Anti-Money Laundering Policy
Money laundering is any act or attempted act to conceal or disguise the origin or ownership of funds derived from different forms of crime, including, but not limited to, financial fraud, cybercrimes, extortion, tax evasion, illegal gambling and drug trafficking. Terrorism financing is a criminal activity which involves collection, provision or processing of funds with the intention to sponsor acts of terrorism or to support individuals or organized groups that intend to carry out acts of terrorism. Terrorism financing has become conflated with money laundering since the methods of money laundering are essentially the same as those used to conceal financial transactions of terrorists.
Cash2PM.com e-currency exchange service (hereinafter referred to as "Cash2PM.com") is committed to compliance with all international Anti-Money Laundering and Combating the Financing of Terrorism (hereinafter referred to as "AML/CFT") laws and regulations. Cash2PM.com has established procedures and measures in order to prevent money laundering in accordance with the risk profile of its products and services.
Cash2PM.com implements the "Know Your Customer" policy as part of its compliance program. With full knowledge of prospective and existing customers, beneficial owners and sources of customer's funds, suspicious activity can be identified, including unusual patterns of transactions, changes in customer's behaviour, attempts to conceal identity or location, attempts to use false documents and other indicators that money laundering may be occurring.
Cash2PM.com applies customer due diligence measures in all cases, but the character of the due diligence procedures depends on the money laundering risk that the customer is assessed. Cash2PM.com conducts additional monitoring in cases where there is a heightened risk of money laundering.
In order to improve suspicious transactions monitoring, Cash2PM.com regularly updates its system in accordance with any new regulations as they are published, as well as provides training for its employees on enhancements to AML/CFT procedures that may be required by new regulations.