Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF) Policy
Please beware that we have zero tolerance policy for AML/CTF
Genesis Fintech Pty Ltd is bound by Australian law to take steps to ensure that it is not involved in the facilitation of money laundering or terrorism financing.
Various strong AML/CTF measures are in place designed to articulate our commitment to detecting, preventing and reporting attempts to use our financial services platform to illegally launder money, to finance illegal activities or to commit fraud.
The following is a list of some of these measures:.
• As a designated service provider, we are required to carry out know your customer (KYC), know your business (KYB) and ongoing customer due diligence to open and maintain your account. This requires us to ask you to provide personal and / or business information. We use various company and system for verification. All customers are checked against global sanctions and Politically Exposed Person (PEP) lists.
• Where we identify a transaction or activity as suspicious, we have an obligation to report to AUSTRAC or other relevant authorities.
What is Money Laundering and Terrorism Financing?
Money laundering is the process of hiding or disguising the source of illegally obtained (“dirty”) funds to make them appear legitimate (“clean”), e.g. by filtering them through the financial system to reduce the risk of detection and confiscation by authorities.
Terrorism financing provides funds for terrorist activity. It may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organizations, as well as from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion. Terrorists use techniques like those of money launderers to evade authorities’ attention and to protect the identity of their sponsors and of the ultimate beneficiaries of the funds.
TAGS: #KYC, AML, CTF AUSTRAC,