Money laundering/ Terrorist Financing is the process by which criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities (e.g. illegal drugs dealing, tax evasion etc) thereby avoiding prosecution, conviction and confiscation of the criminal funds. The ultimate aim of this process is to convert such criminal proceeds into “clean” money. The risks to the financial sector primarily involve being used to facilitate this process, whether knowingly or unwittingly.
In identifying the money laundering risk and establishing the extent and nature of systems and controls, we consider a range of risk factors. All staff are trained in Anti Money Laundering and are trained to identify and report any suspicious transactions to the MLRO.
Our policy is to have strong and practical anti-money laundering policies and procedures with fraud prevention measures.