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. Quantum Spiral, our banks and our technology partners are committed to preventing money laundering through its service and complies.
Implemented Procedures
Quantum Spiral, our banks and our technology partners aim at implementing strict anti-laundering policies to ensure that its 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 its commitment to provide full assistance to government combating against such illegal financial transactions, our bank has developed a technology advanced technologically and reliable electronic system which verifies client identification and is also able to store the detailed records of all previous financial transactions.
Quantum Spiral is obliged to report suspicious transactions by law. 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, Quantum Spiral does not any accept cash transactions.
Quantum Spiral 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 Quantum Spiral is not obliged to inform the Client that it has reported the Client’s suspicious activity to the relevant Compliance Regime.
Quantum Spiral will establish a compliance regime in order to fulfil its formal legal requirement. It will entail the appointing of a compliance officer responsible for policy making and regular review of the AML policy implementation.
Quantum Spiral, our banks and our technology partners are also committed to regularly update 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.
Quantum Spiral, our banks and our technology partners all adhere to OFAC regulations.
Additional Disclosure: Deposits And Withdrawals
In the event of money transfers from the mobile money platforms the sender name must match the name of customer present in Quantum Spiral’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.
Additional rules and procedures may apply at the request of the correspondent banks and central banks for all and any transactions.