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COREDO TEAM

Nikita Vieriemieiev
Nikita Vieriemieiev
CEO
Denys Teteruk
Denys Teteruk
Executive Director
Pavel Kos
Pavel Kos
Head of the legal department
Grigorii Lutcenko
Grigorii Lutcenko
Head of AML department
Annet Abdurzakova
Annet Abdurzakova
Back Office Manager
Alexandr Nastevich
Alexandr Nastevich
AML consultant
Panchenko Anna
Panchenko Anna
AML consultant
Basang Ungunov
Basang Ungunov
Lawyer at Legal Department
Dmitry Druzhinin
Dmitry Druzhinin
Back Office manager
Egor Pykalev
Egor Pykalev
AML consultant

Our clients

COREDO’s clients are manufacturers, traders and financial companies, as well as wealthy clients from European and CIS countries.

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An employment agreement is a legally binding document that outlines the terms and conditions of an employment relationship between an employer and an employee. It is a crucial document that sets out both parties’ expectations and responsibilities and helps minimise misunderstandings and potential disputes.

In this article, we will provide a step-by-step guide on how to write a good employment agreement, including what to include and how to structure the document.

Step 1: Determine the type of employment relationship

Before you start drafting the employment agreement, it is essential to determine the employment relationship between the employer and the employee. This will largely depend on the nature of the work being performed and the length of the employment term.

Some common types of employment relationships include:

  • Full-time: A full-time employee typically works a set number of hours per week (e.g., 40 hours) and is entitled to benefits such as vacation time and healthcare.
  • Part-time: A part-time employee typically works fewer hours per week than a full-time employee and may not be entitled to the same benefits.
  • Temporary: A temporary employee is hired on a short-term basis to fill a specific need or to cover for an absent employee. They are generally not entitled to the same benefits as full-time or part-time employees.

Step 2: Identify the parties involved

The next step is to identify the parties involved in the employment agreement. This includes the employer (i.e., the company or organisation offering the job) and the employee (i.e., the person hired to perform the work).

It is important to clearly state the names and contact information of both parties in the agreement and any relevant legal entities (such as a parent company or subsidiary).

Step 3: Establish the term of the employment

The term of employment refers to the duration of the employment relationship. This can be a specific period (e.g., one year), or it can be ongoing until terminated by one of the parties.

In addition to specifying the term of the employment, it is also important to include provisions for renewing or terminating the employment. For example, you may want a clause that allows either party to terminate the employment with a certain amount of notice (e.g., 30 days).

Step 4: Outline the job duties and responsibilities

It is essential to clearly define the job duties and responsibilities of the employee in the employment agreement. This includes the specific tasks or responsibilities the employee will be expected to perform and any reporting or supervision requirements.

How to write a good Employment agreementIt is also a good idea to include any relevant job titles or descriptions in the agreement, as this can help to clarify the employee’s role and responsibilities.

Step 5: Specify the compensation and benefits

The employment agreement should include provisions outlining the employee’s compensation and benefits. This might include:

  • The employee’s salary or hourly wage
  • Any bonuses or commissions
  • Any benefits (such as healthcare or retirement plans)
  • Any paid time off (such as vacation time or sick leave)

Specifying the terms of compensation and benefits clearly in the agreement, including how and when they will be paid or provided, is important.

Step 6: Address any potential liabilities

An employment agreement should include provisions addressing any potential liabilities due to the employment relationship. This might include a clause outlining the employer’s liability for any damages or losses resulting from the employee’s actions or stating that the employee assumes all risk for any damages or losses.

Step 7: Include any relevant terms and conditions

There may be additional terms and conditions specific to the employment relationship or necessary to protect the interests of one or both parties. These can be included in a separate agreement section or incorporated into the document’s main body.

Some standard terms and conditions that might be included in an employment agreement include the following:

  • Confidentiality provisions outline the obligations of both party business information) confidential.
  • Intellectual property rights: These provisions outline who owns any intellectual property (such as patents, trademarks, or copyrighted material) that is created or used during the employment.
  • Non-compete clauses: A non-compete clause prohibits the employee from working for a competitor or starting a competing business during or after the employment relationship.
  • Governing law: This clause specifies which jurisdiction’s laws will govern the interpretation and enforcement of the agreement.

Step 8: Review and revise the draft agreement

Once you have drafted the employment agreement, it is essential to review and revise the document to ensure that it accurately reflects the terms and conditions of the employment relationship. This might involve soliciting input from legal counsel or other stakeholders or reviewing the agreement against industry best practices or standards.

Step 9: Have the agreement reviewed by legal counsel

It is generally a good idea to have an employment agreement reviewed by legal counsel before finalising it. A lawyer can help to ensure that the contract is legally enforceable and protects the interests of both parties.

Step 10: Finalize and execute the agreement

Once the employment agreement has been reviewed and revised, it is time to finalise and execute the document. This typically involves both parties signing and dating the agreement and possibly exchanging copies or original signed copies.

Conclusion

An employment agreement is a crucial document that outlines the terms and conditions of an employment relationship between an employer and an employee. Following the steps outlined in this article ensures that your agreement is clear, comprehensive, and legally enforceable.

We hope this article has helped provide a comprehensive guide on how to write a good employment agreement. Let us know if you have any additional questions or need further clarification on any of the points covered.

How can COREDO help you?

If you require professional advice in the field, we have the appropriate consultants to help. You may view the services that we can offer through this link: https://coredo.eu. 

There is a high risk of cryptocurrency money laundering because it is no secret that criminals are constantly searching for new ways to tidy up shady cash. As a way of value transfer, it conspicuously rose to be exploited for wrongdoings. Nonetheless, those were the time of care-free trading when there were absolutely zero rules and regulations, and no duties were forced on virtual asset service providers or also called as VASPs.

Advancing to the year 2022 where there are already established overseers such as Financial Action Task Force (FATF) which is an independent inter-governmental body that aims to protect global financial systems against money launderers, European Union’s (EU’s) Anti-Money Laundering Directive 5 (AMLD5) currently the 6th but the 5th put cryptocurrency under control for anti-money laundering (AML) counter-terrorist financing (CTF) purposes. Additionally, the EU’s MiCA initiative mandates registration for AML supervision with the FCA in the UK. As you can see, the industry is seeing significant upheaval from various sources. As you can see, the industry is seeing substantial upheaval from various sources.

The use of cryptocurrency is spreading, and more people are using it for various purposes, including illicit ones. According to recent estimates, fraudsters are increasingly using cryptocurrencies for money laundering. According to Chainanalysis, this usage has grown by 30% annually.

Cryptocurrency has come a long way toward demonstrating that it is here to stay in some capacity, but some problems still require attention. Let’s start a conversation on the risk of crypto money laundering!

What are the risks of money laundering using cryptocurrencies?

To ensure that everyone is on the same page and understands the concept of legalising proceeds of crime, I will provide some background information. The three money laundering processes are typically placement, layering, and integration. Each stage specifies a potential action and how frequently money is cleaned. Each stage is illustrated below, along with a brief description:

  • Step 1 – The money is deposited into the system.
  • Step 2 – Transactions are carried out to conceal the source.
  • Step 3 – The money is reintroduced into the economy.

Above all, whereas other value transfer methods are more suited to certain aspects of the process than others, crypto performs equally well across the board. Now, we’ll go through each step in more detail and describe how either one might be carried out.

Step 1 – Placing crypto to launder money

In a conventional meaning, placing refers to placing illegal funds into the financial system. This phase is a little different if we’re talking about cryptocurrencies because they are neither money nor do they fit into the traditional financial system. Criminals often buy one cryptocurrency to begin money laundering by converting unlawfully obtained fiat currency.

Risk of cryptocurrency being used to launder money: The greatest breakdown of a three-step procedureAlternately, random payments can be made directly in crypto, including those obtained from hacking exchanges, defrauding people, and any other type of cybercrime you can think of. The fact that the initial store of value was gained by unlawful means is crucial in this context. Once crypto assets have been bought, it allows criminals to do additional transactions and exchanges on track to clean their shady money further.

It’s important to note that the person who enabled placement will still have access to the dirty money if this stage uses fiat cash. Therefore, different plans for cleaning it will need to be made. We won’t explain the concurrent process involving fiat coins in this article because we will just be discussing the crypto aspect of things. Just remember that these procedures can happen concurrently.

Step 2 – Layering Crypto

Suppose placement enables criminals to enter cryptocurrency derived from illegal conduct into the crypto sphere. In that case, layering enables them to hide their connection to the proceeds of the original crime and erase their traces. Traditionally, it was accomplished by making many transfers between various wallet addresses. However, since the majority of blockchains are public, this strategy could be more effective because transactions can be easily tracked with the aid of software, so more creative methods are increasingly being chosen. These “ill-witted” criminals often hire services that include private entities such as online casinos, P2P exchanges, centralized exchanges with lax protocols, and many others. The said services make it more difficult to follow the trail that proves that the crypto assets came from unlawful acts.

Step 3 – Integration back into the economic system

Cryptocurrencies can be reintroduced into the system when their origin is obscured. This can be accomplished in a number of ways, beginning with exchanging crypto for fiat currency and concluding with making a black-market purchase. The final step’s main idea is that the criminal can profit from their criminal behaviour. These criminals benefit regardless of how the money is reinvested in the economy, which gives them additional incentive to commit new crimes.

What are the operational details of cryptocurrency money laundering?

Let’s examine a hypothetical example that can potentially be extremely real to show how crypto money laundering actually functions. Consider the scenario if Mark Johnson deceived people by offering a 200% return on investment in exchange for their cryptocurrency, which he would then reinvest in upcoming cryptocurrencies about which he had inside knowledge. Having visibility on social media gave his character more legitimacy. He approached his targets using this channel and posted about his opulent lifestyle. However, it was eventually discovered that there was no such individual and that his persona was clearly a phoney front to entice prospective “investors”. In essence, our criminal collected cryptocurrencies from unscrupulous individuals who were being duped by a con artist named not even Mark but Ian.

Risk of cryptocurrency being used to launder money: The greatest breakdown of a three-step procedureIan’s deception was fruitful; he collected a total of five Bitcoin from different people he conned, but still, he is in a bit of a pickle; Ian cannot use them because he might be found out and be caught by authorities. Being a mischievous-minded person, Ian is aware of how to hide his tracks and decides to start money laundering with cryptocurrencies. He accomplishes this by transferring laundered crypto assets from his unlisted wallet to a number of wallets he opened using an exchange with a loose know-your-customer policy that only requires an email address to open a wallet for transfers under 20,000 EUR.

When it is finished, he moves the money to five private wallets integrated with mixers to continue his illegal scheme. Naturally, he decides to use the mixer’s capabilities and further obscures Bitcoin’s source (which we all know was laundered from his victims).

Additionally, he performs a payout in five separate batches, equally distributing his laundered assets to the un-hosted wallets. At this point, he decides that he wants to withdraw some of the money. He sends one bitcoin to an exchange with a fiat connection, where he has already completed the know-your-customer and registration processes by providing documents of a friend to whom he paid 1,000 EUR to provide his document and pose for the camera while the checks were being done. Thus, Ian now transfers money to his cryptocurrency-friendly service provider, with which he has an account made in the name of another nominee and uses a card to make any purchases without being concerned that he will be discovered.

What happens if you are caught using cryptocurrencies to launder money?

Ian has cheated others into investing money in his illegal scheme, which is a criminal offence in and of itself. If he is discovered, he will suffer severe consequences. We shall use some examples from the actual world to show it.

For instance, in 2022, Spanish authorities, with assistance from EUROPOL and EUROJUST, acted against a criminal gang that was laundering illicit funds associated with the Magnitsky case, a 219 million EUR corruption case in Russia. Millions of euros are thought to have been transferred via European bank accounts by this money laundering operation before being sent to Spain to buy real estate. The person at the centre of this operation to launder money has been taken into custody in the Canary Islands. Seventy-five properties in total, worth a total of 25 million euros, have so far been confiscated across Spain. Along with the seized properties, those apprehended are now facing heavy persecution.

Close to our crypto topic, another conman in the name of Roman Sterlingov was arrested; he is accused of being the creator of the cryptocurrency mixing service Bitcoin Fog. If proven guilty, he could spend at least ten years in prison.

Similar circumstances can be applied to Larry Harmon, who admitted guilt to a conspiracy to launder money and now faces a maximum sentence of 20 years in prison for running Helix, a Darknet-based bitcoin money laundering firm.

These are all examples of what offenders can anticipate when they are apprehended.

How might COREDO assist you in reducing the danger of bitcoin money laundering?

Money laundering using cryptocurrencies is a serious problem that requires effective solutions to reduce its risks. Such procedures must include duly educated staff people and software programs that improve client screening and activity monitoring. Please contact us if you have any questions about the subject or would like our help putting a money laundering prevention policy in place at your company.

Anti-money laundering (AML) services involve the use of processes and systems to detect and prevent the illicit use of the financial system for the purpose of money laundering or financing terrorism. These services are critical for financial institutions, as well as other organizations that may be at risk for money laundering activities.

Anti-money laundry service outsourcingOne benefit of outsourcing AML services is cost savings. Hiring an external service provider to handle AML tasks can often be more cost-effective than hiring in-house staff or using a traditional consulting firm. This is because outsourcing companies can take advantage of economies of scale and often have lower overhead costs, which can result in lower fees for clients.

In addition to cost savings, outsourcing AML services can also provide access to specialized expertise. Many AML service providers have teams of highly trained and experienced professionals who can provide specialized knowledge and skills in AML compliance and risk management. This can be particularly useful for clients who may not have the resources to hire specialists in-house or who have complex AML needs that require specialized expertise.

Outsourcing AML services can also help to improve efficiency and speed up processes. By outsourcing tasks such as risk assessments and compliance reviews, clients can free up time and resources to focus on more high-value tasks, such as strategy and business development. This can help to increase productivity and improve overall efficiency.

Despite the many benefits of outsourcing AML services, there are also some potential drawbacks and challenges for clients to consider. One concern is the risk of losing control over the quality of work being performed. It is important for clients to carefully select and manage their outsourcing partners to ensure that the work being performed meets their standards and the needs of their business.

Another potential challenge is the issue of confidentiality and data protection. It is important for clients to carefully consider the legal and ethical implications of outsourcing work, particularly when it comes to handling sensitive or confidential information. This may require the use of strict confidentiality agreements and other measures to protect client data.

Overall, outsourcing AML services can be a valuable tool for clients looking to improve efficiency, reduce costs, and access specialized expertise. However, it is important to carefully consider the potential risks and challenges and take steps to manage them effectively.

How can COREDO help you?

If you require professional advice in the field, we have the appropriate consultants for you who can help. You may view the services that we can offer through this link: https://coredo.eu. 

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