It is the policy and practice of Kaloti Precious Metals to maintain high standards of ethical conduct, to comply with all applicable laws, and to do business only with persons who themselves abide by law and ethical principles. When dealing with precious metals, we will operate only with transparency by all parties and with assurances of legitimacy in all transactions.
This policy covers all our employees, officers and directors. We expect, assist, and ensure that all these persons learn and comply with company standards and laws applicable to their job responsibilities, and to adhere to the guiding principles of this policy. We will supplement and administer this policy through more specific codes and procedures, effective communication and training, regular monitoring and periodic review.
This policy and due diligence procedures that implement it are based on our commitment to conduct business in a culture of honesty and opposition to fraud and corruption; maintain high moral, ethical and social standards in our business and activities; and maintain proper business relationships with all individuals, including government officials and employees and to be fully complied with OECD & DMCC guidelines for Responsible Sourcing of Metals.
- Kaloti Precious Metals will follow DMCC and OECD guidelines for combating Money Laundering and the Financing of Terrorism by implementing internal measures as may be deemed necessary.
- Kaloti Precious Metals will have agreements in place with suppliers that support responsible sourcing of minerals from high risk & conflict-affected areas in order to avoid any action which may contribute to the financing of conflict.
- Kaloti Precious Metals will comply with all relevant UN resolutions combating any and all forms of inhuman treatment, forced child labor, & sexual violence.
- Kaloti Precious Metals will be using intelligence systems such as World Check to scan customer’s background against sanction lists including UAE, UN, EU, OFAC and SDN lists.
- Kaloti Precious Metals will not tolerate direct or indirect support of non-state armed groups &/or their affiliates at any level of the mineral production process including but not limited to trade with illegally controlled mines, illegal taxation and/or exportation.
- Kaloti Precious Metals will not offer, promise, give and/or demand any bribes and/or fraudulent misrepresentations of the origin of minerals, taxes, fees, and royalties paid to governments for any mineral process.
- Kaloti Precious Metals will not open any account or conduct any business transactions with a potential client or ‘Applicant’ unless the KYC forms (account opening forms) are completed and have been approved by the compliance department.
- Kaloti Precious Metals will implement a risk matrix to assess our customers, and based on the status of that client Kaloti Precious Metals will implement enhanced due diligence.
- Kaloti Precious Metals shall carry out trainings on regular basis within their offices to ensure they are fully aware of Anti Money Laundering, Financing of Terrorism regulation, controls and responsibilities as well as DMCC and OECD guidelines for responsible sourcing of precious metals.
- Kaloti Precious Metals shall report any suspicious activity or information to DMCC Compliance and Inspection Department or Local Authorities.
- Kaloti Precious Metals will be conducting internal and external audits to make sure that all procedures and controls are operating in accordance with DMCC and OECD guidelines for responsible sourcing of precious metals.
We require our employees, agents, consultants, and business partners to comply with this policy, and will enforce it with appropriate disciplinary measures, up to and including termination of employment or contract.