The highest standards of Anti-Money Laundering (AML) compliance and Counter-Terrorist Financing are upheld by MMTECH SOLUTIONS (CTF). The company’s anti-money-laundering and anti-terrorist financing policy seeks to actively reduce the risks associated with these issues. All financial institutions are required by law to gather, verify, and record information that identifies each person establishing an account in order to assist the government in combating the funding of terrorism and money laundering operations. We have a responsibility to report any potentially money-laundering-related questionable customer activity.
Money laundering is the practice of transferring monies obtained by unlawful means (such as fraud, corruption, terrorism, etc.) into other funds or assets that appear to be legitimate in an effort to conceal or misrepresent the true source of the funds.
The money laundering process can be separated into three secondary stages:
Placement. At this point, money is transformed into financial instruments like checks, bank accounts, and money transfers or it might be spent on expensive items that can be sold again. They can also be physically deposited into financial institutions, including banks and non-bank ones (e.g., currency exchangers). Instead of paying the entire amount at once, the launderer may choose to make several payments to avoid raising suspicion from the firm; this method of placing is known as smurfing.
Layering. Money is moved or transferred to different accounts and financial instruments. It is done in order to hide the source and obstruct the identification of the party that executed the numerous financial transactions. It is challenging to track down money that has been laundered because of the movement of monies and changes in its form.
Integration. Money that was used to buy products and services is put back into circulation.
MMTECH SOLUTIONS abides by the anti-money laundering standards and actively prohibits any acts that encourage or intend to promote the legalization of money obtained illegally. AML policies strive to stop criminals from using the company’s services to finance terrorism, money laundering, or other illegal activities.
MMTECH SOLUTIONS never accepts or pays in cash due to anti-money laundering measures. The business maintains the right to halt any customer activity that the staff believes to be illegal or to be connected to money laundering.
MMTECH SOLUTIONS Business procedure
MMTECH SOLUTIONS will ensure that it is transacting with a legitimate individual or business. Additionally, MMTECH SOLUTIONS takes all necessary actions in line with the rules and laws that have been published by the monetary authorities. The following methods are used by MMTECH SOLUTIONS to comply with the AML policy:
Individual Clients
Each customer enters personal information throughout the registration process, including full name, date of birth, country of origin, and full residence address. To validate the personal data, the following papers are necessary: Due to the requirements of KYC and to confirm the provided information, a client sends the following documents (if the documents are written in characters other than Latin characters: it is necessary to provide a notarized translation of the document in English to avoid any delays in the verification process):
a driving license with a picture; a current, valid passport (showing the first page of the local or international passport, where the photo and the signature are clearly visible);
national identification card with the front and back pages visible;
documents with the client’s complete name and address that demonstrate their current residential address (such as utility bills, bank statements, etc.). The materials must be no more than three months old as of the filing date.
Corporate Clients
No additional measures to verify identification will often be necessary if the application firm is listed on a recognized or approved stock exchange or if there is independent evidence to demonstrate that the applicant is a wholly owned subsidiary or a subsidiary under the supervision of such a business. The following paperwork must be given if the business is unquoted and none of the major directors or shareholders already has an account with MMTECH SOLUTIONS:
Memorandum and Articles of Association, statutory statement, and certificate of incorporation, or their national equivalents
a certificate of good standing or other evidence of the company’s registered address;
a decision by the board of directors to establish an account and give the account’s operators authority;
copies of any powers of attorney or other directives the directors have granted with regard to the corporation;
Directors must provide identification proof if they communicate with MMTECH Solutions on the customer’s behalf (in accordance with the guidelines for individual identity verification outlined above);
Proof of the identification of the beneficial owner(s) and/or the person(s) whose orders the account’s signatories are authorized to follow (according to the Individual identity verification rules described above).
Monitoring Of Client Activity
In addition to gathering information from the clients, MMTECH SOLUTIONS continues to monitor the activity of every client to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is inconsistent with the client’s legitimate business or the usual client’s transaction history known from client activity monitoring. MMTECH SOLUTIONS has implemented the system of monitoring the named transactions (both automatic and, if needed, manual) to prevent using the company’s services by criminals.
Record Keeping
Records must be kept of all transaction data and data obtained for the purpose of identification, as well as of all documents related to money laundering topics (e.g. files on suspicious activity reports, documentation of AML account monitoring, etc.). Those records are kept for a minimum of 7 years after the account is closed.
Measures Taken
In cases of an attempt to execute transactions which MMTECH SOLUTIONS suspects that are related to money laundering or other criminal activity, it will proceed in accordance with the applicable law and report suspicious activity to regulating authority.
MMTECH SOLUTIONS reserves the right to suspend any client’s operation, which can be regarded as illegal or may be related to money laundering in the opinion of the staff. MMTECH SOLUTIONS has complete discretion to temporarily block the suspicious client account or terminate an existing client relationship. For more information you can contact us at support@mmtechsolutions.com