Financial Crime World

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Waystone Strengthens Financial Crime Prevention Measures to Protect Assets

Luxembourg, [Date] - Waystone, a leading financial services company, has announced its commitment to preventing and managing potential or actual financial crime risks in its business activities. The company has implemented enhanced measures to identify, prevent, and manage such risks, ensuring the protection of its assets and those of its customers.

Prohibitions on Funds and Assets

Waystone’s policies prohibit the provision of funds or financial services that could be used, directly or indirectly, for the benefit of designated persons and entities involved in proliferation financing. This includes:

  • The manufacture, acquisition, possession, development, export, shipment, brokering, transport, transfer, stockpiling, or use of nuclear, chemical, or biological weapons of mass destruction

Regulated and Unregulated Entities

Waystone categorizes companies based on their regulatory status, with regulated entities generally considered to pose a lower financial crime risk. However, all entities, including unregulated ones, are subject to:

  • Thorough due diligence
  • Ongoing monitoring to identify potential risks

Screening and Monitoring

The company screens its clients’ assets against targeted financial sanctions lists, including those of:

  • Office of Foreign Assets Control (OFAC)
  • European Union
  • United Nations

It also conducts regular transactions monitoring and verifies that client activities are in line with their corporate objectives and services provided.

Internal Working Group

Waystone has established an internal working group on “Know Your Transaction” to develop a framework for checking illiquid asset classes. The company encourages all employees to report any concerns or suspicions related to financial crime risks, ensuring that reputational aspects are taken into account in its risk management approach.

Commitment to Financial Crime Prevention

Waystone is committed to preventing and managing financial crime risks, relying on its practical compliance framework and seeking recourse to its Risk Committee and Compliance Function whenever necessary. The company’s financial crime policy outlines its procedures for:

  • Identifying potential or actual financial crime risks
  • Preventing such risks from occurring
  • Managing them to ensure the protection of assets and customers

Contact: [Name] Waystone [Email] [Phone]