Anti-Money Laundering Policy
Introduction: Pax Asia stands firmly against all forms of illegal activities, including money laundering and terrorist financing, across its website and services.
Our flagship platform, iSLOT, has implemented rigorous measures and procedures to identify and prevent such activities. These steps comply with Anjouan’s anti-money laundering (AML) and counterterrorism financing regulations and are in line with industry best practices.
Definitions:
- Money Laundering: The process of concealing the origins of illegally obtained money, typically through a three-stage process: placement, layering, and integration.
- Placement: Introducing illicit funds into the financial system, separating them from their criminal source.
- Layering: Disguising the illicit funds through complex financial transactions, such as converting cash into traveler’s checks, money orders, wire transfers, letters of credit, stocks, bonds, or purchasing assets.
- Integration: Introducing the laundered funds into the economy as legitimate through seemingly lawful transactions.
Preventive Measures:
- Know Your Customer (KYC) Procedures:
- Verification: Verify the identity of all customers using reliable and independent sources, such as government-issued IDs and utility bills.
- Enhanced Due Diligence: Conduct thorough checks on high-risk customers, including those from regions with high levels of corruption or terrorism financing.
- Transaction Surveillance:
- Software Solutions: Use advanced monitoring systems to track and analyze transactions for suspicious patterns or anomalies.
- Thresholds and Alerts: Set transaction limits and generate alerts for unusual activities, such as large deposits or frequent withdrawals.
- Documentation Management:
- Maintain Records: Keep detailed records of all transactions, including deposits, withdrawals, and transfers, for a specified period.
- Audit Trails: Ensure that all financial activities can be traced back to the individual customer.
- Reporting Obligations:
- Suspicious Activity Reports (SARs): Establish protocols for promptly reporting suspicious activities to relevant authorities.
- Regulatory Compliance: Ensure adherence to all local and international AML regulations and laws.
- Regular Audits and Assessments:
- Internal Audits: Conduct regular internal audits to review the effectiveness of AML controls.
- External Audits: Engage independent auditors to assess AML practices and provide recommendations for improvements.
If you have any inquiries about this policy or wish to report suspicious activity, please contact our support team at Pax-Asia.com
