Comkort Anti Money Laundering ("AML") Policy
What is AML: a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions.
Why is AML instituted at Comkort: Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firm's knowledge or suspicions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.
Comkort complies with the legislation of the UK designed to prevent money laundering. This legislation forms the cornerstone of AML obligations for UK firms and outlines the offences and penalties for failing to comply.
UK AML Legal and Regulatory Framework:
Money laundering and terrorist funding legislation in the UK is governed by four Acts of primary legislation:
- Terrorism Act 2000
- Anti-terrorism, Crime and Security Act 2001
- Proceeds of Crime Act 2002
- Serious Organised Crime and Police Act 2005
- Money Laundering Regulations 2007
How does Comkort AML Policy affect the User:
Comkort AML Policy is designed to prevent money laundering by meeting the UK AML legislation obligations to eliminate the risk of being unintentionally involved in any wrongful financial activity. As a part of this effort Comkort is obliged to require customers to complete a number of due-diligence procedures for fiat trading accounts.
Please note, that Comkort reserves the right without further notice to block an account that is deemed to be involved in suspicious activity. For resolution questions please submit a request to our tech-support.
Comkort AML Policy includes:
- Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures
- Establishing and following risk based approach in monitoring on-going customer activity;
- Monitoring and reporting suspicious activity internally and to the relevant law enforcement authorities;
- The maintenance of appropriate records for the minimum prescribed periods;
- Careful oversight of all employees of the company, including continuous education and update