The International Money Laundering Abatement and Anti-Terrorist Financing Act 2001 (“Act”) which commit of responsibility on all financial institutes for detection, prevention and report any disguise activities illegal money. Under this Act, money laundering is explained as the act of converting money or other material values gained from illegal activities such as terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc into money or investments that appear to be legitimate. Alfa Assets vows to comply with the above regulation with full attention and no compromise with any of the above illegal activities.
Alfa Assets has taken several counter measures to ensure the full compliance with the International laws and regulations regarding money laundering.
Prior to open of any new trading account, Alfa Assets will document the identity, residential detail, nature of business, and investment purposes of our clients by collecting and verifies identification data of the client
Transaction of deposits, where the name of the originating client is present, must match the name of the client in our system.
In case of withdrawal, money only can be withdrawn from the same account and the same method which it was received and where the name of the recipient is present, the name must exactly match the name of the client in our system. For example, if the deposit was made by wire transfer, funds may be withdrawn only by wire transfer to the same bank and to the same account from which it originated and if the deposit was made by means of electronic currency transfer, funds can be withdrawn only by the means of electronic currency transfer through the same system and to the same account from which it originated.
Third party withdrawal is strictly prohibited.
Alfa Assets logs and tracks every details of transaction carried out by the client.
Alfa Assets always tracking any suspicious transaction activities, and reports such activities to the law enforcement bodies. To protect the integrity of reporting systems and to safeguard businesses, the legislative framework provides legal protection to information provider. It is prohibited for Alfa Assets to inform client that they have been reported for suspicious activity.
Alfa Assets reserves the right to refuse to process a transfer at any stage, which it is suspected the transaction to be related in any form of money laundering or criminal activity.
The main objective of implementing Anti-Money Laundering Policy is to ensure that clients engaging in certain activities are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate clients. For this purpose, Alfa Assets has set up a highly sophisticated electronic system which capable to log and verifies client identification records, and tracks and maintains detailed records of all transactions.