ANTI-MONEY LAUNDERING (AML) POLICY
“Money laundering” is the practice of engaging in a series of financial transactions to conceal the ownership, source, control or destination of illegally gained money. Ultimately, it is the process by which the proceeds of crime are made to appear to have a legitimate origin. RhoKIT and our technology partner, CoralCommerce, are committed to preventing money laundering through our service and compliance procedures.
Implemented Procedures
RhoKIT aims at implementing strict anti-laundering policies to ensure that customers will be identified for any suspicious transactions. At the same time we will minimise the procedural complications for genuine and legitimate customers.
In order to fulfil commitments to provide full assistance to government agencies combating illegal financial transactions, RhoKIT has developed a technologically advanced and reliable electronic verification system which authenticates clients and is also able to store detailed records of all previous financial transactions.
RhoKIT is obliged to report suspicious transactions. By misusing the service you may face criminal prosecution as we are bound to automatically report such behaviour to the authorities. To discourage money laundering and related illegal activities, RhoKIT does not accept any cash transactions.
RhoKIT reserves the right to suspend or refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law RhoKIT is not obliged to inform the Client that it has reported the Client’s suspicious activity to the relevant compliance regime.
RhoKIT will establish a compliance regime in order to fulfil its formal legal requirement. It will entail the appointment of a compliance officer responsible for policy making, and regular review of the AML policy implementation including internal procedures and those of delivery partners.
RhoKIT is also committed to regularly updating its electronic system for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.
RhoKIT and Coral Commerce adhere to the UK Office of Financial Assets Control (OFAC) regulations.
Additional Disclosure Regarding Deposits and Withdrawals
In the event of money transfers from the mobile money platforms, the sender name must match the name of the customer present in RhoKIT’s records. No third-party transfers are allowed in this case.
Similarly in case of money withdrawal, recipient name must match the name of account holder who is transferring the money.
