Money laundering is an act of engaging in such financial transactions where the money gained from illegal activity is converted into money that appears to be gained through legal resources.
The objective of this act is to conceal the illegitimate identity of any monetary instrument including cash amount. That is why national and international laws make it illegal for AbileXAG Company and its employees to be knowingly or unknowingly engaged in any activity related to such illegally gained capital.
AbileXAG aims at implementing strict anti-laundering policies to ensure that its customers will be identified for such suspicion up to a certain standard to minimize the procedural complications for genuine and legitimate customers. In order to fulfill its commitment to provide full assistance to the government in fighting against such illegal financial transactions, AbileXAG has developed a technologically advanced and reliable electronic system that completely verifies its client identity and is able to maintain a detailed record of all previous financial transactions.
AbileXAG makes sure to track all suspicious activities and report to law enforcement bodies timely with detailed information. That is why complete legal protection is provided to its clients who share confidential financial data with the company.
One of the most significant measures to discourage money laundering and related illegal activities AbileXAG don’t deal in cash transaction whether you are intended to deposit or withdraw the fund. Our company reserves the right to suspend any transaction where it finds even a suspicion of illegal money conversion. Therefore throughout the process when a customers’ account undergoes a suspicion check AbileXAG is not allowed to inform the customer about the ongoing development.
Like other financial institutions, AbileXAG has also set up a compliance regime in order to fulfill its formal legal requirement. It comprises the appointment of a compliance officer, policymaking, regular review of their implementation and impact, and professional compliance training to regime staff members.
AbileXAG also ensures regular updating of its electronic according to modern rules and regulations developed for the more sophisticated checks to trace money laundering and other criminal financial practices on the spot. Professional training to its employees to trace such illegal activities and to use modern technological systems is also a part of AbileXAG essential policies.
In order to fully comply with anti-money laundering laws, AbileXAG demands two kinds of documents for the satisfactory identification and verification of customers’ accounts.
The first one is a government-issued document with a photo of the customer on it. It can be a passport, driving license, or regular ID card which must be issued by the government and must have a picture of the client on it.
The second one is any bill or document with complete name and address information on it. It can be a utility bill, bank statement, affidavit, or any other type of bill with correct personal information (name and address) on it. It must not be more than 3 months old.
Moreover, AbileXAG requires a physically signed application form submission. Customers are also required to inform the company in case of any change in their personal information already submitted in the AbileXAG record.
In case if documents are in the non-western language then it must be first translated into English by an official translator and this translated copy must be duly signed and stamped by that translator and submitted along with other related documents and clients’ photos on it.
DEPOSITS AND WITHDRAWALS
In the case of money deposits, the sender’s name must match the name of the customer present in the AbileXAG record. No third-party mediation is allowed in this case so no Mr.A can deposit money from his name for Mr.B.
Similarly in the case of money withdrawal recipient’s name must be matched with the name of the account holder he is withdrawing money from. If wire transfer has to be used as payment process funds can be withdrawn to the same bank in the same account name from where it has been sent. If an online money transfer is to be involved even then funds can be withdrawn through the same online transfer system to the same account from where it has been transferred.