AMLTF COMPLIANCE POLICY

1. Introduction

This Anti-Money Laundering and Terrorism Financing (hereinafter: ‘AMLTF’) policy is designed to prevent the involvement of Law Firm Chocolaad in money laundering activities and the financing of terrorism. The policy complies with relevant laws and regulations, particularly the Code for the Prevention and Combating of Money Laundering and Terrorist Financing (WAML) and aims to safeguard the integrity of the firm and to comply with the due diligence obligations to combat money laundering and terrorism.

2. Profile of Law Firm Chocolaad

Law Firm Chocolaad (hereinafter: "the firm") is located in Paramaribo at Heerenstraat 46, upstairs. The firm primarily focuses on services in the field of intellectual property law and more generally business law. Clients are also provided with limited legal assistance in matters concerning administrative law. The firm does not handle criminal cases and operates exclusively in the civil sector. The firm is particularly engaged in:

  • Intellectual Property Law, in particular Trademark law: assisting clients with the registration of their trademarks at the national Intellectual Property Office (BIE).

  • Civil and Business Law: broadly, including construction law; labor law; inheritance law; property and contract law; disputes between government and citizens; corporate law; and intellectual property law.

The firm’s clientele primarily consists of companies (legal entities) and to a lesser extent, natural persons. Foreign (legal) entities are also part of the firm’s clientele.

3. Objective

The objective of this policy is to:

  • Comply with all relevant AML laws and regulations.

  • Identify and combat risks related to money laundering and terrorism financing.

  • Implement effective internal procedures and controls to detect and report suspicious activities to relevant authorities, including FIU Suriname.

By implementing and adhering to the following AML measures:

  • Appointing a Compliance Officer;

  • Establishing a Compliance program;

  • Conducting training sessions;

  • Adopting a Risk-Based Approach (RBA);

  • Implementing Customer Due Diligence (CDD) measures;

  • Maintaining a record-keeping requirement;

  • Reporting unusual transactions (OTRs);

Law Firm Chocolaad contributes to the fight against money laundering and terrorism financing, ensures the integrity of the firm, and strives to achieve the policy's stated goals.

4. Scope

This policy applies to all employees of the office, including temporary staff and interns, and is, in principle, applicable to services related to transactions within the scope of Article 1, paragraph 1, sub d under 2 of the WAML, particularly:

  • Advising on the purchase and sale of real estate;

  • (Advising on) establishing, operating, or managing companies, legal entities, or similar entities;

  • Advising on the purchase and sale or acquisition of businesses;

5. Responsibilities

Compliance Officer/Focal Point: The Compliance Officer is responsible for implementing and complying with this policy and acts as the focal point within the firm.

Employees: All employees are responsible for understanding and complying with this policy. They must immediately report suspicious activities to the Compliance Officer.

6. Risk-Based Approach (RBA)

The office employs a risk-based approach to manage AML risks. This means that resources and efforts are tailored to the risk level of clients and services.

Risk Categories: Clients for whom assignments related to the matters mentioned in Article 4 of this policy document are categorized into different risk levels, namely:

  • Low or high: based on factors such as client type, geographical location, transactions, and the nature of the service.

  • Politically exposed persons: these are individuals who are more vulnerable to corruption and therefore require additional scrutiny.

  • Regulated entities: these are entities, including government agencies and regulated organizations, that generally do not require investigation.

Control Measures: Depending on the risk category, appropriate due diligence and monitoring measures are implemented. These are:

  • Standard investigation: includes, at a minimum, verification of proof of address, proof of funds, and proof of wealth, and any other investigation deemed necessary based on the circumstances.

  • Simplified investigation: includes only a KYC investigation as defined in Article 7 of this policy document.

  • Enhanced investigation: includes a more stringent standard investigation and is conducted when indicators as defined in Article 9 of this policy document suggest a potential suspicion.

7. Client Acceptance Policy (CDD Measures)

The KYC Investigation includes the identification and verification of the identity of new clients and is conducted in connection with customer due diligence (CDD).

Identification and Verification: Before new clients are accepted and services are provided to them, the client's identity must at least be established and verified using reliable and independent documents, data, or information. The KYC Investigation applies to all relationships with new clients, except for clients who wish to register trademarks in Suriname through the office.

Existing Clients: Clients who were associated with the office prior to the relevant AML laws and regulations are not subjected to a KYC investigation, but a client profile is created for them.

Client Acceptance Policy: Whether new clients are accepted by the office depends on the client acceptance policy, which is governed by the RBA as mentioned in Article 6 of this policy document.

Risk Assessment: Every new client must be assessed based on their risk profile as referred to in Article 6 of this policy document.

  • For low-risk clients, a standard investigation is conducted.

  • For high-risk clients, an enhanced investigation is conducted.

  • For politically exposed persons, an enhanced investigation is conducted.

  • For regulated entities, a simplified investigation is conducted.

The office reserves the right to refuse service regardless of the outcome of the risk assessment.

Ongoing Monitoring: Client relationships must be regularly reviewed, at least once a year, and transactions must be continuously monitored to detect suspicious activities.

8. Suspicious Activities Detection

Employees must be alert to signs of suspicious activities, such as unusual transactions, complex ownership structures, or unexplained wealth.

Reporting: Suspicious activities must be immediately reported to the Compliance Officer, who is responsible for filing a report with relevant authorities, including FIU Suriname.

9. Documentation and Record Keeping

All relevant documents and records related to the office's AML policy must be retained for at least seven years in either digital or written form. This includes, among other things, the KYC and RBA documentation, transaction records, and reports of suspicious activities.

No rights can be derived from this Policy. This Policy is intended for informational purposes only.