Anti-money laundering control (AML – anti-money laundering) is a set of measures aimed to prevent usage of the financial system of a country or a financial institution for legalization of proceeds of crime or of financing terrorism. Development and implementation of these measures and instruments are carried out by international and national institutions, the banking and business communities.
Here are specific arrangements that Wallet Spire takes as a part of our AML policy work:
• We have an executive specialist in the company management team whose main task is to supervise compliance of Wallet Spire policies and procedures, world practices and regulations related to AML.
• We trust our highly qualified employees who work in close contact with customers: these are customer service specialists and heads of departments and offices. As part of the client policy, the company has implemented “Know Your Customer” (KYC) program, the main goal of which is full understanding and awareness of the partner’s business with whom we establish commercial relations.
• We track the latest international trends and tendencies in anti-money laundering control and implement them in our company’s work. We understand that preventing money laundering and ascertaining the facts of terrorism financing is an ongoing process that requires constant attention and the ability to track illegal financial schemes.
The company uses the “Know Your Customer” (KYC) procedure according to international norms:
• to identify personal account clients, the company can request passport, driving license, identification card or another identity document, as well as a document confirming residential address.
• to identify business account clients, the company can request passport, driving license, identification card or another identity document, as well as a document confirming residential address of all beneficiaries of the company, as well as the main company documentation package. *
* In case the transaction amount exceeds $ 500 per transaction or $ 1000 in total.