Our Approach to Anti Money Laundering policy
We rigorously enforce measures to keep your transactions secure and compliant.
Policy Objective
Our policy objective is to prevent smslocal.com from being used for money laundering or terrorist financing activities while ensuring compliance with applicable laws and regulations in India. We aim to identify and mitigate risks and report suspicious transactions to the relevant authorities. Our goal is to contribute to the global effort against money laundering and terrorist financing.
Definitions
Money laundering refers to the process of concealing the origin of illicit funds to make them appear legitimate. Terrorist financing involves providing financial support to terrorist organizations. Both activities pose significant threats to global security and stability. We take a zero-tolerance approach to these activities.
Risk Assessment
We conduct regular risk assessments to identify and mitigate potential money laundering and terrorist financing risks. Our risk assessment process considers factors such as customer type, transaction patterns, and geographic locations. This enables us to implement effective controls and monitoring systems.
Customer Due Diligence
We perform customer due diligence to verify the identity and legitimacy of our customers. This includes collecting and verifying identification documents, and monitoring customer transactions. Our customer due diligence process helps us detect and prevent suspicious activities.
Suspicious Transaction Reporting
If we suspect a transaction involves money laundering or terrorist financing, we report it to the Financial Intelligence Unit – India (FIU-IND). Our reporting process ensures timely and accurate submission of suspicious transaction reports.
Record Keeping
We maintain accurate and detailed records of customer transactions and identification documents. Our record-keeping process enables us to provide evidence of transactions and customer identity if required by regulatory authorities.
Training and Awareness
Our employees undergo regular training to recognize and report suspicious transactions. Our training programs ensure that employees understand the risks and consequences of money laundering and terrorist financing.
Compliance and Monitoring
We continuously monitor and review our anti-money laundering program to ensure compliance with regulatory requirements. Our compliance team stays updated on regulatory changes and ensures our policies and procedures are aligned with the latest regulations.
Contact Information
If you suspect a transaction involves money laundering or terrorist financing, please contact our compliance team at [info@smslocal.com]. We are committed to preventing illicit activities and appreciate your support in this effort.
