Company policy is to prohibit and prevent money laundering and any activity that enables money laundering or the funding of terrorist or criminal activities. An explanation of money laundering and guidance for all employees to detect money laundering is also included in the chapter
Insufficient or Incorrect Information:
- Unusual or suspicious identification documents that can’t be readily verified.
- Reluctance to provide complete information about the nature and purpose of the account.
- Reluctance to identify legitimate source for funds or information is substantially incorrect.
- Difficulty describing the nature of the business, or Customers lacks of general knowledge about it.
- Customer`s background is questionable or differs from stated in application. activities.
- Failure to proceed with transaction after being informed of the reporting or recordkeeping requirements.
Fund Transfer Activities
- Wire transfers made to/from jurisdictions known for financial secrecy or high-risk geographic locations without an apparent business reason.
- Customer`s almost immediately withdraws/wires out funds in a manner inconsistent with Customer’s business history.
- Wire transfers activity that is unexplained, repetitive and shows unusual patterns or has no apparent business purpose.
