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BIDDING EXPERT, INC.
ANTI-MONEY LAUNDERING CONTROLS AND COMPLIANCE POLICY
WITH THE US PATRIOT ACT, BANK SECRECY ACT, AND OFFICE OF FOREIGN ASSETS CONTROL
The Bidding Expert, Inc., ("Bidding Expert"), is a United States corporation, organized and existing under the laws of the State of New York. Bidding Expert acts as a financial facilitator and product shipper for transactions made on the eBay and other online stores and auctions.
In order to comply with the federal rules and regulations preventing anti-money laundering and funding of terrorist or criminal activities, Bidding Expert has established a system of checks and controls, to ensure compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act ("PATRIOT Act"), Pub. Law 107-56 (Oct. 26, 2001); The Currency and Foreign Transactions Reporting Act ("Bank Secrecy Act"), 31 C.F.R. 103; and Office of Foreign Asset Control, ("OFAC"), 31 CFR 501.
I. ANTI-MONEY LAUNDERING (AML) COMPLIANCE OFFICER
The Bidding Expert designates Ilya Boruch as the Anti-Money Laundering Policy ("AML") Compliance Officer, with full responsibility for Bidding Expert's compliance program. The duties of the Compliance Officer will include monitoring Bidding Expert's AML compliance with the Patriot Act, Bank Secrecy Act, and OFAC, overseeing communication and training for employees, and has direct responsibility for the implementation and updating of the AML policy. As the AML Compliance Officer, Ilya Boruch is designated as the contact person that will provide suspicious activity reports to the appropriate law enforcement agencies. Any contacts by law enforcement agencies, vendors or customers of Bidding Expert related to the AML policy should be directed to Ilya Boruch at compliance@biddingexpert.com.
II. PATRIOT ACT.
It is the policy of Bidding Expert to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets. Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes. It is the responsibility of all the employees of Bidding Expert to protect the company from exploitation by money launderers.
Bidding Expert has established a set of procedures and internal controls, necessary to ensure compliance with the Patriot Act. Bidding Expert undertakes all reasonable efforts to maintain and verify identity information for its customers. Bidding Expert's Customer Identification Procedure is outlined below. In order to use Bidding Expert, the customer must provide sufficient information to for Bidding Expert to form a reasonable belief that the true identity of the customer and source of customer funds has been provided.
Customer Identification Procedure:
For U.S. based individuals:
1. Full legal name;
2. Address (residential or business). If the address is a Post Office box, then the address of the next of kin or another contact individual shall be provided;
3. Date of birth;
4. Proof of address;
This may include an official government-issued identification document, showing the current address of the individual; a utility bill, showing name and address, or any other official document, sufficient to prove residence;
5. Official government-issued identification number
(For a U.S. based individual, examples include Social Security number, Taxpayer Identification number, alien registration number);
6. Photo ID (Bidding Expert will require an official government-issued identification at the time of opening an account in order to verify identity. Such identifications include driver's license, non-driver id, passport, military identification, or any other government identification with a photograph of the customer).
For non-U.S. based individuals:
1. Full legal name;
2. Address (residential or business). If the address is a Post Office box, then the address of the next of kin or another contact individual shall be provided;
3. Date of birth;
4. Proof of address. This may include a copy of an official, government-issued identification document, showing the current address of the individual; a copy of the utility bill, showing name and address, or any other official document, sufficient to prove residence;
5. In addition, a non-US resident must provide all of the following: an original or a photocopy of his or her passport (with photo), a copy of his or her birth certificate, and a completed W-8 form, if applicable.
For entities:
1. Official legal name;
2. Official address (principal business address and jurisdiction of formation);
3. Name and signature of an authorized representative
(Identity of the authorized representative will be verified according to the Bidding Expert's procedures for individual customer identification);
4. Tax identification number;
5. Confirmation of the legal existence or good standing of the entity (Examples include articles of incorporation, certificate of good standing, copy of the government-issued business license, a partnership agreement or a trust agreement);
6. Additional verification may include documentation of the source of funds, review of the recent financial statements of the entity, and bank and/or credit reference check).
Bidding Expert does not associate or conducts business with individuals found on the Specially Designated Nationals and Blocked Persons list (SDN list) of known or suspected terrorists or terrorist organizations. Bidding Expert personnel are trained to detect and report suspicious activity to the AML Officer. Suspicious activities include, but are not be limited to, funds from foreign countries listed by OFAC, money orders just below the reporting minimums, money orders in sequential order, funds coming from several different places for one contract, and names of individuals matching those on the SDN list. Bidding Expert adheres to the policy of strict compliance with OFAC rules and regulations available at www.ustreas.gov/ofac.
III. BANK SECRECY ACT
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, administers and issues regulations pursuant to the Bank Secrecy Act. The reporting and record keeping provisions of the Bank Secrecy Act apply to banks, savings and loans, credit unions and other depositary institutions and to other businesses defined as financial institutions, including casinos, brokers and dealers in securities, and money services businesses ("MSB") such as Bidding Expert. Bidding expert is a registered Money Service Business with the US Department of Treasury. Bidding Expert reports any suspected transactions involving aggregate assets of $2,000 or more, by filing an SAR. Bidding Expert has developed and implements an AML compliance program, as more specifically set forth herein as well as the internal AML Compliance Manual. Bidding Expert does not process transactions of more than $10,000 for the same customer in a day, and therefore does not file CTRs. Bidding Expert maintains appropriate records as required under the BSA.
IV. INVESTIGATION, MONITORING AND REPORTING AND INTERNAL CONTROLS
Upon identification of suspicious activity, a customer's account is limited or suspended upon identification pending a review of account information and a determination of whether a report to appropriate law enforcement agencies is required. Transaction based monitoring is conducted for each for transaction via manual processing by customer support. If activity in violation of this or any other Bidding Expert policy is suspected, a further investigation is commenced and the account limited or suspended as may be appropriate. Suspicious activity that is detected will be reported to appropriate law enforcement agencies by the AML Compliance Officer, or other personnel as directed by the AML Compliance Officer within 30 days of the suspicious event. All reports will be documented and retained in accordance with this AML policy and Bidding Expert Compliance Manual for five years from the date of occurrence.
If suspicious activity ("red flag") is detected, additional due diligence and investigation is performed before proceeding with the transaction. Examples of red flags are:
- The customer exhibits unusual concern regarding Bidding Expert's compliance with government reporting requirements and the Bidding Expert's AML policies, particularly with respect to his or her identity verification procedure, type of business and assets, or is reluctant or refuses to reveal any information concerning business activities, or furnishes unusual or suspect identification or business documents.
- The customer (or a person publicly associated with the customer) has a questionable background or is the subject of news reports indicating possible criminal, civil, or regulatory violations.
- The customer exhibits a lack of concern regarding risks, commissions, or other transaction costs.
- The customer appears to be acting as an agent for an undisclosed principal, but declines or is reluctant, without legitimate commercial reasons, to provide information or is otherwise evasive regarding that person or entity.
- The customer's account has wire transfers that have no apparent business purpose to or from a country identified as a money laundering risk or a bank secrecy haven.
- The customer requests that a transaction be processed in such a manner to avoid Bidding Expert's normal documentation requirements or is designed to evade Bank Secrecy Act requirements, whether through structuring or other means.
V. MODIFICATIONS TO SERVICE AND TERMINATION
Bidding Expert reserves the right at any time and from time to time to modify or discontinue, temporarily or permanently, its Service (or any part thereof) with or without notice, if any portion of the AML policy is deemed to be violated. Bidding Expert under certain circumstances and without prior notice, may immediately terminate a customer account, any associated email address, and access to Bidding Expert Services. Cause for such termination shall include, but not be limited to; (a) breaches or violations of the AML policy or other incorporated agreements or guidelines posted at BiddingExpert.com, (b) requests by law enforcement or other government agencies, (c) a request by the customer (self-initiated account deletions), (d) participation in fraudulent or illegal activities. Termination of a Bidding Expert account includes; (a) termination of access to all Services, (b) deletion of customer password and all related information, files and content associated with the customer account (or any part thereof), and (c) barring or limiting further use of BiddingExpert.Com.
VI. VIOLATIONS
Please report any suspected violations to the Bidding Expert Compliance Officer at compliance@biddingexpert.com. Or call Bidding Expert's Compliance Officer directly at 718-997-0019 and ask for Ilya Boruch.
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