What is Money Laundering?
The attempt of disguising/altering the origin of a profit which is generated illegally and trying to make it seem legal or in other words "clean money" in order to prevent drawing any attention to the underlying criminal activity is called money laundering. The financial sector is facing the risks of willingly or unwillingly being used as a part of the money laundering process.
Different than money laundering, terrorist financing may involve funding illegitimate purposes using a legitimate source of money.
Financial Crime Prevention
The FCA’s “prevention of financial crime” goal is to prevent financial bribery, fraud and corruption from occurring. Firms in the financial sector are adopting procedures in order to take precautions against financial crimes such as money laundering, fraud and corruption. Our policy is designed to have strong and easy to imply policies and procedures regarding anti-money laundering, fraud prevention and anti-bribery and corruption.
Anti-Money Laundering Regulations of InvestAlgo Ltd
- • Complying with the FCA rules InvestAlgo Ltd have;
- • Appointed a Money Laundering Reporting Officer (MLRO)
- • Client identification verification systems
- • Control monitoring system
- • Senior Management who is responsible for AML and Financial Crime
- • Retaining adequate reports process
- • Training the staff on AML whose duties are relevant
- • A procedure in order to report any suspicious action and/or knowledge.
- • Due to these regulations, the MLRO has been given the following responsibilities;
- • Obtaining and using national & international findings provided by the UK government and the Financial Action Task Force (FATF).
- • Maintaining InvestAlgo Ltd licenses.
- • Making sure that InvestAlgo Ltd takes necessary steps regarding the Know-Your-Client (KYC) and Know-Your-Business (KYB) processes.
- • Preparing external reports on AML and/or terrorist financing knowledge/suspicions to the NCA Crime Agency (NCA) and/or other regulatory or law enforcement bodies.
- • Preparing annual reports based on risk assessments.
- • Adhere to the process for financial sanction requirements.
- • Keeping records of InvestAlgo Ltd customers, transactions and AML audits.
- • Design and implementation of the entire Financial Crime Programme including updates and enforcement of the Program.
- • Settling policies and procedures ensuring that the Financial Crime Program being implemented.
- • Creating awareness and training of the staff regarding the AML policy, its implementation and disciplinary sanction in case of failing to comply with the requirements.