What is Anti Money Laundering (AML)
Money laundering aims to cover up offenses such minor drug offenses, tax evasion, and governmental corruption as well as the funding of organizations that are considered terrorist organizations.
Money laundering is a global issue that affects both fiat currency and cryptocurrencies. Due to its secrecy, difficulties in recovering cash, and insufficient legal framework, cryptocurrencies are a desirable method of money laundering. Large-scale crypto seizures prove that criminals frequently utilize it to launder large quantities of money.
Anti-money laundering (AML) refers to the network of laws, rules, and protocols designed to expose attempts to pass off illegal payments as legitimate revenue. The introduction of AML policy is a reaction to the expansion of the financial sector, the elimination of international capital restrictions, and the ease with which intricate webs of financial transactions could be carried out.
Remitano’s approach to Anti Money Laundering Policy
The purpose of this policy is to protect Remitano’s users from scam and other fraud risks, to develop bona fide relationships with Remitano’s partners and to fully support national and international policies in terms of financial security.
This is the policy of Remitano to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities by complying with applicable requirements under the FATF Recommendations and its implementing regulations. As stated below, these initiatives are part of our AML compliance program:
- Reporting AML Information to National Law Enforcement Agencies and Other Financial Institutions
- Checking the list of wanted criminals and the list of economic sanctions and embargoes
- Customer Identification Program
- Customer Due Diligence Rule
- Due Diligence and Enhanced Due Diligence Requirements for Private Banking Accounts/Senior Foreign Political Figures
- Compliance with the Government Issuance of Special Measures Against Foreign Jurisdictions, Financial Institutions or International Transactions of Primary Money Laundering Concern
- Monitoring Accounts for Suspicious Activity
- Suspicious Transactions and Reporting
- AML Recordkeeping
- Clearing/Introducing Firm Relationships
- Training Programs
- Monitoring Employee Conduct and Accounts
- Confidential Reporting of AML Non-Compliance
- Senior Manager Approval
- AML Compliance Officer Designation and Duties
To find out more about Remitano’s approach to AML, you can visit our full documents & resource here
Closing thought
While AML might extend the cryptocurrency trading process, however, it's crucial to ensure every user’s safety. Regulating money laundering operations obviously helps, but governments and organizations can't completely stop all money-laundering activities. Technology is getting better at identifying potential money laundering, and reputable crypto exchanges like Remitano are taking their responsibility in combating crime seriously.
