UA - Anti-money laundering

Anti-Money Laundering

What is Anti-Money Laundering

Money laundering refers to a set of laws, regulations and procedures designed to prevent criminals from concealing illegally obtained funds as legal income.

Anti-Money Laundering Rules

Money laundering rules apply to enterprises that may be at risk of abuse as a result of money laundering and terrorist financing. the remittance sector is included in the area requiring regulation.

AML and KYC

Anti-money laundering laws apply only to a limited number of transactions and criminal conduct. But in practice, they affect almost all aspects of the relationship of financial organizations with their customers. The responsibility for detecting and preventing illegal operations lies with the financial organizations themselves.

Financial institutions should verify the identity of each client, track his or her transactions and report suspicious activities, such as a sudden significant increase in funds or withdrawals. This is all part of a set of rules called Know Your Customer. Here, customer knowledge means not only knowledge of the customer’s personality, but also an understanding of his or her typical operations and behavior.

How we comply of AML

Anti-Money Laundering is designed to assist institutions in their fight against money laundering and terrorist financing. In EEA jurisdictions government regulations require financial institutions and money service providers of such programs. At a minimum, a money laundering program should include:

  • internal policies, procedures and controls;
  • AML Compliance Specialist;
  • Continuous training of employees.