In order to counter the legalization of proceeds from crime and the financing of terrorism, exchange offices conduct AML checks on transactions received from clients. If the transaction is identified as high-risk, the convert office may suspend the convert operation until it is verified in accordance with FATF standards.
The conspirators develop fraudulent schemes in order to legalize large amounts of money obtained by illegal means. To have a freedom of use of their income, to create the appearance of rightful possession thereof, that is, to move their income from the shadow economy to the area of transparent economic relations, the law breakers often try to perform financial fraud through the mediation of different companies. Numerous schemes are developed so expertly that the staff of such companies does not even suspect their own involuntary participation in criminal practice.
With the understanding of the monumental scope of money laundering and of the disastrous consequences of such fraud for the official economy, the specialists of the well-known European exchange service Matbea developed tools able to prevent laundering of fraudulent funds. The Matbea anti-money laundering (AML) strategy complies with the latest European standards in this field. The company AML policy involves a complex of standards requiring the following:
- To appoint an agent (MLRO) responsible for accounting of all transactions that arouse the suspicion of money laundering. This must be an experienced and responsible officer able to gain rigorous compliance with the current legislation in this area.
- To develop and implement risk-based approaches (RBA) to the attempts for legalization of illegally acquired financial means that the company shall imminently come across.
- To perform procedures for customer due diligence (CDD), to implement KYC requirements.
- To establish cooperation with law enforcement authorities.
- To improve professional skills of their team members on a regular basis.
According to the Matbea sanctions policy, the company shall ban all transactions with persons (private or legal) appearing on sanctions lists of different levels. While conducting their activity, and in order to exclude cooperation with law breakers, Matbea is constantly referring to the corresponding lists established by United Nations, European Union, and other organizations.