- Your reliable assistant has a following Anti-Money Laundering (AML) Policy:
What is money laundering?
Money laundering is the process of introducing illegally-acquired funds into the legal, economic, and financial cycle. This involves acquisition, possession, and transaction, as well as any attempt of concealment or disguise of the true owner and source of monetary instrument.
Why does MagnatuS have and implement an AML Policy?
As an electronic money exchanger, MagnatuS is obliged to comply with regulatory requirements and to implement measures against fraud, money laundering, and financing of terrorist activities. Our AML policy has been composed and structured to avert money laundering as required by local AML legislation, which includes the necessity to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime.
MagnatuS has vigorous policies, controls and procedures to detect, prevent and report suspicious activity. To comply with local requirements, and global sanctions, we screen our customer accounts against government watch lists. In addition, we may request that you provide us with documentation to help prove your identity or for business verification purposes.
How does MagnatuS comply to applicable local rules on anti-money laundering, terrorism financing, and fraud?
MagnatuS implements an AML policy with a proper compliance framework. The company has:
1. Appointed an AML Officer Company who coordinates all measures implemented to prevent money laundering and provides the overall risk mitigation concepts;
2. Established and maintained a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
3. Established and maintained risk-based customer due diligence, identification, verification and know your customer (KYC) procedures;
For exchanges from okpay, perfectmoney and advcash, the user's e-mail address and phone number must be verified and confirmed
For exchanges from paypal and scrill, all the verification steps conducted for basic accounts will be performed, plus additional due diligence verification which includes verification of identity and billing address
In situations where the risk of fraudulent activity is high, enhanced due diligence is required, which includes verification of identity, billing address, and payment instrument (e.g., card used by customer), if applicable
4. Set up procedures and guidelines for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
5. Set up a system to maintain and archive records for the minimum prescribed periods; and
6. Trained and instructed all company employees regarding AML and terrorism financing.
For questions and clarifications on our AML Policy, you may contact us.