Anti Money Laundering and Counter Terrorist Financing Policies

Welcome to Nomad Stays

These Anti-Money Laundering and Counter Terrorist Financing Policies (AML) the policies for engaging with Nomad Stays LLC and other websites owned or operated by Nomad Stays LLC.

This policy is effective as of 30 January 2020.

Last updated: 13 December 2024

Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Policy

1. Purpose and Scope

This Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) Policy is designed to ensure compliance with applicable laws and regulations in the European Union (EU), the United States (US), and Australia. This policy applies to all employees, officers, contractors, and stakeholders involved in the operations of Nomad Stays.

2. Policy Statement

Nomad Stays is committed to preventing its services and operations from being used for money laundering (ML) or terrorist financing (TF). The company will take all reasonable measures to detect, deter, and report such activities in accordance with applicable regulations, including but not limited to:

  • EU: EU Anti-Money Laundering Directives (AMLD), particularly the Sixth AML Directive (6AMLD).
  • US: The Bank Secrecy Act (BSA), the USA PATRIOT Act, and related FinCEN regulations.
  • Australia: The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and related AUSTRAC guidelines.

3. Roles and Responsibilities

  • Board of Directors: Responsible for approving and overseeing the AML/CTF framework.
  • Compliance Officer (CO): Ensures compliance with AML/CTF laws, oversees training, monitors transactions, and liaises with regulatory authorities.
  • Employees: Required to adhere to this policy and report suspicious activities promptly.

4. Risk-Based Approach (RBA)

Nomad Stays will adopt a Risk-Based Approach to identify, assess, and mitigate the risks of ML and TF. This includes:

  • Conducting regular risk assessments.
  • Classifying customers and transactions based on risk levels (e.g., low, medium, high).
  • Applying enhanced due diligence (EDD) for high-risk customers, including politically exposed persons (PEPs) and those from high-risk jurisdictions.

5. Customer Due Diligence (CDD)

Nomad Stays will implement robust CDD measures, including:

  • Verifying customer identity using reliable, independent documentation.
  • Identifying the beneficial owner(s) of legal entities.
  • Monitoring transactions for consistency with the customer’s profile.
  • Requiring additional information for high-risk customers.

6. Enhanced Due Diligence (EDD)

EDD will be applied in higher-risk scenarios, including but not limited to:

  • Transactions involving high-risk jurisdictions as identified by FATF.
  • Relationships with PEPs.
  • Large, complex, or unusual transactions lacking an apparent economic or lawful purpose.

7. Record-Keeping

Records of transactions, customer identification, and risk assessments will be retained for at least:

  • EU: 5 years from the end of the business relationship or the date of the transaction.
  • US: 5 years, as required by the BSA.
  • Australia: 7 years, as required by AUSTRAC.

8. Transaction Monitoring and Reporting

Nomad Stays will implement automated and manual systems to monitor transactions for suspicious activities. The company will:

  • File Suspicious Activity Reports (SARs) with FinCEN (US), AUSTRAC (Australia), or the relevant Financial Intelligence Unit (FIU) in the EU.
  • Submit reports of large cash transactions and international funds transfers where required.

9. Training and Awareness

All employees will receive regular AML/CTF training tailored to their roles and responsibilities. Training will include:

  • Identifying red flags and suspicious activities.
  • Understanding reporting obligations.
  • Familiarity with the consequences of non-compliance.

10. Independent Audit

Nomad Stays reserves the right to conduct independent audits of its AML/CTF program to ensure its effectiveness. The audit will review policies, procedures, and controls and recommend enhancements where needed.

11. Data Protection and Privacy

The company will ensure that customer data collected for AML/CTF purposes is handled in compliance with applicable data protection laws, such as the GDPR (EU), CCPA (US), and the Privacy Act 1988 (Australia).

12. Compliance with Sanctions

Nomad Stays will screen customers and transactions against applicable sanctions lists, including those maintained by:

  • The United Nations.
  • The Office of Foreign Assets Control (OFAC) in the US.
  • The EU Consolidated Sanctions List.
  • The Department of Foreign Affairs and Trade (DFAT) in Australia.

13. Reporting Non-Compliance

Employees are encouraged to report any breaches or suspected breaches of this policy to the Compliance Officer. Reports will be treated confidentially and without retaliation.

14. Policy Review

This policy will be reviewed at least annually or when significant changes occur in applicable laws or regulations.

15. Approval

This updated policy is approved by the Board of Directors and is effective as of 13 December 2024.