ANTI-MONEY LAUNDERING POLICY
The risk of money laundering and terrorist financing (AML or Anti-Money Laundering) linked to financial services operations is unavoidably and, therefore, also the providers of crowdfunding services might be exposed to these risks. This can occur both for Investors, who transfer their capital to accounts specifically opened to finance Walliance projects, and for Issuers, whose integrity and professionalism requirements are adequately verified by Walliance - as part of a careful evaluation of the project - in order to ensure the regularity of the projects.
So far, Italian legislation has not included crowdfunding platforms among the recipients of the first and second-level anti-money laundering legislation. This is because the measures provided to limit the risks related to money laundering are delegated to banks, SIMs, and investment firms with which the crowdfunding platforms operate and which, unlike the latter, are legally bound by AML procedures.
This is not the case for French legislation. In fact, points 4° and 6° of Art. L. 561-2 of the Code Monétaire et Financier (CMF) expressly include also crowdfunding platforms (defined as "participatory financing" platforms) among the recipients of the anti-money laundering legislation (LCB/FT or "Lutte contre le blanchiment de capitaux et le financement du terrorisme").
Within EU legislation, the recently enacted EU Regulation 2020/1503 for ECSPs (European Crowdfunding Service Providers) - while recognizing the money laundering risks to which crowdfunding platforms are exposed - does not include them among the recipients of anti-money laundering legislation. Nevertheless, in the preamble of the Regulation, it seems that a boost in this direction is being given.
Given this regulatory framework, Walliance, in order to protect itself and to ensure maximum transparency and regularity of its operations towards both Investors and Issuers, has adopted and keeps updating an internal Anti-Money Laundering Policy, which defines the guidelines and procedures to prevent, mitigate and manage internally the risk of money laundering and terrorist financing.
This Policy regulates the operations of both Walliance S.p.A. and Walliance France and is structured in compliance with the provisions of the IV and V Anti-Money Laundering Directive, which have dictated the regulatory framework to which each national legislation has been adapted.
More specifically, the Walliance Anti-Money Laundering Policy :
- Tracks the regulatory framework;
- Provides a comprehensive overview of Walliance's advanced software for the continuous monitoring and reporting of anti-money laundering risks associated with users who sign up and invest through the platform;
- Identifies the roles and responsibilities of Corporate Entity and Anti-Money Laundering Officer;
- Addresses money laundering risks Walliance may encounter while conducting its crowdfunding activities;
- Defines methods and procedures that staff put in place to mitigate and manage money laundering risk and to continuously monitor the regularity of Walliance's operations.