Karmm AML/CTF policy that includes a program to monitor and report suspicious activity consistent with local regulatory requirements:

Karmm Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Policy

I. Introduction

Karmm is committed to maintaining the highest standards of integrity and compliance with all applicable AML and CTF regulations. This policy outlines our approach to preventing and detecting money laundering and terrorist financing activities on our platform.

II. AML/CTF Officer

A designated AML/CTF Officer will be appointed to oversee and implement this policy. The AML/CTF Officer will have the authority to enforce the policy and report any suspicious activities to the relevant authorities.

III. Customer Due Diligence (CDD)

1.     Know Your Customer (KYC) Procedures: Karmm will implement robust KYC procedures, including identity verification, to ensure that customers are accurately identified.

2.     Ongoing Monitoring: We will continuously monitor customer transactions to detect any suspicious or unusual activities and update customer information regularly.

IV. Reporting and Suspicious Activity

1.     Suspicious Activity Reporting: Karmm has a program in place to monitor and report suspicious activity consistent with local regulatory requirements. All employees shall promptly report any suspicious activities to the AML/CTF Officer. This includes any unusual transactions, unusually large transactions, or transactions inconsistent with the customer's profile.

2.     Whistleblower Protection: Karmm will establish a procedure to protect employees who report suspicious activities, ensuring they can do so anonymously without fear of retaliation.

V. Risk Assessment

Karmm will conduct regular risk assessments to identify areas of vulnerability to money laundering and terrorist financing and take appropriate measures to mitigate these risks.

VI. Training and Awareness

Karmm employees and relevant third parties will receive training on AML/CTF policies and their responsibilities in preventing money laundering and terrorist financing.

VII. Record Keeping

Karmm will maintain records of customer transactions, KYC information, and other relevant documentation for a minimum period, as required by local regulations.

VIII. Compliance with Regulatory Authorities

Karmm will cooperate fully with all relevant regulatory authorities and law enforcement agencies, providing them with any information they need to investigate and prosecute money laundering and terrorist financing.

IX. Penalties for Non-Compliance

Karmm may impose penalties on customers and employees who fail to comply with this policy or any relevant regulations.

X. Review and Update

This AML/CTF policy will be reviewed and updated regularly to adapt to changing regulations and the evolving nature of money laundering and terrorist financing risks.

XI. Conclusion

Karmm is committed to maintaining the highest standards of AML and CTF compliance. This policy, along with our program to monitor and report suspicious activity, is a crucial part of our efforts to prevent and detect money laundering and terrorist financing activities. All employees and relevant parties are expected to adhere to this policy without exception.

By implementing this AML/CTF policy and associated monitoring and reporting program, Karmm can contribute to the global effort to combat financial crime and protect its reputation and legal standing.