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For the sole purpose of protecting the financial, legal and moral integrity of UniTeller, that arises from the risk of laundering assets and other illegal activities, Legal and Compliance has the primary responsibility of guaranteeing that all transactions that flow through the company meet the laws, rules and regulations established by governmental agencies such as: Banking Department, OFAC, FINCEN, IRS, among others.
AML Measures
Money laundering is the practice of disguising illegally obtained funds so that they seem legal. In U.S. law it is the practice of engaging in financial transactions to conceal the identity, source, or destination of illegally gained money. These funds are illicitly introduced in the financial system, so that they may be transferred, invested or manipulated in a legal manner.
The Federal Government, under the Bank Secrecy Act and the Money Laundering Control Act, has written strict laws and regulations to aid in preventing money laundering activities.
UniTeller operates under a strict program in order to meet the laws and regulations established by the government.
Abiding by these rules and regulations is part of our daily operating procedures.
Controls
UniTeller’s Compliance system filters each transaction based on the lists of names of individuals involved in illegal activities, such as laundering of assets or drug trafficking, that are regularly published by OFAC. Other proprietary lists are also compiled, based on various criteria:
- Accumulated remittances, suspicious transactions, black lists, etc.
- AML Manual for employees and agents
- Code of Conduct directed at UniTeller’s employees, with mandatory compliance initiatives, directed at strengthening the reliability of all of their activities
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