Vista Global takes a zero-tolerance approach to money laundering and funding of terrorism and is committed to the highest level of openness, integrity and accountability.
Vista Global will conduct business only with reputable Customers and Associated Persons, with funds derived from legitimate sources.
The purpose of this Policy is to prevent any involvement by Vista Global in money laundering or terrorist funding activity.
In this Anti-Money Laundering Policy (“Policy”), “Vista Global” refers to Vista Global Holding Limited, a company incorporated in Dubai International Financial Centre, UAE, and with registration number 2953.
This Policy applies to:
This Policy is intended to supplement and not replace other Vista Global codes of conduct, policies, rules and procedures that are applicable to Officers and Associated Persons from time to time. If any Officer or Associated Person has any doubt as to the Vista Global codes, policies, rules and procedures applicable in a given situation, or if any Officer or Associated Person perceives any conflict or inconsistency between this Policy and any other Vista Global code, policies, rules or procedures, then he/she should raise the issue with, and seek direction from Compliance and Ethics at email@example.com. This Policy is a statement of principles and expectations for individual and business conduct. It is not intended to and does not in any way constitute a contract, an employment contract, or assurance of continued employment, and does not create any right in any Officer or Associated Person. The enforcement and interpretation of this Policy rests solely with Vista Global. This Policy only creates rights in favour of Vista Global. The headings contained in this Policy are for convenience only and shall not be interpreted to limit or otherwise affect the provisions of this Policy.
Contracts and agreements executed between Vista Global and Associated Persons may contain more specific provisions addressing some of the issues set out in this Policy. Nothing in this Policy is meant to supersede any more specific provision in a particular contract or agreement executed between Vista Global and a Associated Person, and to the extent there is any inconsistency between this Policy and any other provision of a particular contract or agreement, the provision in the contract or agreement will prevail.
The examples, red flags, and case scenarios referred to in this Policy are not exhaustive or exclusive and are included solely as guidance. Officers and Associated Persons must be aware that there are other potential situations which may lead to money laundering or terrorist financing concerns.
In this Policy the term “Customer” refers to a purchaser or prospective purchaser of Vista Global’s goods and/or services.
Money laundering is generally defined as the process by which criminally obtained money or other assets (‘criminal property’) are exchanged for ‘clean’ money or other assets with no obvious link to their criminal origins. Money laundering can be used by terrorist organisations, drug dealers, those engaged in bribery, and by anyone who receives money through illegal activities.
Criminals involved in handling criminal property look for ways to secure and safeguard the proceeds of their criminal activities. Although other ways exist, cash is the mainstay of criminal transactions, being the most reliable and flexible, and having little or no audit trail.
In simplistic terms, money laundering normally consists of 3 stages: the placement stage, the layering stage, and the integration stage.
Money laundering includes the following main offences (this list is not exhaustive, since different countries may provide for other offences):
Funding of terrorism is the process by which terrorist organisations or individual terrorists are funded in order to be able to carry out acts of terrorism.
If Vista Global carries out a transaction, knowing that the funds or property involved in the transaction are owned or controlled by terrorists or terrorist organisations, or that the transaction is linked to, or likely to be used in, terrorist activity, then Vista Global may be breaching the criminal laws of many jurisdictions. Such an offence may exist regardless of whether the funds involved in the transaction were the proceeds of criminal activity or were derived from lawful activity but intended for use in support of terrorism. Regardless of whether the funds in a transaction are related to terrorists, for the purposes of national criminal legislation, relationships with such individuals or Associated Persons could, under certain circumstances, expose Vista Global to certain risks.
Although Vista Global is not legally obliged to have a Money Laundering Reporting Officer (“MLRO”), Vista Global is committed to do so as a matter of policy. The Compliance Manager (or equivalent appointed or engaged by Vista Global from time to time to manage the compliance function within Vista Global) shall also perform the duties of MLRO. Vista Global may, from time to time, appoint other persons to act as MLRO or as designated employees assisting the MLRO. The MLRO is responsible for implementing and maintaining anti-money laundering and anti-funding of terrorism procedures and responding to reports of suspected money laundering or terrorism funding activity.
The MLRO is responsible, amongst other matters, for:
Appendix 1 sets out examples of “red flags” that may signify a heightened risk to Vista Global. If a potential Customer or Associated Person exhibits one or more of these “red flags,” either before entering into a business relationship, or while that relationship is ongoing, then the Officer or Associated Person who becomes aware of these “red flags” must raise those issues with the MLRO (if any is in office) or his/her direct supervisor or direct managerial contact (in the case of Associated Persons) at Vista Global for further review and due diligence.
Officers and Associated Persons could be committing an offence and be personally liable to prosecution if they suspect money laundering or funding of terrorism (or if they become involved in some way) and do nothing about it.
If an Officer or Associated Person suspects that money laundering activity or funding of terrorism is or has taken place or becomes aware of any suspected or known violations of this Policy, then he/she has a duty to promptly report such concerns in accordance with Vista Global’s Speak Up Procedure for Reporting Concerns Relating to Financial Matters (available online at https://vistaglobal.com/ for Associated Persons, and on Vista Global’s internal online systems that are effective from time to time and are accessible by all Officers)
Reports shall be filed without delay.
“Tipping-off” means that Vista Global must ensure the highest standard of confidentiality in administering its money-laundering reporting procedures. No Officer or Associated Person shall disclose to any person that a money laundering report has been made. Such disclosure is an offence at law. Once reported, Officers and Associated Persons should NOT make further enquiries into the situation or discuss their concerns with anyone else at any time to avoid committing the offence of “tipping off” those who may be involved. Officers and Associated Persons may be personally liable to prosecution if they tip off anyone who may be involved in the situation.
If an Officer fails to comply with this Policy, then he/she may be subject to disciplinary action that may include dismissal from employment. Disciplinary measures will depend on the circumstances of the violation and will be applied in a manner consistent with Vista Global’s policies. In addition, Officers who violate the law during the course of their employment may also be subject to prosecution.
In the event that a Associated Person fails to comply with any provision in this Policy and does not remedy the failure (if such a failure is remediable) within 10 days of such Associated Person being notified in writing of the failure by Vista Global, then Vista Global may terminate the business relationship with such Associated Person (including terminating all contracts and agreements in force between Vista Global and such Associated Person) by means of written notice to such Associated Person, with immediate effect, without need of judicial recourse, and without liability for compensation or damages (whether direct and/or indirect) of any type or nature in favour of such Associated Person.
Vista Global will unilaterally review this Policy on a regular basis at its absolute discretion, and will introduce revisions where necessary or appropriate. Vista Global may also issue addenda, guidelines and memoranda from time to time to supplement this Policy. The latest version of this Policy and of any addenda, guidelines and memoranda will always be available online at https://vistaglobal.com/, and on Vista Global’s internal online systems that are effective from time to time and are accessible by all Officers. It is the responsibility of Officers and Associated Persons to access these online systems and view the latest version of this Policy and of any addenda, guidelines and memoranda, from time to time.
Waivers of this Policy may be granted by a Vista Global Director (or delegate authorised by the Vista Global Board of Directors) only in exigent circumstances.
Officers and Associated Persons shall periodically, whenever requested by Vista Global, individually confirm in writing, or by any electronic means introduced by Vista Global from time to time, to Vista Global that he/she/it has read this Policy and agrees to comply therewith.
|11 Dec 2018||1||Effective Date|