AML policy
CashComPay Anti-Money Laundering (AML) Policy
Purpose: CashComPay is committed to preventing money laundering and the financing of terrorism. This policy outlines the measures we undertake to comply with Anti-Money Laundering (AML) regulations and guidelines.
Customer Due Diligence (CDD):
- We conduct thorough customer due diligence before establishing any business relationship or executing transactions.
- Identification and verification of customers' identities are mandatory, including individuals and entities.
- Enhanced due diligence is conducted for high-risk customers or transactions.
Know Your Customer (KYC) Procedures:
- We implement robust KYC procedures to verify customers' identities, assess their risk profile, and understand the nature of their transactions.
- KYC information includes identity verification documents, business details, source of funds, and beneficial ownership information.
Transaction Monitoring:
- We monitor transactions on an ongoing basis to detect any unusual or suspicious activities.
- Automated systems and manual reviews are utilized to identify potentially suspicious transactions.
Reporting Obligations:
- We adhere to reporting requirements mandated by regulatory authorities.
- Suspicious transactions or activities are promptly reported to the relevant authorities as per regulatory guidelines.
Employee Training and Awareness:
- Employees receive regular training on AML regulations, policies, and procedures.
- Staff members are educated on recognizing and reporting suspicious activities.
Record Keeping:
- Comprehensive records of customer transactions, identification documents, and due diligence documentation are maintained.
- Records are retained for the period prescribed by regulatory requirements.
Risk-Based Approach:
- We adopt a risk-based approach to assess and mitigate money laundering and terrorist financing risks.
- Risk assessments are periodically conducted to identify and address emerging risks.
Compliance Oversight:
- A designated compliance officer oversees the implementation of AML policies and procedures.
- Regular audits and reviews are conducted to ensure compliance with regulatory obligations.
Non-Tolerance Policy:
- CashComPay has a zero-tolerance policy towards money laundering, terrorism financing, and any illegal activities.
- Any suspicions or indications of such activities are investigated promptly and appropriate actions are taken.
This AML policy serves as a framework for CashComPay to uphold its commitment to combat money laundering and terrorist financing activities effectively. All employees and stakeholders are required to comply with this policy and contribute to maintaining the integrity of our financial services.
