Money laundering is the generic term used to describe the process by which criminals disguise the original ownership and control of proceeds of criminal conduct by making such proceeds appear to have derived from a legitimate source. Money laundering also covers criminally obtained money or money from a legitimate source used for funding terrorism. Money Laundering can take many forms (as shown below):
• Handling proceeds (i.e. cash) generated by such activities as theft, drug money, fraud, and tax evasion.
• Being knowingly involved in anyway with a criminal or terrorist property.
• Entering into arrangements to facilitate laundering criminals or terrorist property.
• Investing illegitimate proceeds (i.e. cash) in another financial product (i.e. a money transfer).
• Investing illegitimate proceeds into the acquisition of property/assets.
How it affects Khyber Exchange?
Khyber Exchange has set guidelines designed for proper identifications of an account holder or customer for the scrutiny or monitoring of large value cash transactions. It aims to prevent a financial institution from being used intentionally or unintentionally by criminals for committing financial frauds or for funding terrorists by transferring of funds deprived of criminal activity.
Khyber Exchange’s KYC (Know Your Customer) policy has proven extremely effective in detection suspicious/terrorist activity in a timely manner.
How it affects our clients and customers?
For a large amount transaction or frequent transactions, we will require two forms of identification. A photo ID would require the customer or client to submit a copy of a valid passport, driving license and identity card. The second ID would require for the clients and customers to provide documents to provide their proof of residency, it can be a utility bill, council tax, bank statement or mortgage statements within the last three months as a form of ID.
In addition to the requirements above we may also ask for evidence to show the source of funds if it is a large sized transaction. We would require a confirmation letter from an accountant or a lawyer to show where the large amount has come from, i.e. loan, property sale, equity sale. We may also require a bank account to show the reason of transaction (i.e. invoice or salary).
All customers and clients must comply with these requirements. Khyber Exchange retains the right to refuse or accept a customer’s instruction and is under no obligation to enter into a transaction should it decide not do so.
In a case, where original documents cannot be provided on a “face-to-face basis,” Khyber Exchange will accept copies of ID. However, a photographic ID would need to be certified as “Seen and provide a true likeness” by lawyer, accountant, banker, teacher, doctor or a minister of religion who would sign the copy and supply their own name, address and contact details. Copies of certified documents should be posted as FAX copies are not acceptable.
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