Money Laundering

Money Laundering is the process whereby criminals attempt to hide and disguise the true origin and ownership of the proceeds of their criminal activities thereby avoiding prosecution, conviction and confiscation of the criminal funds. The source of the proceeds may include drug trafficking, terrorism, organized crime, fraud and many other crimes.

There are 3 processes in money laundering:

1. Placement :physically placing cash proceeds.
2. Layering :piling of layers through complex financial transactions to separate the proceeds from illicit and/or criminal activity.
3.Integration :giving legitimate but false explanations as to the origin of the illicit monies

Identity and proof of address

Under the current UK and EU regulations for the prevention of money laundering and financial crime, we have the responsibility to verify the identity of all our customers, otherwise known as ‘Customer Due Diligence’. We will also ask you to provide documents to prove your name and address. The regulators require all financial institutions to have systems and controls in place to guard against money laundering and financial crime. As money transfer business, Supreme Money Transfer Limited has its own procedures in place to ensure we comply with regulations.

 

What do I need to provide?

Supreme Money Transfer Limited requires you to provide us with specified items of evidence from the identity and residency verification lists shown here. If we do not receive the relevant identification documents from you, we reserve the right to cancel or stop your transaction with immediate effect and will not be able to help you until the required identification and proof of address is received.

 

Anti-Money Laundering Procedures (English) UK Revenue and Customs.

Money laundering & terrorist financing has been identified as a major threat to the International Financial Services Community. Many governments have passed legislation designed to prevent these which imposes certain requirements upon institutions registered in their jurisdiction.