Objective of the Policy

This policy outlines how Technic Solutions will achieve full compliance with its legal and regulatory obligations under all applicable anti money laundering regimes.

Technic Solutions employees must safeguard themselves, the company, and other stakeholders against involvement in financial operations involving the processing of illicit gains. 

Like any other provider of professional services, Technic Solutions is attractive to criminals who wish to convert their illicit gains into explainable income. Because of this, we adopted a preventive, risk sensitive approach throughout our entire business process that is aimed at recognizing and preventing fraudulent transactions.

What Money Laundering Is

Money laundering is the illegal process by which income gained from criminal activities is manipulated so that it appears to come from a legal source.

Duties and Responsibilities

All Technic Solutions personnel must:

• Be aware of their AML obligations, including asking clients to fill out identification forms.
• Attend specialized AML training arranged by Technic Solutions if required.
• Report without delay all circumstances which could give rise to suspicion that Technic Solutions is being involved in any part of a money laundering process.

Reporting Suspicious Activity

Should the staff member feel there are reasonable grounds on which to suspect that money laundering activities are being carried out, they are required to report it to the administration immediately.

Here are a few things Technic Solutions staff must always look out for when working directly with clients, especially new ones:

• Large transaction sums. Be vigilant when dealing with unusually large orders from private individuals or small companies, unless there is a clear reason why they would require our services in bulk (e.g. restaurant opening).
• Delays in the signing of contracts or providing copies of IDs. 
• Cash settlement requests. Stay cautious with clients who make exceedingly large orders and then insist on paying exclusively in cash. 
• Identity hiding. Be extremely cautious of clients who are reluctant to provide any details about their identity (e.g. refuse to fill out any forms or sign contracts). Before you conduct any large-scale operation with a client, you should, at the very least, ask the client for their passport or driver’s license.

Retention of Records

When it comes to record keeping and storing personal data, the issue will be reviewed by Technic Solutions’ data controller who will decide whether there is any necessity for the business to hold such information.

In order to work in compliance with all relevant regulations, we shall keep records on file for the current tax year and an additional five years following the date of the most recent transaction of the client with our company.