Anti-Money Laundering (AML) Policy
for WebFinex TechFusion OPC Pvt Ltd and https://bluswap.co/
Effective Date: August 31, 2023
1. Introduction
Webfinex TechFusion OPC Pvt Ltd and https://bluswap.co/ (hereinafter referred to as “the Company”) is committed to adhering to stringent Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations and preventing the use of its services for illicit activities. This AML Policy outlines our commitment to detecting, preventing, and reporting money laundering and other suspicious activities.
2. Definitions
a) Money Laundering: The process of making illegally-gained proceeds appear legal by disguising their true source.
b) AML: Anti-Money Laundering measures, policies, and procedures that organisations implement to detect and prevent money laundering activities.
c) CTF: Counter-Terrorism Financing refers to efforts to prevent the funding of terrorism and related activities.
3. Legal Framework
The Company operates in compliance with all applicable AML and CTF laws, regulations, and guidelines of the jurisdictions in which we operate.
4. Customer Due Diligence (CDD)
a) Identification: The Company collects and verifies customer information, including full legal name, residential address, date of birth, and a valid government-issued identification document.
b) Enhanced Due Diligence (EDD): For higher-risk customers or transactions, we conduct enhanced due diligence which includes additional verification checks.
5. Suspicious Activity Reporting
The Company has established mechanisms to detect and report suspicious activities, including but not limited to:
a) Large, unusual transactions or patterns inconsistent with the customer’s profile.
b) Transactions involving high-risk jurisdictions or politically exposed persons (PEPs).
c) Transactions designed to evade reporting requirements or with no apparent legal purpose.
6. Record Keeping
The Company maintains records of customer identification and transactions for a minimum period as required by applicable laws and regulations.
7. Employee Training
Our employees are regularly trained to recognize and report suspicious activities and to comply with AML and CTF regulations.
8. Reporting to Authorities
The Company is committed to cooperating with law enforcement agencies and regulatory authorities. We will promptly report any suspicious activity or transactions as required by law.
9. Ongoing Monitoring
The Company conducts ongoing monitoring of customer transactions to identify and report suspicious activities.
10. Risk Assessment
We regularly assess and update our AML and CTF risk assessments to adapt to changing regulatory requirements and emerging risks.
11. Compliance Officer
The Company shall appoint a Compliance Officer responsible for ensuring the effectiveness of our AML and CTF policies and procedures.
12. Communication and Training
This AML Policy is communicated to all employees, agents, and relevant stakeholders. Regular training and awareness programs are conducted to ensure compliance.
13. Amendments
This AML Policy may be amended from time to time to reflect changes in regulations or our business practices. Updated policies will be communicated to all relevant parties.
The Company is committed to maintaining the highest standards of AML and CTF compliance. We take our responsibility seriously and work diligently to prevent our services from being used for illegal activities.