Money laundering is the act of disguising the profits from illegal activities such as corruption into legitimate assets in such a way that its origin is difficult to trace.
WOLOWZ does not compromise on the finance policy of anti-money laundering and counter-terrorism. Therefore, all transactions are monitored carefully to ensure that no money laundering or terrorism financing takes place. Inside rules are created according to the related international standards.
1. General provisions
WOLOWZ Anti-Money Laundering Policy is constructed to detect and counter money laundering. Using advanced technology, control systems and uniting with international codifications; the probability of this utility being used as a ground for financial crimes is reduced dramatically. This AML Policy provides sufficient merits such as:
- Client’s Authentication and identity validation
- Transactions Supervision
2. Compliance Officer
The person verified by WOLOWZ is the Compliance Officer who safeguards the observance of AML/KYC (Know Your Customer) Policy; making sure that the policy is efficiently practiced. The Compliance Officer is responsible for monitoring the rules of WOLOWZ’s anti-money laundering and counter-terrorist financing such as:
- Acquiring information regarding the Client’s identity.
- Creating and modifying internal rules and regulations for finalization, evaluation, submission and safekeeping of all documents and reports under the jurisdiction of relevant laws and ordinances.
- Supervising transactions and exploring abnormalities.
- Administration of records management system to organize all reports and documentation.
- Improving threat evaluation regularly.
- Supplying legal authorities intelligence under the jurisdiction of relevant policies.
3. Client’s identification and verification procedures
WOLOWZ has initiated its own system for regulating obedience with the anti-money laundering standards and KYC policy. Clients are required to fill a verification form and provide scanned copies of government-issued documents such as driver’s license (for countries where the driver’s license is a primary identification document), passport or local identification card (no company access cards) if their cryptocurrency transaction surpasses the limit set by the funds section. Identity validation is done by legal double verification protocol, and WOLOWZ verifies all the documents and information submitted by the client to check it’s authenticity and WOLOWZ can exercise the right to demand more documents from clients who are deemed critical or suspicious.
4. Transactions Monitoring
Threat evaluation and recognition of doubtful transactions include supervising client’s transactions and examination of collected raw data. If WOLOWZ senses any sort of money laundering then it has the right to oversee all transactions and:
- Proving intelligence to the relevant authorities regarding doubtful transactions.
- Demand more documentation from the Client.
- Suspension or termination the Client’s Account.
The Compliance Officer is responsible for monitoring the client’s transactions on a regular interval to investigate the legality of these transactions and to decide whether to report them or not.