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Anti-Money Laundering Compliance

"Money laundering is the attempt to conceal or disguise the nature, location, source, ownership, or control of money." The federal government, using the Bank Secrecy Act and the Money Laundering Control Act, has written strict laws and regulations to help prevent money laundering activities.

MTA Express Remittance does not allow money transfers intended for gaming, gambling or illegal activity. We will stop all identified transfers associated with any such activity.

In this regard,MTA Express Remittance strictly adheres to its Country specific local regulations and its AML Policy & Procedure, both in letter and spirit.

MTA Express Remittance has a comprehensive Compliance program within its organization to ensure Compliance with government rules and regulations.

We aim to promptly address any irregularities that may arise, as we believe in transparency in our financial and regulatory reporting with swift disclosure of any breaches.

We adhere to the basic tenets of Anti Money Laundering process as under

Identification procedure and the concept of Know Your Customer (KYC)

1. Obtain valid identification (ID), proper identification and address with photograph; issued from the local government or authorities.
2. Verify details with origin
3. Full signature of the customer on the form of remittance.
4. Sources and quantum of amount.
5. Additional precaution on transactions involving amounts crossing the threshold limit, as per local rules and MTA limit.
- True copy of original ID is being kept on record after due verification with originals.
- Purpose of remittance and source of income is mentioned by the customer. This will enables to verify the appropriateness of the transaction.
- Breaking up of transactions to circumvent the limit restrictions is not allowed. Proper methods are being evolved to detect multiple transactions or split transactions in order to get required information/documents.
    Internal Control & Communication
    1. Proper procedures have been set up for the staff to have effective control over the activities undertaken.
    2. The format of the application form fro remittance has been designed to confirm the local regulations and is able to capture all the required data for enabling effective supervision and control.
    3. Application forms contain a declaration from the customer certifying the correctness of the data provided by him/her and in case of registered customers any change in the address given is being notified to the agent.
    Record Keeping
    1. Records are being kept for a minimum period of 5 years.
    2. Records provide the sufficient basic information on the customer and also able to reconstruct the transaction if needed.
Appropriate Training to the StaffRecord Keeping
1. Staffs have been trained on all matters pertaining to Money Laundering and Terrorist Financing.
2. Training has been given in line with their responsibilities.
Reporting to Regulatory Authorities
1. There is a proper reporting system in place both within the organization and to the Regulatory Authorities.