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Proliferation financing At Remittance360 Ltd., ensuring the highest standards of compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) regulations is at the core of our operations. Here’s how we uphold these standards:

Regulatory framework

We are steadfast in our compliance with key legislations, including the Money Laundering, Terrorist Financing, and Transfer of Funds (Information on the Payer) Regulations 2017, the Proceeds of Crime Act 2002, and the Bribery Act 2010. Our adherence to the guidance provided by the Joint Money Laundering Steering Group further solidifies our commitment to AML requirements. We also comply to local regulations in the countries of operation.

Partner onboarding and risk assessment

Every business partner undergoes thorough KYC and Customer Due Diligence (CDD) based on risk assessment. A meticulous investigation of our partners’ AML policies and procedures is integral to maintaining the integrity and security of our platform. Following onboarding, we conduct daily screening of our partners and their Ultimate Beneficial Owners (UBOs) against updated sanctions lists, ensuring continuous compliance and risk mitigation.

Compliance management system

Our money sending platform is designed to meet AML, KYC, and other relevant legal requirements. This includes detailed screening of transfer senders and beneficiaries, analyzing customer activity (FATF limits), blacklisting, holding transfers, submitting results of administrative reviews, and maintaining comprehensive records in the dedicated AML log, in addition to general database logs available for analytics.

Compliance training

All our employees are trained regularly or when needed on AML/CTF, anti bribery and corruption, data protection, and proliferation financing, and relevant to that specific risk management and suspicious activity aspects. 

Proliferation financing

The company complies with the obligations and requirements set out by UK legislation, regulations and rules regarding proliferation financing. This includes ensuring that we have adequate systems and controls in place to mitigate against any risk posed to the firm and its clients. This policy is also in place to ensure that all employees know and understand their obligations with regards to our proliferation financing measures and the consequences of non-compliance in this area. The company will do everything possible to protect its staff and clients from being exposed to proliferation financing and will comply with the guidance and rules laid out in The Money Laundering and Terrorist Financing (Amendment) (No. 2) Regulations 2022 with changes to the MLRs 2017 and current National Risk Assessment of proliferation financing produced by HM Treasury in 2021.

Sanctions lists and adaptability

We ensure compliance with various sanctions regimes, including:

  • UK Sanctions: Imposed by the Office of Financial Sanctions Implementation (OFSI) of HM Treasury.
  • US Sanctions: Imposed by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC).
  • EU Sanctions: Enforced by the European Union, addressing various foreign policy and security issues.
  • UN Sanctions: Imposed by the United Nations Security Council, targeting specific individuals, entities, or sectors.
  • Local sanctions according to the country of operations.

Our sanctions lists are updated daily from government sources, ensuring real-time adherence to all applicable restrictions. Additionally,  our connection to third-party databases enables us to conduct advanced screening for Politically Exposed Persons (PEPs) and criminal information, enhancing our compliance capabilities. We are also prepared to implement additional provisions and checks based on local regulatory requirements and partners’ needs.

Remittance360 Ltd. is approved by HMRC for Money Laundering Supervision, MLS No XQML00000156401.

By implementing these measures and continuously updating our practices, we foster a secure and compliant environment, reinforcing trust with our users and partners in the financial ecosystem.

For more details on AML/CTF measures, reach our team.