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Anti-Money Laundering

What Are Anti Money Laundering Laws?

It is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases, money launderers hide their actions through a series of steps that make money coming from illegal or unethical sources look like it was earned legitimately.

AML incorporates a plethora of measures aimed at prevention of the use of the financial system of the country or any specific financial institution for money laundering or financing terrorism. Such measures and instruments are worked out and implemented by international & national institutions and the banking & business community.

The Company will always adhere to strict AML policies to prevent the misuse of money, money laundering, terrorist financing or any other financial crime. The Company is fully aware of the possible harmful effects and the danger to the global society, which comes together with the possibility for wrongdoers and criminals to disguise criminal origin of property, and to transfer, acquire or in any way legalize the ownership of such property.

The Company recognises the importance of complying with all AML laws and combating the financing of terrorism. In dealing with the Company, the User/Distributor acknowledges and agrees that the Company is obliged to adhere to applicable AML regulations. The User/Distributor will not attempt to initiate any transaction that may contravene any AML regulation and will provide such information as is necessary or desirable for the Company to comply with its AML obligations.

Few of the measures which the company will comply with

  • The Company will collect the identification data, IP address, online activity, communications and in general all transactions of every distributor. The Company will pay attention to every distributor/user, especially their background, relevant activities, their verification of identity for business and all other information provided by them.
  • The Company will be continuously monitoring the activity of the distributor and their transactions with the Company and shall keep safe all the records on the accounts, the transactions and the communications with the distributor.
  • The Company will evaluate the possible risk of money laundering while dealing with distributors.
  • The Company will co-operate with responsible AML officers appointed by the Company and approved by AML authorities.
  • The Company will report any suspicious activity to a competent AML authority.
  • The Company will monitor changes to company AML policy in accordance with relevant changes and adopt new measures, if necessary.
  • Enhanced Due Diligence is exercised on high turn-over distributors and/or potentially suspicious distributors/transactions.

Information Collection: The Company reserves the right to collect such information as is necessary from the User/Distributor to meet its obligations under applicable AML Regulations. The Company may pass on information collected from the User /Distributor, relating to Transactions as required by applicable AML Regulations and is under no obligation to inform the User /Distributor it has done so. The Company may undertake all such AML checks in relation to the User/Distributor or any Transaction as may be deemed necessary or appropriate by the Company, and reserves the right to take any action (including cancellation of the Transaction, refusal or blocking of access) with no liability to the User/Distributor or any third party.

Transmission of Information to Regulatory Bodies: The Company reserves the right to provide all such information regarding the User/Distributor and any Transactions in relation to its obligations to, or requests (whether legally binding or not) by any relevant regulatory body.