AAA-CRYPTO.COM does not tolerate money laundering and supports the fight against money launderers. AAA-CRYPTO.COM follows the guidelines set by the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing. AAA-CRYPTO.COM now has policies in place to deter people from laundering money.
These policies include:
— ensuring clients have valid proof of identification; — maintaining records of identification information; — determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists; — informing clients that the information they provide may be used to verify their identity; — closely following clients’ money transactions; — not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers. — Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
Money Laundering usually follows three stages:
— firstly, cash or cash equivalents are placed into the financial system; — secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts); — and finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds. directs fund withdrawals back to the original source of remittance, as a preventative measure.
International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potentially suspicious activity.
These guidelines have been implemented to protect and its clients.
For questions/comments regarding these guidelines, please contact us at [email protected]