Money laundering is the illegal practice of using financial transactions to conceal the origin of money obtained from crimes such as drug trafficking, terrorism or embezzlement. It is a serious crime with severe civil and criminal penalties.
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Anti-Money Laundering
What is money laundering?
How do we prevent money laundering?
We follow a detailed policy that describes the steps we must take to identify any signs of money laundering and prevent it.
What should I do?
Know your responsibilities. Familiarize yourself with the Coty Anti-Money Laundering Policy.
Respect Coty’s internal controls. Never attempt to evade or avoid these controls.
Know our clients and vendors. Obtain all client and vendor identification information required by applicable laws, regulations and Coty policies.
Be alert to customer and payment “Red Flags.” Our policy contains a list of “red flags” specifically for customers and for payments. Review these and watch for them in your work. Generally, you should verify that customers are who they claim to be and look for things that are unusual about financial transactions and their approach to business.
Be alert to any useful information and report what you find. Pay attention to signs in the media for any related to our clients or vendors that could be relevant to preventing money laundering.
Monitor all financial transactions you are responsible for. Ensure that funds used to purchase Coty products are from legitimate, law-abiding sources.
Report activities. Report actual or suspected money laundering activities immediately to your local Compliance Officer, the Global Compliance Officer or through the Coty Hotline.
Q&A
A: Yes. One of the signs of a red flag is any attempt to direct funds elsewhere. The fact that the customer wants these funds refunded to another account rather than the one from which the payment came from raises suspicions. Report this to the Chief Compliance Officer.