ANTI-MONEY LAUNDERING (AML)
ANTI-MONEY LAUNDERING (AML) NOTICE
Issued by: Wortmann Watches Ltd
Registered Office: 71-75 Shelton St, London WC2H 9JQ, UK
Effective Date: 11 April 2025
1. Introduction
Wortmann Watches Ltd (hereinafter: “the Company”) is fully committed to complying with all applicable laws and regulations concerning the prevention of money laundering and terrorist financing. This notice explains the measures taken by the Company to ensure compliance with relevant legal obligations and to promote transparent and responsible business operations.
2. Applicable Legislation
As a UK-registered company operating internationally, Wortmann Watches Ltd is subject to the following laws and regulations:
Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017/692)
Proceeds of Crime Act 2002
The Terrorism Act 2000
Directive (EU) 2015/849 (4th Anti-Money Laundering Directive)
Directive (EU) 2018/843 (5th Anti-Money Laundering Directive)
These regulations require businesses to apply customer due diligence (CDD) measures, report suspicious activities, and retain relevant data in a secure manner.
3. Company Activity
Wortmann Watches Ltd is an online-only retailer specialising in the sale of luxury watches and jewellery using a dropshipping business model. We offer worldwide shipping through our e-commerce platform. Payment methods include credit/debit cards and PayPal. Certain products may exceed the value threshold of EUR 10,000 (or equivalent), meaning our activity falls within the scope of anti-money laundering regulations.
4. Customer Due Diligence (CDD)
The Company is obligated to conduct identity checks in the following situations:
When a transaction equals or exceeds EUR 10,000 (or equivalent in another currency)
When there is suspicion of money laundering or terrorist financing
When the identity of the customer is unclear
When otherwise required by law
As part of the verification process, the Company may request:
For individuals: full name, date of birth, residential address, and a copy of a valid government-issued ID (e.g. passport)
For legal entities: company registration documents, proof of representative's identity, and beneficial ownership declaration
5. Reporting of Suspicious Transactions
The Company is legally required to report any suspicious transactions to the UK’s Financial Intelligence Unit (UKFIU), under the National Crime Agency (NCA), by filing a Suspicious Activity Report (SAR).
Customers will not be notified of such reports in compliance with the tipping-off prohibition (Proceeds of Crime Act 2002, § 333A).
6. Data Handling
The Company securely stores all personal data collected during the verification process for a minimum of 5 years, in accordance with the UK General Data Protection Regulation (UK GDPR) and the Data Protection Act 2018. All data is handled with strict confidentiality and is only used for compliance purposes.
7. Contact
If you have any questions or concerns regarding this Anti-Money Laundering Notice, please feel free to contact us:
Wortmann Watches Ltd
Registered Office: 71-75 Shelton St, London WC2H 9JQ, UK
Email: info@wortmannwatches.co.uk
Web: wortmannwatches.co.uk