Anti Money Laundering

Being based in UK, we understand our responsibility towards the law and we comply with the Money Laundering Regulations 2007, Third Money Laundering Directive in the UK. We have appropriate anti money laundering systems in place to safeguard to prevent money laundering and report any suspicious activity.

Various anti money laundering systems incorporated by the company includes:

• Risk assessment of business if it is being used by criminals to launder money.
• Verification and Identification of customers and beneficial owners.
• Monitoring customers’ business activities and reporting suspicious activity to the Serious   Organized Crime Agency (SOCA)
• Records retention for future use.
• Appropriate internal management controls.

Apart from that, the compliance is closely monitored and employees are given proper training regarding anti money laundering regulations and implement customer due diligence measures.

New ID Requirements:

It is now mandatory for payer for sending money over £600to supply their valid identification. ID should verify the complete information of the sender on the basis of provided documents, data or information obtained from payer.

The following points are immediately implemented.
Ensure that transfer of funds to outside the European Community are accompanied by complete information on the payer.

Ensure that transfers of funds with in the community are accompany by the account number of the payer or a unique identifier allowing the transaction to be traced back to the payer.

For amounts exceeding 1000 euros (whether carried out as a single transaction or in several operations that appear to be linked), before transferring the funds, verify the complete information on the payer on the basis of documents, data or information obtained from a reliable and independent source. This means you should obtain evidence of
identification for all transactions over £600.

For five years, keep records of complete information on the payer, which accompanies transfer of funds. (For Agents Only)

If you have any queries in regarding to ID requirements you can contact the Usman international Office in the normal way.