Fusrol

Company Overview:

Fusrol the company holds rental security deposits on behalf of tenants and landlords. Given its role in handling client funds, Fusrol implements robust AML procedures to comply with financial regulations and mitigate money laundering risks.
1. Risk Assessment
Fusrol will conduct a periodic risk assessment to identify and mitigate potential AML risks, including:
- Customer risk (tenants, landlords, property agencies)
- Geographic risk (high-risk jurisdictions)
- Transaction risk (unusual deposit patterns, large cash transactions)
2. Customer Due Diligence (CDD)
A. Identification & Verification (Know Your Customer - KYC)
Before accepting security deposits, Fusrol will:
For Individuals (Tenants/Landlords):
- Collect full name, date of birth, and residential address.
- Verify identity using:
  - Government-issued ID (passport, driver’s license)
  - Proof of address (utility bill, bank statement ≤ 3 months old)
For Businesses (Property Agencies/Corporate Landlords):
- Collect company registration details (Certificate of Incorporation).
- Verify ultimate beneficial owners (UBOs) with ≥25% ownership.
- Check for Politically Exposed Persons (PEPs) or sanctions exposure.
B. Enhanced Due Diligence (EDD)
Apply EDD for higher-risk clients, such as:
- Non-resident landlords/tenants.
- Clients from high-risk jurisdictions (FATF blacklist).
- Large or unusual transactions (e.g., deposits significantly exceeding market rates).
3. Ongoing Monitoring & Suspicious Activity Reporting (SAR)
Transaction Monitoring:
- Flag unusually large deposits or rapid movements of funds.
- Monitor for structuring (breaking deposits into smaller amounts to avoid scrutiny).
Suspicious Activity Reporting (SAR):
- If money laundering is suspected, file a SAR with the relevant Financial Intelligence Unit (FIU) FinCEN.
- Monitor for structuring (breaking deposits into smaller amounts to avoid scrutiny).
4. Record Keeping
Fusrol will retain all KYC/AML documentation for:
- 5 years after the business relationship ends (or longer if required by law).
- Secure storage (encrypted digital records or locked physical files).
5. Employee Training & Awareness
- Annual AML training for staff handling deposits.
- Training covers:
  - Red flags (e.g., fake IDs, inconsistent tenant-landlord details).
  - Reporting obligations.
6. Compliance Officer
- Appoint a Designated AML Compliance Officer to oversee:
  - Policy implementation
  - Regulatory updates.
  - Internal audits.
7. Regulatory Reporting
- Comply with local AML laws (e.g., Bank Secrecy Act (BSA) in the U.S., Money Laundering Regulations (MLR) in the UK).
- Register with the relevant authority if required (e.g., FinCEN for U.S. MSBs).
Conclusion

By implementing these AML procedures, Fusrol ensures compliance with financial regulations, reduces fraud risks, and maintains trust with tenants and landlords.

Anti-Money Laundering (AML) Procedures for Fusrol