FERRAY LTD

TERMS AND CONDITIONS

Please read this agreement carefully before using our Website. This represents the terms and conditions (“Terms”) for using and placing orders on the Website or for placing any orders with us on the telephone or in any other manner. Your use of the site is your confirmation that you have both read and accepted the Terms. These Terms and any contract entered into in consequence of your use of our Website are subject to English law and the courts of England & Wales shall have jurisdiction over any dispute between us.

ABOUT US 

The following information is required by the Electronic Commerce (EC Directive) Regulations 2002. This Website is owned and operated by FERRAY Ltd Limited whose UK company registration number is 10062631 and whose registered offices are at: FERRAY Ltd 27 Old Gloucester Road, London, WC1N 3AX, UK.

 Our email address is info@ferray.uk  / compliance@ferray.uk

Ferray Ltd is committed to providing  consultancy, business strategies, financial instruments, and facilitation of bullion and gold dore trade. Our operations adhere strictly to the highest standards, including the London Bullion Market Association (LBMA) standards, and comply with CIF (Cost, Insurance, and Freight), FOB (Free on Board), and SWIFT bullion standards and conditions for gold transactions. This policy outlines the terms and conditions governing our services and underscores our commitment to compliance with all relevant regulations.

1.SCOPE

This policy applies to all clients, partners, and stakeholders engaging with Ferray Ltd in consultancy, business strategies, financial instruments,  gold trade and facilitation services.

2.ENGAGEMENT POLICY

We will use information you provide to us for due diligence, which may also include checking your details with relevant platforms for verification and clearance according to AML/CTF policy. 

All information provided by you will be treated securely and strictly in accordance with the Data Protection Act 1998.

Your email address is essential in order for us to be able to supply you with important information such as documents, procedures and agreements. 

Ferray Engagement Policy is as follows: 

2.1. Initial Contact and Verification

First Contact: Initial informal contact with one of our intermediaries, agent on the ground or private introduction is made through meetings, calls, or emails.

Verification: Use our contracted agents and intermediaries to verify the request, company, and identity of the person requesting our services.

NCCNDA:  Execute a Non-Circumvention, Non-Disclosure Agreement (NCCNDA).

Mandate Verification: Verify the mandate through Power of Attorney, passport, and mandate contract.

Role Definition: Identify and confirm the decision maker, buyer, director of refinery, and mandate.

Introduction and CIS Exchange: Introduce decision makers and exchange Client Information Sheets (CIS) profiles.

2.2. Know Your Customer (KYC) Procedures

Types of Clients:  Refinery: EU/Middle East,  Private Buyer as a company or Family Office (FO), still via refinery account, Miners/Sellers , Investors/Business Partners

Verification: Verify buyer/refinery company certificates, accounting records, registrations, licences, permits, and LBMA registration.

Business Questionnaire (KYC): Complete a business questionnaire.

Document Requests: Request necessary documents to verify identity and legitimacy.

2.3. AML/CFT Compliance

Wolfsberg AML Questionnaire: Complete the Wolfsberg AML Questionnaire regarding partners, clients, and sources of funds, included in Ferray KYC form. 

No Cash Policy: Ferray Ltd operates a strict no cash policy and conducts all transactions through banking and financial institutions.

2.4. Due Diligence (DD)

Platform Checks: Conduct checks on relevant platforms and registers.

Document Review: Ensure all required documents are submitted and verified in full.

2.5. Continued Liaison and Direct Engagement

Subject to Due Diligence: Continued engagement and liaison with the client are subject to ongoing due diligence.

Direct Service Offering: Ferray Ltd’s services are offered directly to buyers or decision makers only.

2.6. Agreements: SPA, IMFPA, Paymaster, Management, Consultancy 

Upon completing satisfactory due diligence on both the buyer and seller sides, the final details of the agreement will be formalised through the signing of the Sales and Purchase Agreement (SPA). This agreement will include an International Master Fee Protection Agreement (IMFPA) specifying the commission percentages allocated to both the seller and buyer sides.

Signing the SPA signifies a binding commitment to export the goods within seven days of the agreed date of arrival for import. The SPA will ensure that all terms, conditions, and responsibilities are clearly defined and mutually agreed upon, facilitating a smooth and timely transaction process.

3.COMPLIANCE AND POLICIES

3.1.Ferray Ltd is dedicated to maintaining the highest standards of compliance with all relevant regulations and internal policies. Each person we work with is subject to comprehensive due diligence and compliance checks, including AML (Anti-Money Laundering), CFT (Counter-Financing of Terrorism), and PEP (Politically Exposed Persons) screening.

3.2. Our operations are governed by the following policies, which are available in separate documents:

1. AML and CFT Policy
2. High-Risk and Conflict Areas for Gold Supply Policy
3. General Gold Supply Policy
4. Modern Slavery and Human Trafficking Policy
5. Anti-Bribery Policy
6. Human Rights Policy
7. GDPR and Privacy Policy

4. CONFIDENTIALITY AND DATA PROTECTION

4.1.All client information and data are treated with the utmost confidentiality in compliance with relevant data protection requirements.

4.2.By engaging with Ferray Ltd, all clients and partners agree to adhere to these terms and conditions, ensuring a transparent, ethical, and compliant business relationship.

4.3.We treat all non-public information we hold about you as private and confidential. Subject to the provisions of this clause, you agree that we may:

(A) use your information to verify your identity, administer and operate your account and monitor and analyse its conduct, provide services to you, assess any credit limit or other credit decision (and the interest rate, fees and other charges to be applied to your account) and enable us to carry out statistical and other analyses required by our business. This may involve disclosure to other companies in our group, service providers, agents, entities involved in the transfer of rights or duties under these Terms and Conditions, credit reference agencies, organisations aiding in credit decisions and fraud prevention, and as required by applicable laws or regulations. Additionally, disclosure may occur at your request or with your consent, especially in the case of joint accounts where information obtained from any account holder may be disclosed to others involved in the account;

(B) Transfer your information to any country, including those outside the European Economic Area, which may lack robust data protection laws. Such transfers are made for purposes such as international posting, emails  and delivery.

4.4. You may have rights of access to some or all the information we hold about you, to have inaccurate information corrected and to tell us that you do not wish to receive marketing information, under data protection law. If you wish to exercise any of these rights, please contact us in writing at compliance@ferray.uk.

5. GOVERNING LAW

These terms of use and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales.

6. REPRESENTATIONS AND WARRANTIES

6.1. You hereby represent and warrant to us that: You possess all necessary authority, powers, consents, licences, and authorisations, and have taken all requisite actions to lawfully enter into and fulfil your duties and obligations under these Terms and Conditions.

6.2. Persons acting on your behalf in any transaction or activity covered by these Terms and Conditions have been duly authorised to do so.

6.3. These Terms and Conditions, along with the obligations established herein, are binding upon you, your successors, and heirs. They are enforceable against you, your successors, and heirs in accordance with the terms outlined.

6.4. Any Precious Metal traded or facilitated with us is made in accordance with the rules and standards, compliance, accompanied by full legal and beneficial title.

6.5. Any Precious Metal traded or facilitated with us is free and clear from all contingent or existing charges, pledges, mortgages, securities, encumbrances, liens, or other third-party rights or claims.

7. FEES AND EXPENSES

7.1. You are obligated to promptly pay to us, upon demand, all costs, charges, and expenses incurred by us in connection with the performance of our duties and obligations under these Terms and Conditions. This includes relevant taxes, duties, reasonable legal fees, delivery, collection, and storage costs. All payable sums shall be deemed exclusive of VAT.

7.2. No interest or other amount will be paid by us on any credit balance on an unallocated account unless otherwise expressly agreed in writing between us.

7.3. If you fail to pay us any amount when it is due, we reserve the right to charge you interest (both pre-and post-judgment) on any such unpaid amount calculated at a rate equal to 4% above the Barclays Bank base rate. Both overdraft and default interest will accrue on a daily basis and will be due and payable by you as a separate debt. 

7.4. If any accounts you hold with us are in credit and you have failed to pay us any amount which you owe on any other accounts you hold with us, or any other amount you owe us, we may use the credit to reduce or repay the outstanding amount.

8. LIABILITY

8.1. Your access to and use of www.ferray.uk  is at your sole risk and, we make no warranty that the content of the Website is error-free or timely with any updates.

8.2. We will not be liable for any viruses or any other disabling features that affect your access to or use of the Website, nor any incompatibility between the Website and other websites, services, software and hardware, nor any delays or failures you may experience in initiating, conducting or completing any transmissions or transactions in connection with the Website.

8.3. We will not be liable for damages of any kind, including those resulting from your inability to use www.ferray.uk or any part of it, from any content posted on www.ferray.uk by us or anyone else.

8.4. We do not in any way exclude or limit our liability for:

(a) death or personal injury caused by our negligence;

(b) fraud or fraudulent misrepresentation;

(c) any breach of the terms implied by section 12 of the Sale of Goods Act 1979 (title and quiet possession);

(d) any breach of the terms implied by section 13 to 15 of the Sale of Goods Act 1979 (description, satisfactory quality, fitness for purpose and samples); and

(e) defective products under the Consumer Protection Act 1987.

8.5. Subject to clause 8.3. we will under no circumstances whatever be liable to you, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, arising under or in connection with the Contract for:

(a) any loss of profits, sales, business, or revenue;

(b) loss or corruption of data, information or software;

(c) loss of business opportunity;

(d) loss of anticipated savings;

(e) loss of goodwill; or

(f) any indirect or consequential loss.

8.6. Subject to Clauses 8.3. and 8.4 Our total liability to you in respect of all other losses arising under or in connection with the Contract, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, shall in no circumstances exceed a sum equal to the price of the Products stipulated in the Order Confirmation.

8.7. We are not obligated to make or take any special arrangements or precautions beyond those required by the rules or as specifically outlined in these Terms and Conditions.

8.8 We may accept liability for loss and damage to metal, as defined in our insurance policy placed with Underwriters at relevant jurisdiction. Our liability in specific circumstances is outlined as follows: Products in transit: Our liability terminates upon the delivery of your products as requested for import and clearance.

8.9. You shall indemnify and keep us and our Indemnified Parties (directors, shareholders, officers, employees, agents, and affiliates) indemnified on demand against all costs, expenses, damages, liabilities, and losses, except to the extent such sums result directly from our negligence, wilful default, or fraud.

8.10. These Terms and Conditions do not confer a benefit on any person who is not a party to it (and shall not be enforceable by any person who is not a party to it) except for the Indemnified Parties under clause 8.3. The Contracts (Rights of Third Parties) 1999 Act shall not apply, except for the benefit of the Indemnified Parties.

8.11. Except for liabilities not limited or excluded by applicable law, our liability to you under or in connection with these Terms and Conditions shall not exceed the fees paid by you for the relevant transaction or arrangement, regardless of the nature of the liability.

8.12. Our rights under these Terms and Conditions are in addition to, and independent of, any other rights which we may have.

9. GENERAL PROVISIONS

9.1 The Rules shall apply to any transaction or arrangement under or in connection with these Terms and Conditions. In the event of any conflict between the Rules and these Terms and Conditions, these Terms and Conditions shall prevail to the fullest extent permitted by applicable law.

9.2 A notice, notification, instruction, or other communication under or in connection with these Terms and Conditions must be in writing and will be deemed received only if actually received or delivered.

9.3 These Terms and Conditions are for the benefit of and binding upon us both parties. These Terms and Conditions may not be assigned by either party without the written consent of the other party, except that we may assign these Terms and Conditions (without notice or consent) to any third party pursuant to a merger or sale of our business.

9.4 If any of the clauses (or part of a clause) of these Terms and Conditions become invalid or unenforceable in any way under any law, the validity of the remaining clauses (or part of a clause) will not in any way be affected or impaired.

9.5 These Terms and Conditions are governed by and will be construed in accordance with English law.

9.6 Both parties agree that the courts of London, England are to have jurisdiction to settle any disputes or claims which may arise out of or in connection with these Terms and Conditions. For these purposes, both parties irrevocably submit to the non-exclusive jurisdiction of such courts.

9.7.  We reserve the right to refuse to supply any individual or company.

9.8.  You may not assign the Contract or any part of it without our prior written consent.

9.9. Subject to all other limitations and exclusions, we will have no liability to you under these terms if we are prevented from, or delayed in, performing our obligations under these terms by anything outside our reasonable control including, but not limited to, strikes, lock-outs or other industrial action, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (whether declared or not) or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic or other natural disaster, impossibility of the use of railways, shipping, aircraft, motor transport or other means of public or private transport, impossibility of the use of public or private telecommunications networks or the acts, decrees, legislation, regulations or restrictions of any government.

9.10. Failure or delay by us in enforcing or partially enforcing any provision of any Contract shall not be construed as a waiver of our rights under that Contract.

9.11. If any provision of these terms is found by any court of competent jurisdiction to be invalid, unenforceable or illegal, the other provisions shall remain in force.

9.12.  These terms and conditions represent the entire agreement between you and us in relation to the subject matter of any Contract.

9.13. A person who is not a party to this Contract shall not have any rights under or in connection with it by virtue of the Contracts (Rights of Third Parties) Act 1999.

10. CONTACT DETAILS

If you have any queries please contact Customer Services by email at info@ferray.uk . We will make every effort to reply to you within a few days Mon – Fri.

Registered Office: 27 Old Gloucester Street. London, WC1N 3AX, U.K.
Email: compliance@ferray.uk

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD

MODERN SLAVERY AND HUMAN TRAFFICKING STATEMENT 2024

Ferray LTD operates within the gold industry, engaging in the development and sales of gold from various sources. Ferray LTD is committed to ethical and responsible business practices within the gold industry. As part of our commitment to corporate social responsibility, we acknowledge our responsibility to combat slavery and human trafficking in all its forms. This statement outlines our dedication to preventing modern slavery and human trafficking in our operations and supply chains.

1: Organisational Structure, Business and Supply Chains

1.1. Ferray Ltd is a Private Limited Company registered in England & Wales under company registration number 10062631. The company specialises in commercial services such as facilitation of bullion and gold dore trade including consultancy, business strategies and financial instruments. With an international client base, Ferray Ltd provides products and services globally to approved regions.

1.2. Ferray Ltd is fully committed to compliance with the UK Modern Slavery Act 2015, acknowledging slavery, servitude, forced or compulsory labour, and human trafficking offences.

1.3. Ferray Ltd is committed to being a responsible supplier and does not tolerate any form of slavery, servitude, human trafficking, or forced labour within our business or supply chains.

1.4. Ferray Ltd is committed to detecting and preventing modern slavery and human trafficking within all our business operations and activities and the Company is committed to ensuring that our supply chains are free from any forms of slavery and human trafficking.

1.5. In the past year, there have been no reports of any instances of modern slavery detected within the Company’s business or supply chains.

1.6. Ferray Ltd is committed to dealing fairly with all suppliers and upholding fair competition and developing lasting business relationships.

1.7. Ferray Ltd have implemented effective management systems and controls which ensure that the Company has processes in place that do not support fraud, corruption or any other illegal activities,  maintain high moral and ethical business standards and cultivate proper business relationships with all customers and counterparties.

2: POLICIES RELATING TO MODERN SLAVERY AND HUMAN TRAFFICKING

Ferray Ltd have effective policies, procedures and controls designed to ensure the Company is compliant with the industry standards set forth in the following publications:

1.  The LBMA Responsible Gold Guidance (version 9) (2021)
2.  The LBMA Responsible Silver Guidance (2018)
3.  OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-
   Affected and High-Risk Areas: Third Edition (2016)
4.  The UK Bribery Act (2010)
5.  The OECD Convention on Combating Bribery of Foreign Public Officials in International
   Business Transactions (1997) (2009) (2021)
6.  The International Labour Organization (ILO) standards, on Child Labour; Minimum Age Convention (1973), Worst Forms of Child Labour Convention (1999)
7.  The EITI (Extractive Industries Transparency Initiative) Principles (2003 and 2023 amendment)
8.  The Responsible Jewellery Council Code of Practices (2019)

Supporting policies, such as Anti-Money Laundering, Customer Due Diligence, and Anti-
Bribery and Corruption that contribute to a comprehensive compliance framework.

3: DUE DILIGENCE PROCESSES IN RELATION TO SLAVERY AND HUMAN TRAFFICKING IN THE COMPANY’S BUSINESS AND SUPPLY CHAINS

3.1. Ferray  undertakes a due diligence process on all customers, suppliers and trading counterparties which includes an analysis of AML risks, geographical and industrial risks as well as incorporating responsible sourcing protocols.
3.2. Suppliers are screened against the current CAHRAs list (Conflict-Affected and High-Risk Areas) (under regulation (EU) 2017/821) for any exposure a supply chain may have to these regions.
3.3. Ferray Ltd have specific Supply Chain Due Diligence statements and policies which are updated yearly. The Company’s processes and procedures in relation to Supply Chain Due Diligence are independently audited each year.

4: SPECIFIC RISKS OF MODERN SLAVERY WITHIN THE PRECIOUS METALS INDUSTRY

4.1. Ferray Ltd recognise the particular risks relating to the prevalence of modern slavery offences that have been identified within the international precious metals supply chain.
4.2. Ferray Ltd has reviewed and trained staff on the International Labour Standards relevant specifically global precious metals supply chain, as detailed within the following publications:

1.  ILO Baseline Survey on Child and Adult Works in Informal Gold and Fluorspar Mining (2006).
2.  Ending child labour, forced labour and human trafficking in global supply chains 2019.
3.  Gap analysis and recommendations on laws on child labour and working conditions in
   artisanal small-scale gold mining (2019).
4.  Measuring child labour, forced labour and human trafficking in global supply chains: A 3
5. global Input-Output approach 2019.
6.  ILO Artisanal and small-scale gold mining baseline report: Camarines Norte and South Cotabato (2020).

4.3. Ferray Ltd requires all suppliers and counterparties to comply with local and international laws on modern slavery and human trafficking. Additional checks and verifications are completed for customers in known high risk regions.

5: EFFECTIVENESS IN MONITORING MODERN SLAVERY PREVALENCE

5.1. Ferray Ltd have comprehensive policies, systems and controls, and due diligence procedures which are designed to protect the Company from exposure to fraud, money laundering, bribery and corruption. The controls also ensure the business is compliant with the Modern Slavery Act 2015 insofar as they comprehensively detect corruption and improper conduct by suppliers and counterparties.

5.2. The Company’s policies and procedures are supported by a training program for all high risk and procurement staff which ensures that employees are reminded of the red flags associated with modern slavery indicators of forced labour, and instructions are disseminated on how to report any suspected instance of modern slavery when detected.

6: TRAINING

6.1. Ferray Ltd trains relevant staff on relevant ILO Labour Standards and ETI Indications of Forced Labour which enables employees to identify any potential instance of slavery and human trafficking within an existing or prospective supplier.

6.2. All employees are trained to detect and report any instances of modern slavery within the supply chain and the Company has a Whistleblowing Policy through which effective reporting of such matters can be reported by staff internally.

6.3. Ferray Ltd has also disseminated the United Kingdom’s Home Secretary’s guidance on how to respond to an incidence of Modern Slavery including issuing to these employees The UK Modern Slavery Helpline 0800 0121 700.

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

COMPREHENSIVE GOLD SUPPLY POLICY 2024

This comprehensive policy serves as a framework for Ferray Ltd’s gold supply activities, ensuring alignment with industry standards and promoting sustainable and ethical practices throughout our supply chain. Ferray Ltd is dedicated to promoting sustainable gold sourcing and local community development. Our commitment to ethical practices is reflected in our adherence to international standards and initiatives. This policy outlines our compliance with and efforts towards key industry standards, ensuring responsible sourcing of gold for our clients and buyers.

A: SCOPE

This policy applies to all gold supply activities of Ferray Ltd, including our direct and indirect suppliers, clients, and buyers.

B: KEY INDUSTRY STANDARDS AND INITIATIVES

To ensure responsible gold sourcing, Ferray Ltd complies with or works towards the following standards:

LBMA Responsible Gold or Silver Guidance

DMCC Risk-Based Due Diligence Guidance for GPM

RJC Chain of Custody Standard

WGC Conflict-Free Gold Standard

RMI Responsible Gold Standard

C: MAIN POINTS FROM INDUSTRY STANDARDS AND INITIATIVES IMPLEMENTED IN FERRAY OPERATIONS

1. LBMA Responsible Gold or Silver Guidance

Due Diligence: Implement a five-step framework to identify and mitigate risks in the supply chain.

Anti-Money Laundering: Establish robust measures to prevent money laundering and terrorist financing.

Human Rights: Ensure respect for human rights in all business operations.

2. DMCC Risk-Based Due Diligence Guidance for GPM

Risk Assessment: Conduct thorough risk assessments of suppliers and supply chains.

Supply Chain Traceability: Maintain detailed records of the supply chain to ensure transparency.

Continuous Monitoring: Regularly review and update due diligence practices.

3. RJC Chain of Custody Standard

Traceability: Ensure the traceability of gold through each stage of the supply chain.

Certification: Obtain certification from the Responsible Jewellery Council (RJC) for responsible practices.

Ethical Business Practices: Adhere to high ethical standards and responsible sourcing practices.

4. WGC Conflict-Free Gold Standard

Conflict-Free Assurance:  Ensure that gold is sourced from conflict-free regions.

Compliance: Align with international regulations and best practices to prevent financing of conflict.

Transparency: Provide transparent reporting on gold sourcing and supply chain practices.

5. RMI Responsible Gold Standard

Responsible Sourcing: Commit to responsible sourcing practices to mitigate risks related to human rights abuses, environmental damage, and illicit activities.

Supply Chain Audits: Conduct regular audits to ensure compliance with responsible sourcing criteria.

Stakeholder Engagement: Engage with stakeholders to promote responsible sourcing and address any concerns.

D: FERRAY LTD SUPPLY CHAIN / SUPPLIER ENGAGEMENT  POLICY

1. Due Diligence Processes

Ferray Ltd has implemented effective management systems and controls, ensuring due diligence processes that:

1.  Do not support fraud, corruption, or any other illegal activities.
2.  Maintain high moral and ethical business standards.
3. Cultivate proper business relationships with all customers and counterparties. 

2. Supplier Standards

2.1. Ferray Ltd reserves the right to suspend or discontinue engagement with any suppliers who do not meet the established standards, even after attempts at risk mitigation have been made.

2.2. Ferray Ltd will not tolerate nor partner with any customer or counterparty involved with:

1.  forced or compulsory labour
2.  any form of torture, cruel, inhuman, and degrading treatment
3.  human rights violations and abuses
4.  war crimes, violations of international humanitarian law, crimes against humanity or genocide
5.  the any forms of child labour

3. Non-Tolerance Policy

Ferray Ltd does not tolerate or partner with any customer or counterparty involved in:

1.  Forced or compulsory labour.
2.  Any form of torture, cruel, inhuman, and degrading treatment.
3.  Human rights violations and abuses.
4.  War crimes, violations of international humanitarian law, crimes against humanity, or genocide.
5.  The any forms of child labour.

4. Non-Support for Armed Groups

Ferray Ltd will not facilitate or participate in indirect support to non-state armed groups through the extraction, transport, trade, handling, or export of minerals.

        5. Anti-Money Laundering and Bribes

Ferray Ltd fully supports the effective elimination of money laundering and does not facilitate or participate in attempts to offer, promise, or demand bribes.

6. Security Forces Engagement

Ferray Ltd is committed to engaging security forces in accordance with the Voluntary Principles on Security and Human Rights, ensuring their role is solely to maintain the rule of law, safeguard human rights, and protect the mine site or transportation routes.

7. Protection of Vulnerable Groups

Ferray Ltd supports efforts to engage with local authorities, international organisations, and civil society organisations to avoid or minimise the exposure of vulnerable groups, particularly artisanal miners, to adverse impacts associated with the presence of security forces on mine sites.

E: FERRAY LTD COMMITMENTS

1. Ethical Sourcing

1. Ensure all gold supplied by Ferray Ltd is sourced ethically, respecting human rights and avoiding conflict zones.
2. Conduct thorough due diligence on all suppliers to assess and mitigate risks.

        2. Transparency and Traceability

1. 1. Maintain transparent records of the supply chain, ensuring traceability from source to final product.
   2. Provide clients and buyers with detailed information on the origin and journey of gold.

        3. Compliance with Standards

1. 1. Adhere to the LBMA, DMCC, RJC, WGC, and RMI standards, continuously improving practices to meet evolving requirements.
   2. Obtain and maintain relevant certifications to demonstrate compliance.

        4. Anti-Money Laundering and Anti-Terrorism

1. 1. Implement stringent measures to prevent money laundering and the financing of terrorism.
   2. Conduct regular training for employees and suppliers on compliance and due diligence practices.
   3. Regularly review on Internal AML/ Risk / Due Diligence Policy 

        5. Sustainable Development

1. 1. Promote sustainable gold mining practices that minimise environmental impact.
   2. Invest in local community development through our Ferray Group Investment Fund and other business activities, supporting education, healthcare, and infrastructure projects.

        6. Continuous Improvement

1. 1. Regularly review and update this policy to reflect best practices and regulatory changes.
   2. Engage with industry initiatives and stakeholders to stay informed about developments in responsible sourcing.

       7. Reporting and Accountability

1. 1. Establish a reporting mechanism for stakeholders to raise concerns related to the gold supply chain.
   2. Ensure prompt investigation and resolution of any reported issues.

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

ANTI BRIBERY AND CORRUPTION STATEMENT 2024

Ferray Ltd is committed to conducting business with integrity, transparency, and accountability. This Anti-Bribery and Corruption Policy applies to all employees, contractors, consultants, and partners of Ferray Ltd, including those involved in the trading and facilitation of dore gold and bullion, as well as our consultancy and strategy services for financial instruments and financial engineering. By adhering to this Anti-Bribery and Corruption Policy, we aim to protect our reputation, safeguard our business relationships, and ensure compliance with all applicable laws and regulations.

A: POLICY STATEMENT

Ferray Ltd operates a zero-tolerance approach to bribery and corruption and is committed to acting professionally, fairly, and with integrity in all business dealings and relationships. Our policy aims to ensure compliance with all relevant anti-bribery and corruption laws, including the UK Bribery Act 2010.

B: SCOPE

This policy applies to all Ferray Ltd operations, including:

– Trading and facilitating the sale and purchase of dore gold and bullion.

– Providing consultancy and strategy services for financial instruments.

– Engaging in financial engineering activities 

– Business consultancy and development 

C: KEY PRINCIPLES

1. Prohibition of Bribery and Corruption

Ferray Ltd strictly prohibits the offering, giving, receiving, or soliciting of any bribe, whether cash or other inducement, to or from any person or company, whether public or private, to gain any commercial, contractual, regulatory, or personal advantage.

2. Gifts and Hospitality

Employees and associates must not offer or accept gifts or hospitality that could be perceived as a bribe or attempt to influence business decisions. Any gifts or hospitality given or received must be reasonable, proportionate, and declared in accordance with company procedures.

3. Facilitation Payments

Facilitation payments are small payments made to expedite routine government actions. Ferray Ltd prohibits facilitation payments of any kind.

4. Third-Party Relationships

Ferray Ltd expects all third parties, including agents, intermediaries, consultants, and joint venture partners, to comply with this policy. Due diligence must be conducted on all third parties before engaging in any business relationship.

5. Political and Charitable Contributions

Ferray Ltd does not make political contributions. Any charitable contributions or sponsorships must be legal, ethical, and not used as a means to conceal bribery.

6. Record Keeping

Accurate and transparent records of all financial transactions must be maintained. All accounts, invoices, and other documents and records relating to dealings with third parties must be prepared with strict accuracy and completeness.

7. Reporting and Whistleblowing

7.1. Employees and associates are encouraged to report any concerns or suspicions of bribery or corruption at the earliest opportunity. Ferray Ltd will ensure that no one suffers any detrimental treatment as a result of refusing to take part in bribery or corruption or reporting in good faith their suspicion.

7.2. Protection of Whistleblowers: Ferray Ltd ensures that any employee who reports concerns about potential bribery, corruption, money laundering, or terrorist financing will be protected against any form of retaliation, discrimination, or disadvantage. We encourage our employees to speak up and report any suspicious activities without fear, knowing that their concerns will be treated with the utmost confidentiality and seriousness.

8. Due Diligence

Ferray Ltd is committed to conducting thorough due diligence to mitigate the risk of bribery and corruption in all business dealings. Our due diligence processes include:

8.1. Assessment of Risk: Conducting a comprehensive risk assessment to identify potential areas of bribery and corruption risk within our operations and third-party relationships.

8.2. Third-Party Vetting: Performing detailed background checks on all third parties, including agents, intermediaries, consultants, and business partners, to ensure their integrity and compliance with anti-bribery and corruption laws.

8.3. Ongoing Monitoring: Continuously monitoring the activities of third parties and our internal operations to detect and prevent any instances of bribery and corruption.

8.4. Enhanced Due Diligence:  Implementing enhanced due diligence measures for higher-risk transactions, regions, and sectors to ensure robust compliance with anti-bribery and corruption standards.

8.5. Documentation and Record-Keeping: Maintaining comprehensive records of all due diligence activities, findings, and decisions to ensure transparency and accountability.

9. Compliance and Training

9.1. Training: All employees and relevant associates will receive training on this policy to ensure they understand their responsibilities and comply with our anti-bribery and corruption measures.

9.2. Monitoring and Review: Ferray Ltd will regularly monitor and review this policy to ensure its effectiveness and make improvements as necessary.

10. Related Policies

This Anti-Bribery and Corruption Policy should be read in conjunction with Ferray Ltd’s other policies, including:

1. AML and CFT Policy
2. High-Risk and Conflict Areas for Gold Supply Policy
3. General Gold Supply Policy
4. Modern Slavery and Human Trafficking Policy
5. Human Rights Policy
6. GDPR and Privacy Policy

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

FERRAY LTD AML-CFT POLICIES AND PROCEDURES

This comprehensive Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT)  policy provides a framework for Ferray Ltd to ensure compliance with relevant regulations and standards, safeguarding the company’s operations and reputation in the gold supply industry.

Ferray Ltd is committed to preventing money laundering and terrorist financing in its operations. This Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) policy outlines the procedures and controls implemented to comply with local and international laws, rules, and standards. This policy applies to all employees, departments, and subsidiaries of Ferray Ltd, as well as all transactions and business relationships related to the supply and provision of gold dore bars.

A:  POLICY STATEMENT

Ferray Ltd is dedicated to:

Preventing money laundering and terrorist financing activities.

Complying with all applicable AML-CFT laws and regulations.

Promoting ethical and transparent business practices.

B: DEFINITIONS

Money Laundering: The process of making illegally-gained proceeds appear legal.

Terrorist Financing: Providing financial support to terrorists or terrorist organizations.

Customer Due Diligence (CDD): The process of verifying the identity of customers and assessing risks.

Enhanced Due Diligence (EDD):  Additional scrutiny applied to higher-risk customers and transactions.

C: RISK-BASED APPROACH

Ferray Ltd adopts a risk-based approach to AML-CFT compliance, focusing resources on areas of higher risk.

1. Customer Due Diligence (CDD)

 1.1 Identification and Verification

Verify the identity of all customers using reliable, independent source documents.

Obtain information on the purpose and intended nature of the business relationship.

 1.2 Beneficial Ownership

Identify and verify the identity of beneficial owners of corporate customers.

Understand the ownership and control structure of customers.

1.3 Ongoing Monitoring

Conduct ongoing monitoring of customer transactions to detect and report suspicious activity.

2. Enhanced Due Diligence (EDD)

2.1 High-Risk Customers and Transactions

Apply enhanced measures for higher-risk customers, such as politically exposed persons (PEPs) and customers from high-risk jurisdictions.

Perform additional verification and obtain senior management approval before establishing business relationships with high-risk customers.

 2.2 Large and Complex Transactions

Scrutinize large or complex transactions that have no apparent economic or lawful purpose.

Report suspicious transactions to relevant authorities.

3. Record Keeping

3.1 Documentation

Maintain comprehensive records of all transactions, CDD, and EDD processes.

Keep records of reports of suspicious activities and communications with regulatory bodies.

3.2 Retention Period

Retain records for a minimum period of five years from the end of the business relationship or transaction.

4. Monitoring and Reporting

4.1 Transaction Monitoring

Implement systems to monitor transactions for suspicious activity, including unusual patterns or inconsistencies.

4.2 Reporting Suspicious Activity

Report suspicious transactions to the relevant authorities promptly.

Maintain confidentiality of reported suspicious activities to protect the integrity of investigations.

5. Employee Training and Awareness

 5.1 Training Programs

Provide regular training to all employees on AML-CFT policies and procedures.

Include training on identifying and reporting suspicious activities and understanding the legal obligations.

5.2 Awareness Campaigns

Conduct awareness campaigns to keep employees informed about new risks and regulatory changes.

6. Internal Controls and Audits

6.1 Internal Controls

Implement robust internal controls to ensure compliance with AML-CFT policies.

Regularly review and update controls to address new risks and regulatory requirements.

6.2 Independent Audits

Conduct independent audits to assess the effectiveness of the AML-CFT program.

Address audit findings promptly and make necessary improvements.

7. Compliance with Local and International Laws

7.1. UK Regulations:

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (MLR 2017): Ferray Ltd complies with the MLR 2017, which mandates comprehensive measures for customer due diligence, risk assessments, ongoing monitoring, and reporting suspicious activities.

The Proceeds of Crime Act 2002 (POCA): Ferray Ltd adheres to the principles outlined in POCA, focusing on identifying, investigating, and preventing money laundering activities, and ensuring the confiscation of the proceeds of crime.

7.2. International Standards:

Financial Action Task Force (FATF): Ferray Ltd aligns its practices with FATF’s international standards and recommendations to combat money laundering and terrorist financing globally.

7.3.  Cross-Border Transactions

Implement procedures to manage the risks associated with cross-border transactions.

Ensure compliance with applicable laws in different jurisdictions.

8. Reporting and Grievance Mechanism

8.1 Internal Reporting

Establish an internal mechanism for employees to report suspicious activities or breaches of AML-CFT policies.

8.2 External Reporting

Cooperate with law enforcement and regulatory bodies by providing necessary information and reports.

9. Continuous Improvement

9.1 Policy Review

Regularly review and update AML-CFT policies and procedures to reflect changes in laws, regulations, and industry best practices.

9.2 Stakeholder Engagement

Engage with industry stakeholders to stay informed about developments in AML-CFT compliance.

D: CASH PAYMENTS POLICY

Ferray LTD is committed to the highest standards of integrity and compliance with Anti-Money Laundering (AML) regulations, including those outlined by the United Kingdom’s HM Revenue & Customs (HMRC). In accordance with AML policies and to ensure transparency and regulatory compliance, Ferray LTD explicitly states the following:

1. Cash Payments Prohibition: Ferray LTD does not accept cash payments for any transactions. All payments must be made using traceable and verifiable methods, such as bank transfers, electronic funds transfers, or other secure and documented payment methods.

2. High-Value Goods Payment Limit: In compliance with HMRC regulations, Ferray LTD acknowledges that high-value goods, defined as transactions exceeding £10,000 GBP, cannot be paid in cash. However, as part of our commitment to rigorous AML practices, Ferray LTD extends the prohibition on cash payments to all transactions, irrespective of value.

3. Recordkeeping and Due Diligence: Ferray LTD will maintain accurate and detailed records of all transactions, including payment methods, to facilitate compliance with AML regulations. Due diligence measures will be applied to verify the legitimacy of transactions and to prevent any potential involvement in money laundering activities.

4. Reporting Suspicious Activity: Any suspicions of money laundering or attempts to make cash payments in contravention of this policy must be reported immediately to the designated AML officer or relevant authorities.

5. Review and Updates: This AML policy, including the prohibition on cash payments, will be periodically reviewed and updated to ensure ongoing compliance with applicable laws and regulations.

6. Ferray LTD reserves the right to refuse any transaction involving cash payments and to take appropriate actions to mitigate the risk of money laundering in accordance with relevant AML laws and regulations.

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

GDPR CORPORATE CONFIDENTIALITY AND DATA PROTECTION POLICY

A: POLICY STATEMENT

Ferray Ltd (company registration number: 10062631) is committed to safeguarding the privacy and security of the personal data we collect, process, and store in the course of our business activities. Our data processing is in accordance with its responsibilities under GDPR. We have an active data protection program in place that complies with existing laws and abides by data protection principles. We are dedicated to safeguarding your data and personal information. We continuously develop our policies to meet all GDPR regulations, train employees, and build awareness of such policies. This GDPR Corporate Confidentiality and Data Protection Policy outlines our approach to data protection and confidentiality to ensure compliance with the General Data Protection Regulation (GDPR) and other relevant data protection laws.

B: SCOPE

This policy applies to all employees, contractors, consultants, and partners of Ferray Ltd, including those involved in:

– Trading and facilitating the sale and purchase of dore gold and bullion.

– Providing consultancy and strategy services for financial instruments.

– Engaging in financial engineering activities.

C: KEY PRINCIPLES 

1.Lawfulness, Fairness, and Transparency

We process personal data lawfully, fairly, and transparently. Data collected will solely consist of information that you provide to us or is determined through your direct interaction with our website (e.g., your IP address, purpose of your transaction, etc.).

2.Purpose Limitation

Personal data is collected for specified, explicit, and legitimate purposes and not further processed in a manner that is incompatible with those purposes. This may include administrative purposes and operating your account, as well as our legitimate interests, particularly in the course of the operational support and development of our business, including risk management.

3.Data Minimization

Personal data collected is adequate, relevant, and limited to what is necessary in relation to the purposes for which they are processed.

D. Data Processing Policy

1.Purpose Of Data Processing

Every reasonable step is taken to ensure that personal data that are inaccurate, having regard to the purposes for which they are processed, are erased or rectified without delay.

5.Storage Limitation

Personal data is kept in a form that permits identification of data subjects for no longer than is necessary for the purposes for which the personal data are processed.

6.Integrity and Confidentiality

Personal data is processed in a manner that ensures appropriate security, including protection against unauthorised or unlawful processing and against accidental loss, destruction, or damage, using appropriate technical or organisational measures.

1. DATA PROCESSING POLICY
2. PURPOSE OF DATA PROCESSING

The purposes for which we may process received personal data as a data controller include:

1. Administering and operating your account. 
2. Complying with applicable regulations.
3. Pursuing our legitimate interests, particularly in the course of the operational support and development of our business.
4. Evaluating customer service, efficiency, and cost, as well as risk management purposes.
5. Carrying out credit, money laundering, and conflict checks for the prevention of fraud and financial crime.
6. Exercising and defending our legal rights worldwide.
   7. Complying with legal and regulatory requests made to us anywhere in the world. 
7. Reporting to and/or being audited by national and international regulators.

2.LEGAL BASIS FOR PROCESSING

The processing is permitted by applicable data protection law because it is:

1.Necessary for the purposes of our legitimate interests, which are overridden by prejudice to the relevant individuals’ privacy

2.In certain cases, necessary for compliance with applicable regulations.

3. DISCLOSURE OF PERSONAL DATA

We may disclose received personal data to persons in the categories identified in this policy.

4. INTERNATIONAL DATA TRANSFERS

This may involve the transfer of received personal data to any country, including countries outside the European Economic Area. In such cases, unless the relevant country ensures an adequate level of data protection or the transfer is necessary to perform a contract, we will ensure the transferred personal data is protected by a data transfer agreement. Further details are available by contacting our Data Protection Officer at compliance@ferray.uk.

E: DATA SUBJECT RIGHTS

Ferray Ltd respects and upholds the rights of data subjects under the GDPR, including:

1.Right to Access: Individuals have the right to access their personal data.

2.Right to Rectification: Individuals have the right to have inaccurate personal data corrected.

3.Right to Erasure: Individuals have the right to have their personal data deleted under certain conditions.

4.Right to Restrict Processing: Individuals have the right to restrict the processing of their personal data under certain conditions.

5.Right to Data Portability: Individuals have the right to receive their personal data in a structured, commonly used, and machine-readable format.

6.Right to Object: Individuals have the right to object to the processing of their personal data under certain conditions.

F: DATA SECURITY MEASURES

Ferray Ltd employs a variety of technical and organisational measures to ensure the security of personal data, including:

1. Encryption of data in transit and at rest.
2. Regular security assessments and audits.
3. Access controls to ensure that only authorised personnel have access to personal data.
4. Regular training for employees on data protection and privacy.

G: REPORTING AND HANDLING DATA BREACHES

In the event of a data breach, Ferray Ltd will:

1. Promptly assess the risk to individuals’ rights and freedoms.
2. Notify the relevant supervisory authority within 72 hours, if required.
3. Inform affected individuals without undue delay, if required.

H: RETENTION OF PERSONAL DATA

We retain personal data that you supply for as long as you are a client with an active account and for as long as we are legally required to do so. For the purposes set out above, we shall retain personal data for a minimum of 5 years to meet our legal and business requirements. Should we need to hold data for a longer period due to a customer connection with an investigation or legal proceedings, we reserve the right to do so.

I: WHISTLEBLOWER PROTECTION

Ferray Ltd is committed to protecting employees who report in good faith any suspicious activity related to data protection breaches. Employees are encouraged to report any concerns without fear of retaliation.

J: DATA PROTECTION OFFICER

Our DPO has an obligation to advise, monitor, and evidence any outcome in respect of DPIA’s (Data Protection Impact Assessment). Our training allows our employees within our organisation to conduct a preliminary risk assessment and then escalate any matters to the DPO. Risk assessments including any DPIA’s are documented and stored on file. When performing tasks our DPO has due regard to the risks associated with processing operations and takes into account the nature, scope and purposes of processing. 

You are able to contact our Data Protection Officer via our postal address: Data Protection Officer,
27 Old Gloucester Street,
London, WC1N 3AX, UK
or email at compliance@ferray.uk

K: COMPLAINTS

Individuals can lodge complaints about our processing of received personal data with the Office of the Information Commissioner (www.ico.org.uk).

L: REVIEW AND UPDATES

This policy will be reviewed and updated regularly to ensure ongoing compliance with GDPR and other relevant data protection laws. We are dedicated to ensuring that our policies are easy to understand and that our organisation is accountable, with these processes embedded within our organisational processes. These policies are reviewed regularly and systematically.

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

HUMAN RIGHTS POLICY

Ferray Ltd is committed to upholding and promoting the highest standards of human rights in all aspects of our business activities. We recognise our responsibility to respect human rights and are dedicated to ensuring that our operations and business relationships reflect this commitment.

A: POLICY STATEMENT

1. Respect for Human Rights

Ferray Ltd respects and supports the protection of internationally proclaimed human rights, including those set out in the Universal Declaration of Human Rights and the International Labour Organization’s core conventions.

2. Non-Discrimination and Equal Opportunity

We are committed to providing a work environment that is free from discrimination and harassment. All employment decisions are based on merit, qualifications, and business needs, regardless of race, color, religion, sex, national origin, age, disability, or any other characteristic protected by law.

3. Fair Labor Practices

We uphold fair labor practices, including the prohibition of child labor, forced labor, and human trafficking. We ensure that all employees work voluntarily and are entitled to leave employment freely upon reasonable notice.

4. Health and Safety

We are dedicated to providing a safe and healthy work environment for all employees and contractors. We adhere to applicable health and safety regulations and strive to continuously improve our health and safety practices.

5. Freedom of Association and Collective Bargaining

We respect the rights of employees to freely associate and to bargain collectively. We recognize and respect the right of employees to form, join, or not join trade unions or other organizations of their choice.

6. Fair Wages and Working Hours

We ensure that employees receive fair wages that comply with applicable laws and industry standards. We also ensure that working hours are reasonable and comply with local labor laws.

7. Community Engagement and Development

We are committed to contributing positively to the communities in which we operate. We engage with local communities to understand their needs and concerns and seek to support community development initiatives.

8. Environmental Responsibility

We recognize the importance of environmental stewardship and are committed to minimizing the environmental impact of our operations. We strive to operate in an environmentally responsible manner and promote sustainable practices.

B: IMPLEMENTATION AND MONITORING

1. Due Diligence

Ferray Ltd conducts due diligence to identify, prevent, and mitigate potential human rights impacts associated with our operations and business relationships. This includes assessing risks, implementing appropriate measures, and monitoring their effectiveness.

2. Training and Awareness

We provide training and resources to employees to ensure they understand our human rights commitments and their role in upholding these standards.

3. Grievance Mechanisms

We maintain mechanisms for employees and stakeholders to raise concerns or report violations of this policy without fear of retaliation. Reports are investigated promptly, and appropriate actions are taken.

4. Continuous Improvement

We are committed to continuous improvement in our human rights practices. We regularly review and update this policy to reflect evolving standards and best practices.

C: REPORTING AND ACCOUNTABILITY

Ferray Ltd’s management is responsible for the implementation and enforcement of this Human Rights Policy. We expect all employees, contractors, consultants, and partners to adhere to this policy and to report any suspected violations.

For inquiries or to report concerns, please contact our Compliance Officer at:

Email: compliance@ferray.uk

Effective Date:1 March 2023

Review Date: 1 March 2024 

FERRAY LTD 

POLICY OF COMPLIANCE AND ETHICS

1.Ethical Conduct and Compliance

Ferray Ltd is committed to maintaining the highest standards of ethical conduct in all its business relations and activities, particularly in the precious metals sector, including the sourcing, trading, and facilitation of dore gold and bullion. Our policy is to ensure full transparency in our transactions and to engage exclusively with individuals and organizations that adhere to legal and ethical standards. We are dedicated to sourcing precious metals only from operations that conform to internationally accepted human rights and environmental practices, ensuring the protection of human rights and the environment.

2. Applicability and Responsibility

This policy applies to the entire organization, including all employees, officers, directors, and representatives of Ferray Ltd, as well as any entities under our control. All personnel are expected to comply with this policy. We provide regular training to ensure that individuals understand and adhere to our standards and the laws applicable to their responsibilities. Employees are encouraged to uphold the principles of this policy and promptly report any suspicious activities or transactions to management or the compliance officer. We maintain the relevance of this policy through periodic reviews and ensure its implementation through specific codes and procedures, effective communication, training, and regular monitoring.

3. Global Commitment

Ferray Ltd adheres to relevant regulations, including those in the United Kingdom, such as the UK Money Laundering Act 2017. We apply the same principles expressed in this policy globally, wherever Ferray Ltd operates. Despite differences in local laws and standards, we are committed to the principles of honesty, fairness, and high ethical standards. We will not engage in business arising from illegal activities, tax fraud or evasion, or activities that finance criminal or terrorist actions, as per OECD guidelines. While we do not embargo regions with weak governance or conflict, we exercise due diligence to uphold this policy and avoid depriving such areas of our expertise. We are committed to transparent and legitimate trade practices.

Ferray Ltd is committed to following best practices and guidelines as outlined by relevant industry standards, including the LBMA’s Responsible Gold Guidance and other applicable codes of conduct. For further information on our Code of Conduct and our due diligence process, please contact us at compliance@ferray.uk.

FERRAY LTD 

SUPPLY CHAIN POLICY FOR GOLD DORE BARS SUPPLIERS FROM CONFLICT AFFECTED AREAS 

This policy serves as a comprehensive framework to promote ethical practices and compliance with international standards in the supply chain. Ferray Ltd expects all suppliers to adhere to this policy and will work collaboratively to ensure responsible sourcing of gold. Non-compliance may result in the termination of business relationships.

Ferray Ltd is committed to ensuring that our sourcing of gold dore bars from African countries is conducted responsibly and in alignment with international standards. This policy outlines our commitment to ethical practices and sets forth the principles and guidelines for our suppliers to ensure compliance with the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas.

1. Scope

This policy applies to all suppliers of gold dore bars to Ferray Ltd, including all entities in the upstream supply chain from mining operations through to our direct suppliers.

2. Commitment to Responsible Sourcing

Ferray Ltd is committed to:

– Conducting due diligence in accordance with the OECD Due Diligence Guidance.

– Not knowingly contributing to conflict, human rights abuses, or financial crime.

– Ensuring transparency, traceability, and accountability throughout our gold supply chain.

3. Risk Management Framework

We will implement a risk management framework that includes:

3.1. Identification of Risks: Assess the risks associated with the sourcing of gold from conflict affected and high risk areas.

3.2. Assessment of Suppliers: Conduct due diligence on suppliers to evaluate their compliance with this policy.

3.3. Mitigation of Risks: Implement strategies to mitigate identified risks, including disengagement from suppliers who do not comply with this policy.

3.4. Monitoring and Reporting: Regularly monitor suppliers and report on due diligence activities and findings.

4. Specific Commitments and Obligations

Our suppliers must adhere to the following commitments:

4.1. Human Rights

Respect human rights and avoid causing or contributing to human rights abuses. 

Prohibit any form of forced labor, child labor, and inhumane treatment.

4.2. Conflict and Security

Avoid any direct or indirect support to non-state armed groups.

Prevent any direct or indirect support to public or private security forces who illegally control mining sites, transportation routes, or points where minerals are traded.

4.3. Bribery and Corruption

Prohibit bribery and fraudulent misrepresentation of the origin of gold.

Comply with all applicable laws and regulations regarding bribery, corruption, and money laundering.

4.4. Money Laundering

Implement measures to prevent the use of the supply chain for money laundering or terrorist financing.

4.5. Source and Chain of Custody

Maintain a chain of custody and document the origin of gold to ensure traceability.

Provide evidence of compliance with this policy upon request.

5. Implementation

Ferray Ltd will:

– Provide training and support to suppliers to help them understand and implement this policy.

– Collaborate with industry stakeholders to promote responsible sourcing practices.

– Regularly review and update this policy to reflect evolving best practices and regulatory requirements.

6. Reporting and Grievance Mechanism

– Establish a grievance mechanism for stakeholders to report concerns related to the supply chain.

– Investigate and address reported concerns promptly and transparently.

Effective Date:1 March 2023

Review Date: 1 March 2024

Annex 1. 

OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas from Annexll. 

ANNEX II

Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conflict-Affected and High-Risk Areas1

Recognising that risks of significant adverse impacts which may be associated with extracting, trading, handling and exporting minerals from conflict-affected and high-risk areas, and recognising that we have the responsibility to respect human rights and not contribute to conflict, we commit to adopt, widely disseminate and incorporate in contracts and/or agreements with suppliers the following policy on responsible sourcing of minerals from conflict-affected and high-risk areas, as representing a common reference for conflict-sensitive sourcing practices and suppliers’ risk awareness from the point of extraction until end user. We commit to refraining from any action which contributes to the financing of conflict and we commit to comply with relevant United Nations sanctions resolutions or, where applicable, domestic laws implementing such resolutions.

Regarding serious abuses associated with the extraction, transport or trade of minerals:

1. While sourcing from, or operating in, conflict-affected and high-risk areas, we will neither tolerate nor by any means profit from, contribute to, assist with or facilitate the commission by any party of:

• i)  any forms of torture, cruel, inhuman and degrading treatment;
• ii)  any forms of forced or compulsory labour, which means work or service which is exacted from any person under the menace of penalty and for which said person has not offered himself voluntarily;

1. This Model Supply Chain Policy for a Responsible Global Supply Chain of Minerals from Conflict-Affected and High-Risk Areas is intended to provide a common reference for all actors throughout the entire mineral supply chain. Companies are encouraged to incorporate the model policy into their existing policies on corporate social responsibility, sustainability, or other alternative equivalent.

• iii)  the worst forms of child labour;2

• iv)  other gross human rights violations and abuses such as widespread
  sexual violence;

• v)  war crimes or other serious violations of international humanitarian law, crimes against humanity or genocide.

Regarding risk management of serious abuses:

2. We will immediately suspend or discontinue engagement with upstream suppliers where we identify a reasonable risk that they are sourcing from, or linked to, any party committing serious abuses as defined in paragraph 1.

Regarding direct or indirect support to non-state armed groups:33

3. We will not tolerate any direct or indirect support to non-state armed groups through the extraction, transport, trade, handling or export of minerals. “Direct or indirect support” to non-state armed groups through the extraction, transport, trade, handling or export of minerals includes, but is not limited to, procuring minerals from, making payments to or otherwise providing logistical assistance or equipment to, non-state armed groups or their affiliates who:4

• i)  illegally control mine sites or otherwise control transportation routes, points where minerals are traded and upstream actors in the supply chain;5 and/or
• ii)  illegally tax or extort6 money or minerals at points of access to mine sites, along transportation routes or at points where minerals are traded; and/or
• iii)  illegally tax or extort intermediaries, export companies or international traders.

• See ILO Convention No. 182 on the Worst Forms of Child Labour (1999).

• To identify non-state armed groups, companies should refer to relevant UN
  Security Council resolutions.

• “Affiliates” includes négociants, consolidators, intermediaries, and others in the
  supply chain that work directly with armed groups to facilitate the extraction,
  trade or handling of minerals.

• “Control” of mines, transportation routes, points where minerals are traded and
  upstream actors in the supply chain means i) overseeing extraction, including by granting access to mine sites and/or coordinating downstream sales to intermediaries, export companies or international traders; ii) making recourse to any forms of forced or compulsory labour to mine, transport, trade or sell minerals; or iii) acting as a director or officer of, or holding beneficial or other ownership interests in, upstream companies or mines.

• “Extort” from mines, transportation routes, points where minerals are traded or upstream companies means the demanding, under the threat of violence or any other penalty, and for which the person has not voluntarily offered, sums of money or minerals, often in return for granting access to exploit the mine site, access transportation routes, or to transport, purchase, or sell minerals.

Regarding risk management of direct or indirect support to non-state armed groups:

1. We will immediately suspend or discontinue engagement with upstream suppliers where we identify a reasonable risk that they are sourcing from, or linked to, any party providing direct or indirect support to non-state armed groups as defined in paragraph 3.

Regarding public or private security forces:

1. We agree to eliminate, in accordance with paragraph 10, direct or indirect support to public or private security forces who illegally control mine sites, transportation routes and upstream actors in the supply chain; illegally tax or extort money or minerals at point of access to mine sites, along transportation routes or at points where minerals are traded; or illegally tax or extort intermediaries, export companies or international traders.7
2. We recognise that the role of public or private security forces at the mine sites and/or surrounding areas and/or along transportation routes should be solely to maintain the rule of law, including safeguarding human rights, providing security to mine workers, equipment and facilities, and protecting the mine site or transportation routes from interference with legitimate extraction and trade.
3. Where we or any company in our supply chain contract public or private security forces, we commit to or we will require that such security forces will be engaged in accordance with the Voluntary Principles on Security and Human Rights. In particular, we will support or take steps, to adopt screening policies to ensure that individuals or units of security forces that are known to have been responsible for gross human rights abuses will not be hired.
4. We will support efforts, or take steps, to engage with central or local authorities, international organisations and civil society organisations to contribute to workable solutions on how transparency, proportionality and accountability in payments made to public security forces for the provision of security could be improved.
5. We will support efforts, or take steps, to engage with local authorities, international organisations and civil society organisations to avoid or minimise the exposure of vulnerable groups, in particular, artisanal miners where minerals in the supply chain are extracted through artisanal or small-scale mining, to adverse impacts associated with the presence of security forces, public or private, on mine sites.

7. “Direct or indirect support” does not refer to legally required forms of support, including legal taxes, fees, and/or royalties that companies pay to the government of a country in which they operate (see paragraph 13 below on disclosure of such payments). 

Regarding risk management of public or private security forces:

10. In accordance with the specific position of the company in the supply chain, we will immediately devise, adopt and implement a risk management plan with upstream suppliers and other stakeholders to prevent or mitigate the risk of direct or indirect support to public or private security forces, as identified in paragraph 5, where we identify that such a reasonable risk exists. In such cases, we will suspend or discontinue engagement with upstream suppliers after failed attempts at mitigation within six months from the adoption of the risk management plan.8 Where we identify a reasonable risk of activities inconsistent with paragraphs 8 and 9, we will respond in the same vein.

Regarding bribery and fraudulent misrepresentation of the origin of minerals:

11. We will not offer, promise, give or demand any bribes, and will resist the solicitation of bribes to conceal or disguise the origin of minerals, to misrepresent taxes, fees and royalties paid to governments for the purposes of mineral extraction, trade, handling, transport and export.9

Regarding money laundering:

12. We will support efforts, or take steps, to contribute to the effective elimination of money laundering where we identify a reasonable risk of money-laundering resulting from, or connected to, the extraction, trade, handling, transport or export of minerals derived from the illegal taxation or extortion of minerals at points of access to mine sites, along transportation routes or at points where minerals are traded by upstream suppliers.
13. As detailed in Step 3(D) of Annex I, companies should conduct an additional risk assessment on those risks requiring mitigation after the adoption of the risk management plan. If within six months from the adoption of the risk management plan there is no significant measurable improvement to prevent or mitigate the risk of direct or indirect support to public or private security forces, as identified in paragraph 5, companies should suspend or discontinue engagement with the supplier for a minimum of three months. Suspension may be accompanied by a revised risk management plan, stating the performance objectives for progressive improvement that should be met before resuming the trade relationship.
14. See OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions (1997); and the United Nations Convention Against Corruption (2004).

Regarding the payment of taxes, fees and royalties due to governments:

13. We will ensure that all taxes, fees, and royalties related to mineral extraction, trade and export from conflict-affected and high-risk areas are paid to governments and, in accordance with the company’s position in the supply chain, we commit to disclose such payments in accordance with the principles set forth under the Extractive Industry Transparency Initiative (EITI).

Regarding risk management of bribery and fraudulent misrepresentation of the origin of minerals, money-laundering and payment of taxes, fees and royalties to governments:

14. In accordance with the specific position of the company in the supply chain, we commit to engage with suppliers, central or local governmental authorities, international organisations, civil society and affected third parties, as appropriate, to improve and track performance with a view to preventing or mitigating risks of adverse impacts through measureable steps taken in reasonable timescales. We will suspend or discontinue engagement with upstream suppliers after failed attempts at mitigation.10
15. As detailed in Step 3(D) of Annex I, companies should conduct an additional risk assessment on those risks requiring mitigation after the adoption of the risk management plan. If within six months from the adoption of the risk management plan there is no significant measurable improvement to prevent or mitigate the risks of bribery and fraudulent misrepresentation of the origin of minerals, money-laundering and payment of taxes, fees and royalties to governments, companies should suspend or discontinue engagement with the supplier for a minimum of three months. Suspension may be accompanied by a revised risk management plan, stating the performance objectives for progressive improvement that should be met before resuming the trade relationship.

Annex 2 

CAHRAs stands for Conflict-Affected and High-Risk Areas. These areas are identified based on several criteria that indicate heightened risks of conflict, human rights abuses, or other severe impacts on the local population and environment. The term is commonly used in the context of responsible sourcing, particularly for minerals and metals.

Characteristics of CAHRAs

• Conflict Presence

1. 1. 1. Regions experiencing armed conflict or widespread violence.
      2. Areas with active insurgencies or civil wars.

• Human Rights Abuses

1. 1. 1. Locations where there are reported incidences of severe human rights abuses such as forced labor, child labor, and exploitation.
      2. Areas with documented cases of sexual violence, torture, or other forms of inhumane treatment.

• Governance Issues

1. 1. 1. Regions with weak or corrupt governance, lack of rule of law, and limited government oversight.
      2. Areas where illegal mining and trade are prevalent due to insufficient regulatory frameworks.

• Economic Instability

1. 1. 1. Locations facing extreme poverty, lack of economic opportunities, and high levels of unemployment.
      2. Regions where the local economy is heavily dependent on the extraction and trade of natural resources.

• Environmental Degradation

1. 1. Areas experiencing significant environmental damage due to unregulated or illegal mining activities.
   2. Regions with substantial deforestation, water contamination, and loss of biodiversity linked to resource extraction.

Importance in Responsible Sourcing

Identifying and assessing CAHRAs is crucial for companies engaged in the sourcing of minerals, including gold, to ensure that their operations do not contribute to conflict, human rights abuses, or environmental degradation. Compliance with standards such as the OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected and High-Risk Areas involves:

• Conducting thorough due diligence to identify risks associated with sourcing from CAHRAs.
• Implementing measures to mitigate these risks, including disengagement from supply chains that do not meet ethical standards.
• Reporting transparently on due diligence practices and findings to stakeholders.