Anti-Money Laundering We keep GE safe from money-laundering activities.
THE GE WAY POLICY SPOTLIGHT
Money laundering can occur in any business relationship that involves the transfer or receipt of funds, including from customers, suppliers, distributors, counterparties and agents.
• We only conduct business with reputable customers who are involved in genuine business activities and whose funds come from legitimate sources.
• GE businesses have implemented appropriate controls to prevent, detect and respond to money-laundering risks.
EXAMPLES OF MONEY LAUNDERING RED FLAGS
• Attempts by a customer to provide false information to open an account
• Offers to pay in cash or overpayments followed by requests for refunds
• Orders, purchases or payments that are unusual or inconsistent with a customer’s trade or business
• Unusually complex deal structures
• Unusual fund transfers to or from countries unrelated to the transaction
• Transactions that might have been structured to evade recording or reporting requirements
YOUR ROLE
• Understand and watch out for red flags in your business activities and engagements. Monitor for red flags throughout the lifetime of the party’s relationship with GE.
• Follow Know Your Customer / Know Your Supplier policies to ensure all parties are screened against Watchlists and to receive timely due diligence.
• Take reasonable steps to understand and identify the party’s beneficial owner, i.e. the individual with ultimate effective control over the legal entity.
• If handling incoming payments, understand who is making the payment, from where and why.
• Visit your business compliance portal to learn of any local business-specific AML requirements (e.g. suspicious activity reporting).
HELP CORNER S&L Anti-Money Laundering Policy
14 | COMMERCIAL COMPLIANCE EXCELLENCE / Anti-Money Laundering THE SPIRIT & THE LETTER
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