Understanding Money Laundering

Money laundering is described as the process of disguising or camouflaging details regarding the actual source, origin, location, dispersion, control, or entitlement of assets obtained through unlawful means (or assets exchanged for such). This includes managing, converting, moving, acquiring, holding, or utilizing assets stemming from illicit activities with the intention to hide their illegal origins or assist others in avoiding legal consequences, especially when these assets originate from criminal activities in a different jurisdiction. Countries around the globe are committed to blocking the flow of illegal funds into their financial systems and addressing the spread of criminality, money laundering, and the funding of terrorism. Our organization implements rigorous internal policies and extensive actions to aid both domestic and international efforts in this relentless battle.

Rights and obligations of the parties

By setting up an account with our firm, you are committing to:

• Comply with all applicable legal and regulatory mandates related to anti-money laundering and counter-terrorism financing, in line with our established AML Policy;
• Declare that the resources you deploy are not associated with illicit activities and are free from any connections to money laundering or other unlawful acts;
• Agree to provide any necessary details we might need to meet our legal responsibilities for anti-money laundering.

It’s essential to acknowledge these terms while establishing your personal account in our system.

Our organization retains the authority to:

• Collect and preserve your personal identification documents, monitor all transactions made through your account, and scrutinize any activities that appear unusual or suspect;
• Interrupt any transaction at any phase if there’s a suspicion it’s related to money laundering or criminal endeavors;
• Refrain from notifying you if your actions are under scrutiny or have been reported to legal authorities, as permitted by international law.

In enforcing these rights, we pledge to uphold the utmost standards of confidentiality and ethical conduct, aligning with our legal duties and the best practices of our industry.

Obligatory account verification

As part of our AML Policy, we conduct initial and ongoing identity verifications based on the assessed risk level of each User. This requires you to provide essential data for identity verification. We’ll store your identification data and details on the verification methods and outcomes. Your personal information will be compared against government and independent body databases of suspected terrorists.

The minimal identification data set includes:

• Full name;
• Date of birth;
• Residential or registration address; 
• Origin of the funds for your account on our Website. 

To validate this information, we may ask for documents like a passport, ID card, or other national identification, containing your full name, birth date, and photo, issued by state authorities.