What is Money laundering?
Money laundering is the practice of disguising the origins of illegally-obtained money. Ultimately, it is the process by which the proceeds of crime are made to appear legitimate. The methods by which money may be laundered are varied and can range in sophistication from simple to complex.
We acknowledge that as a non-bank financial institution the company may face the risks of having to deal with money laundering activities. We realize that we have both civic responsibilities and legal obligations to do all we can to prevent money laundering.
The three basic canons of Anti Money Laundering i.e.:
• Know Your Customer (KYC)
• Source of funds
• End use/destination of funds
Anti Money laundering Policy Statement
Assessing, restraining and combating money laundering activities and illegal transactions is the basic policy and key function of Sky Exchange.
We ensure compliance with all applicable laws, rules and regulations framed by the regulators to combat money laundering and terrorist financing. We aim to maintain the highest operating standards to safeguard the interest of our customers, stakeholders and our staff.
Our Money laundering policy requires the following measures:
• Know Your Customer Policy (KYC);
• Obtain information about the true identity of the persons making the transactions;
• Increasing awareness on money laundering issues among the staff;
• Assisting law enforcement agencies and authorities in identification of the money laundering activities; and
• Specific record keeping procedures