Mechhive B.V. , a company based in The Netherlands, Eindhoven, is committed to strict compliance with laws designed to combat money laundering, terrorist financing, and other illegal transactions. In order to comply with Dutch legislation, the company has voluntarily established an Anti-Money Laundering program. Although the Money Laundering and Terrorist Financing Act (Wwft) is not applicable to Mechhive's operations, the company has chosen to voluntarily implement this regulation to meet industry standards.
To ensure compliance with the Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) policies, the management has appointed an Anti-Money Laundering Compliance Officer (AMLCO). This officer is responsible for establishing the Anti-Money Laundering program within the company. At Mechhive B.V., it is a requirement that all employees are aware of their obligations in relation to combating money laundering and terrorist financing.
Mechhive B.V. also makes an effort within our Anti-Money Laundering (AML) policy to recognize 'Politically Exposed Persons' (PEPs). PEPs are individuals with current or former high public positions, both nationally and internationally, which may provide them with access to significant government resources and the power to influence regulations. This potential makes them a higher risk for involvement in corruption or money laundering.
Staff at Mechhive B.V. are expected to know and strictly follow the procedures set out in the manual. The implementation of this Anti-Money Laundering program (AML), the Counter-Terrorist Financing program (CTF), and the 'Politically Exposed Persons' policy (PEPs) demonstrates Mechhives commitment to preventing money laundering and preventing funds from being used for terrorist activities.
The procedures used in the AML policy are generally known as 'Know Your Customer' (KYC) or 'Customer Due Diligence' (CDD). They form an essential part of any financial institution, where it is crucial to verify the identity of customers and understand and monitor their financial transactions. KYC and CDD are not only intended to establish the identity of customers but also to gain a thorough understanding of their risk profile. This helps financial institutions effectively adjust their risk management strategies and detect any suspicious activities early. It is mandatory to require this verification for transactions over 50 euros. For smaller transactions, particularly those under 50 euros, a simpler version of KYC may be applied, also known as 'Simplified KYC'. This streamlined version still provides a degree of security and risk assessment, but with a less intrusive procedure, making the process quicker and more efficient.
For repeated orders, Mechhive B.V. still requests a comprehensive KYC of the customer. In addition, Mechhive BV applies order limits per customer to combat money laundering.
Mechhive B.V. performs both automatic and manual transaction monitoring and reserves the right to intervene according to the AML policy for suspicious transactions. Transactions may be temporarily halted and customers may be asked to provide more documentation relating to their identity. If customers are unable to meet the required documentation according to the AML policy, a customer may be denied and a transaction reversed.
