Red Sea Enterprise LLC ("Red Sea") operates as a Money Services Business (MSB) registered with the Financial Crimes Enforcement Network (FinCEN) and as a Washington State licensed money transmitter. This policy describes our approach to anti-money laundering (AML) and know-your-customer (KYC) compliance.
1. Regulatory framework
Our AML program is designed to meet applicable U.S. requirements, including the Bank Secrecy Act (BSA), regulations issued by FinCEN, applicable sanctions administered by the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), and Washington State requirements applicable to money transmitters.
2. Customer identification (KYC)
- Identity verification at account opening, including government-issued identification.
- Verification of name, date of birth, address, and country of residence.
- Selfie or liveness checks where applicable.
- Source-of-funds and source-of-wealth questions for higher tiers.
- Periodic re-verification of customer information.
3. Customer due diligence and ongoing monitoring
We apply a risk-based approach to customer due diligence. Higher-risk customers, transactions, and jurisdictions may be subject to enhanced due diligence (EDD), additional documentation, and ongoing monitoring. We monitor account activity for unusual or suspicious behavior.
4. Sanctions and watchlist screening
We screen customers and transactions against applicable sanctions lists and watchlists, including OFAC lists. Accounts and transactions that match sanctions lists may be blocked, frozen, or reported as required by law.
5. Suspicious activity reporting
Where required, we report suspicious activity to the appropriate authorities, including filing Suspicious Activity Reports (SARs). We do not disclose to customers when an SAR has been filed regarding their account.
6. Recordkeeping
We maintain records of customer identification information, transactions, and compliance actions in accordance with applicable retention requirements.
7. Training and governance
Our personnel receive training on AML/KYC obligations relevant to their roles. The AML program is overseen by a designated compliance officer and is reviewed periodically.
8. Prohibited use
We prohibit the use of our Services for money laundering, terrorist financing, sanctions evasion, fraud, or any other unlawful purpose. We may suspend or terminate accounts and report activity to authorities where required.
9. Independent verification
You may independently verify our regulatory status through:
- FinCEN MSB Listings — official register of MSBs.
- NMLS Consumer Access — official public database for state-licensed financial services companies.
Our identifiers: FinCEN MSB Registration 31000317594941; Washington State Money Transmitter License 550-MT-128409.
10. Contact
Compliance contact: admin@redseaenterprise.com. Mailing address: Red Sea Enterprise LLC, 2506 S Jackson Street, Suite 101A, Seattle, WA 98144, United States.