Condor said in a statement that binding agreements are in place with the involved financial parties (Shengtang Industry Development Co, Limited - Hong Kong on behalf of Emirates Paper Mills Limited and Mastech Management Consultancy FZC – UAE).
But:
Receipt of funds is now based upon the completion of international ***bank compliance requirements***
KNOW YOUR CUSTOMER: -Confirming Customer Identity -Collecting and Recording Customer Information -Verifying Customer Information:
The Bank will take reasonable and appropriate measures to verify the key information provided by prospective customers to reliable independent sources. We will perform additional verification activities for relationships that represent a higher level of risk. We will refuse to enter into or continue relationships or conduct transactions with any person or entity that insists on anonymity or provides:
***false, inconsistent or conflicting information where the inconsistency or conflict cannot be resolved after reasonable inquiry***.
-Monitoring and Updating Customer Information:
The Bank will monitor customer activity to identify and report transactions that may be indicative of illegal or improper activity. We will keep information regarding the customer and their business and financial activities as accurate, complete and up-to-date as necessary to fulfill the purpose for which it was collected. When changes in a customer’s financial behaviour become apparent, we will take steps to determine the underlying reasons.
-Management Responsibilities
Maybe saving money is probably a part of the agreement of the involved parties. A reason why Mr John Shanahan, Non Executive Director had to resign immediately.
CDB Price at posting:
0.9¢ Sentiment: Hold Disclosure: Held
