Money laundering is the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc.) into money or investments that appear to be legitimate. Such activity is used because of the illegal source of money and other material values cannot be traced.
In order to confront the penetration of criminal money into state economy and to prevent expansion of terrorist activity, countries carry on a struggle against money laundering and terrorism financing. Financial organizations are one of the easiest of access and convenient instruments that allow to legalize revenue from illegal activity.
The increased integration of financial markets and liberty of capital mobility between them make market penetration of criminal capital easier. Thereat Zharifsofiaexchanger.com applies by-law and programs of its implementation to help international organizations to struggle against money laundering and financing of terrorist activity all over the world.
- Zharifsofiaexchanger.com collects documents and verifies identification data of the Client and also logs and tracks itemized statement of all transactions carried out by the Client.
- Zharifsofiaexchanger.com tracks suspicious transactions of the clients and transactions executed under nonstandard conditions.Zharifsofiaexchanger.com performs its action on the base of AML FATF recommendations.
- Zharifsofiaexchanger.com neither accepts cash deposits nor disburses cash under any circumstances.
- Zharifsofiaexchanger.com reserves the right to refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international lawZharifsofiaexchanger.com is not obliged to inform the Client that it was reported to the corresponding bodies of the Client’s suspicious activity.
Zharifsofiaexchanger.com is committed to regularly update its electronic system for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.