Our Commitment to Ethical Business: Know Your Counterparty (KYC) Policy

Pranda UK Ltd is firmly committed to preventing money-laundering and the financing of terrorism within all its business practices and transactions. Money laundering involves disguising the proceeds of crime, while terrorism financing is any financial support for those who plan or engage in terrorism.

To uphold this commitment, we have established comprehensive Know Your Counterparty (KYC) procedures. This process allows us to identify every organisation we partner with, ensuring the complete legitimacy of our business relationships and enabling us to identify and respond to any unusual or suspicious activity.

Our KYC Procedures

We require all our counterparties (including business partners, suppliers, and customers) to complete a KYC form. By collecting and reviewing this information, Pranda UK Ltd commits to the following actions:

  • Establish Identity: We formally establish the identity of every counterparty we work with.
  • Verify Legitimacy: We maintain a clear understanding of the nature and legitimacy of all our counterparties' businesses.
  • Conduct Risk Checks: We check that our counterparties are not considered high-risk. This process includes:
    • Checking against government-sponsored watchlists and international (UN) sanctions lists.
    • Utilising the UK Sanctions list to monitor all suppliers and service providers.
    • Verifying that partners are not based in FATF high-risk jurisdictions.
    • Ensuring partners do not source from conflict-affected and high-risk areas (CAHRAS).
  • Monitor Transactions: We actively monitor transactions for any unusual or suspicious activity. We also maintain records of all single or linked cash (or similar) transactions that exceed €10,000.
  • Maintain Records: All KYC records are securely maintained for at least five years.

Responding to High-Risk Activity

If any counterparty is identified as high-risk or engages in suspicious activity, we are prepared to take decisive action, which may include:

  • Identifying the counterparty's beneficial owners and checking them against watchlists and sanctions lists.
  • Conducting an on-site visit to the high-risk counterparty.
  • Ceasing all trade with the counterparty.

Pranda UK Ltd. will report any and all suspicious activity to the UK's National Crime Agency.

This policy is reviewed annually to ensure its continued effectiveness and our compliance with the highest ethical standards.