A new intern at an IT company is getting started with AWS Cloud and seeks to comprehend the specifics of the following Amazon S3 bucket access policy:

{ "Version": "2012-10-17", "Statement": [ { "Sid": "ListAllS3Buckets", "Effect": "Allow", "Action": ["s3:ListAllMyBuckets"], "Resource": "arn:aws:s3:::" }, { "Sid": "AllowBucketLevelActions", "Effect": "Allow", "Action": [ "s3:ListBucket", "s3:GetBucketLocation" ], "Resource": "arn:aws:s3:::" }, { "Sid": "AllowBucketObjectActions", "Effect": "Allow", "Action": [ "s3:PutObject", "s3:PutObjectAcl", "s3:GetObject", "s3:GetObjectAcl", "s3:DeleteObject" ], "Resource": "arn:aws:s3:::/" }, { "Sid": "RequireMFAForProductionBucket", "Effect": "Deny", "Action": "s3:", "Resource": [ "arn:aws:s3:::Production/", "arn:aws:s3:::Production" ], "Condition": { "NumericGreaterThanIfExists": {"aws:MultiFactorAuthAge": "1800"} } } ] }

As a Developer Associate, can you assist him in identifying the purpose and specifics of this policy?