MIAMI, FL–(Marketwired – Jan 7, 2016) – Kaloti Metals & Logistics (KML), a family-owned business based in Miami and operating throughout The Americas, has reaffirmed its commitment to conducting business in accordance with the highest ethical standards. KML continues to strengthen its robust and ample Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) program.
Internal and external company compliance personnel are dedicated to ensuring complete compliance with all applicable domestic and international laws and regulations. In addition, the Bank Secrecy Act of 1970 (BSA) and the USA PATRIOT Act of 2001 require financial institutions, including dealers in precious metals, to establish an anti-money laundering program.
KML has an established organizational AML/CFT program that is sensitive to differences in laws, regulations, procedures and practices across multiple borders while taking a proactive approach to supply chain due diligence. In doing so, KML has implemented measures based on published recommendations by the Organisation for Economic Co-operation and Development (OECD).
“KML is acutely aware of the inherent challenges of conducting business in this industry and takes great pride in its commitment to establishing a culture of compliance throughout all of its business dealings. KML fully supports all governmental authorities, both domestic and abroad, in its fight against illegal mining activities,” said Awni Kaloti, Managing Director.
KML has successfully undergone independent third‐party compliance auditing by ACAMS certified specialists who has deemed KML to be not only fully compliant with OECD’s guidelines for Responsible Sourcing of Precious Metals, but also meets all the applicable requirements of laws and regulations.
It should also be noted that, when necessary, KML has taken preemptive action to discontinue business activity with some companies based on its own Enhanced Due Diligence (EDD) and activity-monitoring measures. As an industry leader, KML also regularly engages in dialogue with exporters and producers with the goal of promoting responsible sourcing practices.
Kaloti Metals & Logistics, headquartered in Miami, provides both domestic and international clients with complete precious metals solutions, specializing in North and South America. For more information visit http://www.kalotimetals.com.