- AML Policy
BULLION SHARK LLC
ANTI-MONEY LAUNDERING COMPLIANCE POLICY
1. Company Anti-Money Laundering Compliance Policy and Program
1.1 It is the policy of Bullion Shark, LLC (the “Company”) that each employee, agent and officer comply with all anti-money laundering laws and regulations (“Anti-Money Laundering Compliance Policy” or “Policy”). Pursuant to the Bank Secrecy Act (“BSA”), the Company has adopted policies, procedures and internal controls designed to prevent, detect and cause the reporting to appropriate authorities of any known or suspected money laundering, terrorist financing or other criminal activity which together constitute the Company’s Anti-Money Laundering Compliance Program or Program.
1.2 Under the Program, the Company must:
1.2.1 Appoint an Anti-Money Laundering Compliance Officer (“AML Compliance Officer”);
1.2.2 Implement such policies and procedures required for compliance with the BSA and the Treasury Department’s Office of Foreign Assets Control (“OFAC”) regulations;
1.2.3 Make necessary Currency Transaction Reporting, including filing a Form 8300 with respect to the receipt of cash or other non-cash items, totaling more than $10,000 in one transaction or in two or more related transactions in compliance with Internal Revenue Code Section 6050I;
1.2.4 Train relevant employees, including senior executives on a regular basis; and
1.2.5 Audit the Company’s compliance with anti-money-laundering laws and regulations, this Policy and the Program.
1.3 The Policy requires that employees, agents and officers must;
1.3.1 Comply with all anti-money laundering laws and regulations, including the record keeping and reporting requirements of the BSA;
1.3.2 Accept only customers involved in legitimate business activities and whose income and wealth are derived from legitimate sources;
1.3.3 Adhere to the Company’s “Know Your Customer” policies and procedures;
1.3.4 Refer suspicious activity to the AML Compliance Officer; and
1.3.5 Cooperate with law enforcement authorities.
1.4 Failure to comply with the BSA anti-money laundering laws may result in criminal and civil penalties and the forfeiture of property involved in or traceable to a money laundering transaction. Failure to comply with this Policy may result in disciplinary action, up to and including suspension or termination.
2. Anti-Money Laundering Compliance Officer.
2.1 Nicholas Adamo is the designated compliance person AML Compliance Officer with responsibility for the Company’s Anti-Money Laundering Compliance Program. Any questions regarding these procedures should be addressed to him.
2.2 The AML Compliance Officer is required to:
2.2.1 Develop, implement and update appropriate anti-money laundering and terrorist financing risk policies and procedures; including procedures for ensuring all required reports are made and all required records are maintained;
2.2.2 Provide ongoing training of relevant employees, including senior officers;
2.2.3 Prepare, review and file Form 8300; and
2.2.4 Monitor the day-to-day operations and implementation of the Program.
2.3 Questions about the BSA anti-money laundering laws, this Policy or the Program should be addressed to the AML Compliance Officer.
3. Currency Transactions Reporting.
3.1 FinCEN Form 105. The Company shall file, when applicable, with FinCEN Form 105 under the following circumstances:
3.1.1 When the Company physically transports, mails, or ships, or causes to be physically transported, mailed, or shipped currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time from the United States to any place outside the United States or into the United States from any place outside the United States.
3.1.2. When the Company receives in the United States currency or other monetary instruments in an aggregate amount exceeding $10,000 at one time which have been transported, mailed, or shipped to the Company from any place outside the United States.
3.1.3 Such filing is not required for a transfer of funds through normal banking procedures, which does not involve the physical transportation of currency or monetary instruments.
3.2 IRS Form 8300. The Company shall file, when applicable, with the Internal Revenue Service Form 8300 under the following circumstances:
3.2.1 When the Company receives more than $10,000 in cash in one transaction or in two or more related transactions.
22.214.171.124 Any transactions conducted between a payer (or its agent) and the Company in a 24-hour period are related transactions.
126.96.36.199 Transactions are considered related even if they occur over a period of more than 24 hours if the Company knows, or has reason to know, that each transaction is one of a series of connected transactions.
3.2.2 The Company shall keep a copy of Form 8300 for at least five years from the date of filing.
3.2.3 The term “cash” means the (a) U.S. and foreign coin and currency received in any transaction; or (b) a cashier’s check, money order, bank draft, or traveler’s check having a face amount of $10,000 or less that is received in a designated reporting transaction (defined below), or that is received in any transaction in which the recipient knows that the instrument is being used in an attempt to avoid the reporting of the transaction under either section 6050I or 31 U.S.C. 5331.
3.2.4 The term “cash” does not include a check drawn on the payer’s own account, such as a personal check, regardless of the amount.
4. Office of Foreign Assets Control Regulations.
4.1 In addition to anti-money laundering compliance, the Company is also required to comply with laws enforced by OFAC. OFAC administers sanctions and embargos involving certain foreign nations as well as prohibitions on dealing with certain individuals and entities involved in illicit activity. These prohibitions also apply to accounts owned or controlled and securities issued by these governments/groups. Compliance with OFAC requirements is required as part of the Company’s Anti-Money Laundering Compliance Program
4.2 Without prior OFAC approval, the Company may not effect any transaction for or on behalf of:
4.2.1 any citizen or resident of a Prohibited Country;
4.2.2 any entity incorporated under the laws of or located in or acting on behalf of a Prohibited Country; or
4.2.3 any person on any OFAC list, as described below.
4.3 Violations can result in severe civil and criminal penalties, as well as significant reputation harm.
4.4 OFAC has produced and regularly updates a list of individuals, entities and nations that are subject to the OFAC administered prohibitions. The persons and entities on the list are called “Specifically Designated Nationals and Blocked Persons” (“SDN List”). The SDN List can be found at http://sdnsearch.ofac.treas.gov.
As part of its anti-money laundering compliance program, the Company will conduct BSA and OFAC training sessions for relevant employees and senior officers.
6. Review of AML Compliance Program.
At least annually, there shall be an independent review and test for implementation and function of this program. Such independent review may be conducted by an employee of the Company, but must not work specifically for the AML Compliance Officer or be involved in the operation or oversight of the AML Compliance Program, in order to provide a fair and unbiased appraisal.
7. Reporting Violations.
Any employee who knows of or suspects a violation of applicable laws or regulations, the Policy or the Company’s related policies must immediately report that information to such employee’s supervisor, higher levels of management, or the AML Compliance Officer. No person reporting a suspected violation will be subject to retaliation because of a good faith report.