Money Laundering is a problem which size exceeds over $500 billion annually. The policies to combat terrorism financing and money laundering are developed by the Financial Action Task Force (FATF), also known by its French name, Groupe d’action financière (GAFI), an intergovernmental organization founded on the initiative of the G7 with its headquarters housed at the OECD in Paris, France.
SlaTrade is committed to the highest international anti-money laundering standards, set on a global and regional basis by MONEYVAL (Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, Council of Europe) and FATF described in FATF/MONEYVAL report on money laundering and terrorist financing methodologies associated with the money remittance and currency exchange sector.
For that purpose, SlaTrade has developed an advanced system to verify and document client identification records and to track the records of all transactions, maintaining them detailed. SlaTrade carefully tracks suspicious and significant transaction activities and reports such activities providing timely and comprehensive advice to law enforcement.
The company does not execute any transactions into or from those countries considered uncooperative with other jurisdictions in international efforts against money laundering and terrorism financing and those that are on an NCCTs list (“Non-Cooperative Countries or Territories”) issued by FATF in 2000. Consequently, SlaTrade does NOT accept clients or clients’ funds from the following countries:
- Republic of Cuba
- Islamic Republic of Afghanistan
- Republic of the Sudan
- Republic of Iraq Islamic
- State of Libya
- Syrian Arab Republic
- Republic of Yemen
- Federal Republic of Somalia
- The State of Palestine
- The Republic of the Union of Myanmar
The company has the right to refuse from processing the transfer at any stage in case the transfer is connected to criminal activity or money laundering in any way. Our staff educated to assure that we are well-equipped to combat money laundering and other financial crimes, may reject a withdrawal and require further information to verify if the person who requested the withdrawal is the real owner of the account.
Please note that the company rules strictly prevent any actions to be taken or any personal account data to be processed by the third party and reserves the right to refuse processing the client’s personal data or ask the client to provide with the additional evidence in order to assure that no third party is involved.
All the actions taken by the company with a purpose to prevent, detect and mitigate money laundering and terrorism financing, are conducted in concordance with the international AML laws and special recommendations and methodologies associated with the money remittance and currency exchange sector.