AML

We follow strict Anti Money Laundering (AML) policy and meet the legislation of most of the countries. It is designed to prevent money laundering and meeting legislation obligations like to have adequate systems as well as to have complete controls to mitigate the risk of the company which is used to facilitate financial crime. In brief, we try to bar any practice of income generation through illegal actions.

After the formation of Financial Action Task Force (FATF) in 1989 the AML rules and regulations started gaining recognition across the world, and international standards were set to fight money laundering to help maintain as well as promote economic and ethical disadvantages to those who are legally credible, and to keep the financial market into stable condition.

As we all know money is a limited resource, the illegal accumulation of money without any proper regulation prevents the capital to circulate in the market and into socioeconomically productive industries. Due to money laundering money flow imbalance tend to arise and this results with further printing of currency. As an aftermath the purchasing power of the currency weakens and this sometimes lead to inflation if not controlled. It will cripple the economy of the country and erode away economy too.

International AML rules and regulations target activities like tax evasion, illegal trade goods, market manipulation and other that conceal such deeds. Usually it has been seen terrorists, drug smugglers and organized criminals rely on such money laundering to help retain their cash flow which are needed in illegal activities. If such laundering is restricted or made tough, their criminal ability too reduces and gets hampered. So following a standard AML policy is always required by companies like us to reduce overall crime from the country as well as from the world. We always abide by the guidelines of FATF as well as that of International Monetary Fund (IMF) to have minimal to zero participation in the illegal moneymaking activities.

These are the reasons we may be required and/or directed to aid and cooperate the law enforcement authorities and/or government of the country. We abide with the same to the investigating agencies, police, or Tribunals and Courts. We are bound to disclose information of our customers in such case with the authorities.

Hence we discourage our customers to open accounts as anonymous or in fictitious name at our e-exchange. We look ahead to verify documents through our system for legal identification of users while opening an account with us and making transaction, either buying or selling e-currencies.