The KYC / AML philosophy of IRONSTEEL TRADE INTERNATIONAL is to prevent IRONSTEEL TRADE INTERNATIONAL from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. The objective of this policy is also to enable IRONSTEEL TRADE INTERNATIONAL to know / understand its customers and their financial dealings better which in turn will help IRONSTEEL TRADE INTERNATIONAL to manage its risks prudently.

The business has established a Know-Your-Client (KYC) policy to ensure that the identities of all new and existing clients are verified to a reasonable level of certainty. This will include all individual clients, all directors and shareholders with a stake holding of 25% or more of client companies, all partners of client partnerships, and every board member of client charities. Identities will be verified either online or face-to face or by a combination of both.

The business will conduct ongoing monitoring of business relationships with customers, to ensure that the documents, date or information held evidencing the customer’s identity are kept up to date.

The following are examples of changes in a client’s situation that may be considered suspicious:

A sudden increase in business from an existing customer;
Uncharacteristic transactions which are not in keeping with the customer’s known activities;
Peaks of activity at particular locations or at particular times;
Unfamiliar or untypical types of customer or transaction.
Whenever there is cause for suspicion, the client will be asked to identify and verify the source or destination of the transactions, whether they be individuals or company beneficial owners.

No action need be taken if there is no cause for suspicion.