Client's name. Intermediation of third parties when depositing money is not permitted.
7.2. Similarly, in case of withdrawal of funds, the name of the Recipient Client should coincide with the name of the Sender Client, who simultaneously acts as the owner of the account from which the funds are debited.
7.3. In case of a bank transfer, the account from which the transaction was executed should coincide with the account to which the funds are transferred. In case of online transfers, the accounts of deposit and withdrawal should also be the same.
8.1. The Clients of the Company are informed and understand that the legal norms of the resident states that are parties to international acts and international treaties on AML and FT may be applied to legal relations between them.
8.2. If the employees of the Company use the Company's Services, they are subject to the provisions of the legislation, the present Company Policy on AML and FT, and other internal acts of the Company.
8.3. The Client undertakes to comply with the present Company Policy in full and, in the event of noncompliance in full, or in part, bears legal responsibility established by legislation, including for unfair and unconscientious actions of all other persons provided for by the Company
9. RISK-BASED APPROACH
9.1. The Regulations require Momo Entertainment BV. to adopt a risk-based approach to the application of measures to prevent money laundering and terrorist financing.
Additionally, Momo Entertainment BV. and its employees must monitor each Client and ascertain the risk posed by each Client. The tables below highlight some indicators that employees may use to determine the risk posed by a Client. The table is not exhaustive, and employees must liaise
with the MLRO if they are concerned about any Client.
Clients who are armament manufacturers, dealers and intermediaries.
Clients who are unregulated charities and other unregulated “not for profit” organisations (especially those operating on a cross-border basis).
Clients who are dealers in high value or precious goods (for example, jewel, gem and precious metals dealers, art and antique dealers and auction houses, estate agents and real estate brokers).
Transactionsinvolving unusually high-levels of assets or unusually large transactions to what might reasonably be expected of Clients with a similar profile.
A Client or group of Clients making frequent transactions to the same individual / group of individuals.
A sudden increase in existing Client business.
An individual holding a public position and / or situated in a location which carries a risk of exposure to the possibility of corruption.
Clients based in a high-risk jurisdiction (Countries identified by FATF (Appendix A)).
Transactions that do not make commercial sense.
Long standing Clients who make frequent transactions.
Medium value transactions or transactions involving medium levels of assets (from 2 000 euro to 20 000 NAG).
Uncharacteristic transactions which are not in keeping with the Client’s known activities.
Client is regulated in a jurisdiction recognised as having adequate Anti-Money Laundering standards.
Low value transactions or transactions involving low levels of assets (up to 2 000 NAG).
Publicly owned companies traded on a recognised exchange and their wholly owned subsidiaries.
9.1.1 Is a risk posed by the Client’s behaviour?
An unwillingness to produce evidence of ID or the production of unsatisfactory evidence of ID.
Where the Client is acting on behalf of another person, an unwillingness to give the name of the person they represent.
A willingness to bear very high or non-commercial penalties or charges.
Situations where the source of funds cannot be easily verified.
The use of intermediate corporate vehicles or other structures that have no clear commercial or other rationale or that unnecessarily increase the complexity or otherwise result in a lack of transparency for the final institution.
Client co-operates throughout transaction but it takes time (up to 3 days) to produce evidences.
Client cannot proceed with face-to-face identification.
Client co-operates throughout transaction and produce evidence of ID immediately.
9.1.2 How does the way the Client comes to the business affect the risk?
Systematic transactions as opposed to business relationships.
Non-face to face transactions.
Occasional or one-off transactions as opposed to business relationships.
Client comes to the business after extensive market research from account executives.
9.1.3 What risk is posed by the country of origin of the Client?
Countries subject to sanctions, embargoes or similar measures issued by the UN or any other international body.
Countries identified by the FATF (see Appendix A).
Countries identified by credible sources (e.g., the World Bank or the IMF) as providing funding or support for terrorist activities.
Countries identified by credible sources (for example, Transparency International) as having significant levels of corruption or other criminal activity.
Countries appearing in the White List.
If an employee deems a Client to be a high-risk of money laundering or terrorist financing, they must inform the MLRO immediately. The MLRO may direct the employee to carry out extensive due diligence on the Client to acquire additional evidence regarding their identity or the source of
the funds involved in the transaction. The transactions and activity of any high-risk Clients should be carefully monitored on an ongoing basis.
Identifying a Client or transaction as being of a higher risk does not mean that the Client is involved in money laundering orterrorist financing. Furthermore, if a Clientis deemed to be a lowerrisk, it does not mean that the Client is not involved in money laundering or terrorist
financing. Employees must be vigilant always and report any suspicions to the MLRO.
Managing Director of Momo Entertainment BV.
Momo Entertainment BV’s prohibited jurisdictions:
Tristan da Cunha
Saint Kitts and Nevis
Saint Vincent and the Grenadines
Antigua and Barbuda
Saint-Pierre and Miquelon
Isle of Man
Sao Tome and Principe
Lugansk People's Republic
British Virgin Islands
Cocos (Keeling) Islands
State of Palestine
the Turkish Republic of Northern Cyprus
Donetsk People's Republic
Northern Mariana Islands
Trinidad and Tobago
Turks and Caicos Islands
Federated States of Micronesia
Republic of Artsakh
Republic of the Congo
United States of America
Virgin Islands of the United States
Wallis and Futuna
Sahrawi Arab Democratic Republic
Saint Helena, Ascension and