AML An Overview

What is Money Laundering (ML) The process of making dirty money appears clean/changing the dirty money into clean money.

The process of depositing or dealing with funds obtained from transactions originating from illegitimate or suspicious sources.
Money laundering is the attempt to conceal or disguise the true location, source, ownership, or control of money. What is AML (Anti Money Laundering)? Anti- Money Laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent or report money laundering activities.

Money Laundering Source: (illegal) activities

Kidnapping Gambling

Drug Trafficking
Bribery / Corruption Counterfeiting and Forgery Tax Evasion

Robbery and Fraud

White Collar Crimes (including Insider Trading and Securities offences) Prostitution Organised Crime Smuggling
(arms, people, goods)

Why AML? To protect ourselves and our business, and to support national and international efforts against financial crimes.

What is Compliance? Compliance is a state in which someone or something is in accordance with established guidelines, specifications, or legislation.
AML compliance is how financial institutions comply with the government's specifications on managing their money. Money Laundering Stages: There are three stages involved in money laundering; First stage : PLACEMENT Second stage : LAYERING Third stage : INTEGRATION

Money Laundering Method & Stages

PLACEMENT
This is the movement of cash from its source. At this stage, the launderer inserts the dirty money into a legitimate financial institution. This is often in the form of cash bank deposits. This is the riskiest stage of the laundering process because large amounts of cash are pretty conspicuous.

LAYERING

Layering involves sending the money through various financial transactions to change its form and make it difficult to follow. Layering may consist of several bank to bank transfers, wire transfers between different accounts in different names in different countries

INTEGRATION

At the integration stage, the money re-enters the mainstream economy in legitimate looking form it appears to come from a legal transaction.

Elements of Suspicion
Nationals of high risk countries Profession/Job Split transactions Want to transfer with other ID Multiple transactions Frequent transfer of money

 Threshold limit for customer registration is QR 2000 and above. Large volume Amount is QR 11,000 for remittance and QR30,000 and above for FC transactions. ID details need to be captured for an amount less than QR 2000 and downwards. Company can not send money through XPRESS MONEY Maximum pay in amount for WU transfer is USD 7,500 The limit for Trade Purpose transaction to INDIA is INR 200,000/ Third party transaction is not allowed. No signature No transaction

Control Tools

As per US Sanctions on IRAN, we must not transfer USD,EUR, GBP, CAD, AUD (US and European Zones) on behalf of Iranian Customer

KYC & CDD Profiling Information

The two stages of KYC is Identification and Verification

The following information should be obtained for KYC (Know Your Customer) & CDD (Customer Due Diligence) Profiling for an individual customer at the time of Registration/ making transaction (s)
Customer name ID (prescribed)/Passport details Domicile (where a person lives) Nationality Actual purpose of the transaction (s) Occupation Job title Actual source of fund Relationship between sender & beneficiary

The following information should be obtained for KYC & CDD profiling for corporate customer at the time of registration/transaction Corporate name Commercial registration/Trade license Copy of passport, work permit or ID, Qatar Driving License, National ID (incase of Qatar Nationals) Copy of one of the following valid identities of the Agents/Representatives i) Passport ii) Work permit iii) Qatar Driving license iv) National ID for Qataris Name of the owner/sponsor ID for the owner/sponsor Registered mailing address

HOW KYC & CDD POLICY HELP?

Help detect suspicious activity in a timely manner Promotes compliance with all laws Promotes safe and sound money transfer practices Minimizes the risk that our service will be used for illicit activities Protect the companys reputation

QATAR CENTRAL BANK (QCB) REGULATION ON AML

Documents storage period should be 15 years Any Suspicion on Transaction must be reported to Compliance Officer as a Suspicious Transaction Report (STR). Tipping off regarding STR details or suspicion details with customer is against the QCB law
For detail, please go through QCB AML Manual

CAPTURING REMITTER ADDRESS DETAILS

Full Name of the Customer: As per ID/Passport Address details: Flat/Room No, Building Name Road/Street name & Number Name of the area (any land mark nearby) P.O. Box Number Emil ID Correct mobile number of the customer

OUR POLICY
is to stop criminals from using our services and products for the purpose of laundering money gained from any criminal activity.