“21” November 2019
Director Anatolii Berdnikov
What is money laundering?
Money laundering – means actions performed with the aim to legalize money or other property acquired by criminal means or to conceal its origin. Such actions are usually performed by drug dealers, organized criminal groups, terrorists, tax plunderers, smugglers, corrupt officials and related persons.
Anti-money laundering – means actions performed with the aim to prevent such illegal activity.
Why is data collected?
According to the requirements of the Monetary Authority of Singapore (“MAS”) on the Prevention of Money Laundering and Countering the Financing of Terrorism, the financial institutions is obliged to monitor and inform responsible authorities about any suspicions operations; thus, the financial institutions have to request data each time a suspicion arises that an illegal action is or may be performed. Companies providing financial services follow the principle “Know you client” (“KYC”) and “Customer Acceptance Policy” (“CAP”). It is necessary to prevent possible illegal activity and protect the society from crime by all means.
That is why, all data about the client and his/her activity is collected and used for this purpose.
Whether institutions providing financial services execute prevention appropriately is evaluated by supervisory authorities – Financial Crime Investigation Department (“FCID”) under the Monetary Authority of Singapore.
What actions does "WallBtc s.r.o." undertake?
"WallBtc s.r.o." managing "WALLBTC" applies a four-level identification system. If not only personal, but also a business account is managed, the person is asked to provide both personal data and the main information about the activity executed by the company.
In case of a suspicion, the client is asked to provide data about payments and related transactions, since monitoring of the client, nature of his/her activity, the beneficiary and the origin of funds allows to eliminate possible suspicions.
All institutions providing financial services and supervisory authorities follow these principles unitedly and cooperate for the sake of the common purpose – to ensure the welfare of the society.
Will my submitted data remain safe?
What happens if I refuse to provide data or provide incorrect data?
If the client refuses to provide requested personal data or information about his/her activity, real beneficiaries, the origin of funds or provides incorrect or false data, "WallBtc s.r.o." is obliged to react to such suspicious actions and inform responsible authorities. Also, "WallBtc s.r.o." may decide to suspend operations performed by the person or the company and even terminate all business relationships with such client.