Know-Your-Customer (KYC) Policy
Scope of this Policy
DyeMansion recognizes its social responsibility. All employees of DyeMansion bear responsibility towards their own company, towards customers and suppliers, towards the environment and towards society. Therefore, our actions should always be guided by the values and aims set forth in this policy. Please read the following policy thoroughly as it sets mandatory standards which are to be observed with respect to all business activities of DyeMansion.
Purpose of this Policy
DyeMansion does not wish to be associated with activities which it considers illegal or unethical. The objective of this Know-Your-Customer (KYC) policy (“Policy”) is to prevent DyeMansion from unwillingly supporting activities which it considers illegal or unethical. For this purpose, we need to identify our suppliers, contractors, customers or other business partners (“Partner(s)”) and require them to disclose their (intended) activities.
Exclusion or Observation of Partners
The annexed DyeMansion Policy on the Observation and Exclusion of Business Partners (“Banned Activities Policy”) sets forth the activities which will or may lead DyeMansion to refuse to transact with a Partner. Employees are obligated to ensure that DyeMansion does not transact with Partners in conflict with the Banned Activities Policy by complying with the procedures set forth in this Policy.
Prior to entering into a contract with a new Partner, the contact person will be provided with a quotation. Based on the customer’s purchase order, the customer receives an order confirmation. Our quotations and order confirmations contain the following information:
“I have taken note of the DyeMansion General Terms and Conditions (“GTC”) and the DyeMansion Policy on the Observation and Exclusion of Business Partners (“Policy”), which are available on our website (www.dyemansion.com) and declare the following:
- The Partner acknowledges and agrees that the GTC will govern the business relationship and all future transactions except to the extent that deviating terms have been expressly agreed.
- After due inquiry, the Partner hereby represents and warrants that the Partner and its Affiliated Parties (as defined in the Policy) are not engaged in, or associated with, and do not intend to become engaged in, any Banned Activities (as defined in the Policy), and further undertakes to comply with all terms of the Policy and to notify DyeMansion immediately if it should in future (intend to) become engaged in, or associated with, any Banned Activities.
Prior to the commencement of the business relationship, you must ensure that the Account Registration Form has been filled. The relationship with the Partner can only be entered into after the Account Registration Form has been truthfully filled out and signed with date and company stamp.
On a random basis, or if the potential Partner, or the nature of the potential transaction, warrants this, you should independently review whether there is any reason to believe that the Partner is engaged in activities which lead to Exclusion or Observation under the terms of the Banned Activities Policy. If the Partner should refuse to execute the document or if the Partner should disclose any activities which are, or may be considered, within the scope of the Banned Activities Policy, you must promptly report this to your manager who will then decide on the next steps.
Similarly, even after the start of the business relationship, you must promptly report any facts or circumstances indicating that a Partner may be engaged in any activities which are, or may be considered, within the scope of the Banned Activities Policy, and which have not been disclosed to DyeMansion, you must promptly report this to your manager who will then decide on the next steps
The documents are stored in the ERP system connected to the Partner and can be checked there going forward.