Money laundering (anti-money laundering – AML) – this action is the transformation of money or other monetary instruments resulting kakoy-libo illegal activity into money or investments that appear legitimate so that its illegal source can not be tracked.
The procedures and methods.
The purpose of a series of measures to counter money laundering and procedures that are used to identify WestChange such operations is a guarantee that customers using the services of WestChange equally identified by the same standard. This will minimize both its own risks, and risks of legitimate customers to be involved in illegal acts of third parties. WestChange service is positioning itself in helping international organizations in the fight against money laundering.
To minimize the risks associated with money laundering and financing of terrorist activities, we categorically do not accept or send payments to the third (that is, not installed) persons. Every customer, for which fixed its own expense, has the right to send or receive payments, using only their own account, either: the accounts in electronic payment systems, bank accounts, credit / debit cards. We have the right to refuse to conduct transactions at any stage in the case of the assumption that the transaction is in any way related to money laundering or criminal activity.
Adhering to the policy of “Know Your Customer” we can make a customer identification systеm. In this case, the client must provide two documents.
The first document – state identification document with photo mandatory client. This may be an internal passport or a passport for foreign travel, driver’s license (for countries where the driver’s license – a primary identification document, such as the United States) or local ID card (no company access cards). The second document, which we may request – through the full customer name and actual address on it not older than 3 months. It can be a utility bill, bank statement for any period or any other document, which indicates customer’s full name, residential address, which he pointed out in an account profile.
identification also provides confirmation of the client’s personal phone number.
After passing authentication, the account status is automatically increased, and the customer is able to use all the functions of the systеm.
To prevent compromise of sensitive customer data, uploading documents and information produced through a special interface to the customer’s account via a secure HTTPS protocol.
service operator responsibilities for compliance with this policy.
service operator responsibilities for compliance with the policy of counteraction to legalization and laundering of funds obtained by illegal means:
Client storage history of operations within three years;
tracking and identification of suspicious transactions;
providing information about the client and his transactions to law enforcement authorities for appropriate official request;
suspension of suspicious transactions to ascertain the circumstances of suspicious and return funds to source funds;
failure to make a suspicious transaction.
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