Anti-Money Laundering Policy
Money laundering is any transaction or series of transactions undertaken to conceal or disguise the nature and source of funds that have been obtained from illegal activity.
The main objective of the money launderer is to transform illegally obtained money into seemingly legal money or other assets in the way so transformation does not leave any or little trace.. Examples of illegal activities that often involve money laundering are: drug trafficking; terrorism; smuggling; fraud; bribery; robbery; embezzlement; and illegal gambling. More details you can find in the informative article we’ve posted for you.
COINFIDE introduced all the rules and procedures related to prevention of money laundering.
The following standards and duties are considered to be minimum requirements for COINFIDE:
- Know Your Customer
- For each Person and/or Legal entity willing to use all the advantages of our system should hold a COINFIDE certified account.
- All persons and legal entities should have their identities verified by COINFIDE.
- COINFIDE will monitor any unusual or suspicious transactions or activities.
- In order to comply with the strict laws on money laundering, we reserve the right to report suspicious transactions to the relevant authorities.
- Record keeping
- COINFIDE will keep the records of all documents obtained for the purpose of identification and all transaction data as well as other information related to money laundering matters in accordance with the applicable anti-money laundering laws/regulations.
- All records must be kept for at least 5 years.