IPay Remittance strongly follows AML policy which was regulated by the Organization of American States and other major international organizations to fight money laundering and terrorist funding activities. Keeping this in mind, we have implemented the best AML practices. Our remittance software totally focuses on AML policy, OFAC and other requirements of KYC principles. We have taken the necessary procedural and control measures to provide our support in the fight against money laundering and the financing of terrorism. We have established adequate procedures of customer due diligence, reporting, record keeping, internal control, risk management and communication to forestall and prevent activities related to money laundering.
- Ascertainment of customer identity
- Enhanced KYC/DD (know your customer/due diligence)
- Maintain full details of remitter/customer
- System that controls monitors and reports suspicious transactions.
- Reporting of unusual / suspicious transactions to Central Bank
- Staff Training
- Internal security measures