Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) Policy
Riqueza Remittance Services Private Limited
Effective Date: 06/10/2024
Our Commitment to Your Security
At Riqueza Remittance Services Private Limited, safeguarding your security and earning your trust are our top priorities. We are committed to ensuring that your transactions are secure and fully compliant with relevant laws and regulations. Our Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) policies are designed to protect you and the community from illicit activities such as money laundering and terrorist financing.
Table of Contents
What You Need to Know Before Transacting with Us
Identity Verification
To protect your funds and fulfill legal obligations, we are required to verify your identity before providing our services. This verification ensures your identity is accurately confirmed.
Documents You May Need to Provide:
- Government-Issued Photo Identification: Examples include passports or driver's licenses.
- Proof of Address: Such as recent utility bills, bank statements, or official correspondence.
- Additional Documentation: In certain cases, we may request further information to complete the verification process.
Your cooperation in this process helps us provide you with a smooth and secure transaction experience.
Enhanced Security Measures
For transactions involving higher risks, such as large amounts or transfers to specific regions, we may require additional information.
Possible Additional Requests:
- Source of Funds: Information showing the origin of the funds.
- Purpose of Transaction: Clarification regarding the reason for the transfer.
- Beneficiary Details: Additional information about the recipient.
These measures are in place to protect your funds and ensure compliance with international regulations.
Monitoring for Unusual Activity
We continuously monitor transactions to detect and prevent suspicious activities.
Examples of Unusual Activity:
- • Transfers conducted at irregular hours
- • Multiple transactions to different beneficiaries within a short period
- • Unexpected third-party payments made on your behalf
We perform ongoing monitoring to identify and address potential risks. If we detect any unusual activity, we may contact you to verify the transaction and secure your account.
Privacy and Data Protection
Your privacy is extremely important to us. All personal information you provide is treated with the highest level of confidentiality.
Our Commitments:
- Compliance with Laws: Adherence to the Privacy Act 1988 and other relevant data protection regulations.
- Secure Storage: Implementation of advanced security measures to protect your data.
- Limited Sharing: Your information is shared only when necessary for compliance purposes or as required by law.
We use your data solely to provide our services and fulfill legal obligations.
Restricted Services
To maintain a safe environment, we are unable to provide services to certain individuals or entities.
We Do Not Serve:
- Illegal Activities: Individuals or organizations involved in unlawful operations.
- Non-Compliant Customers: Those who refuse to provide necessary identification or documentation.
- Unauthorized Representatives: Persons acting on behalf of others without proper authorization.
- Sanctioned Entities: Individuals or organizations under international sanctions or embargoes.
- Politically Exposed Persons (PEPs): Due to the higher risk associated with PEPs, we do not provide services to them.
These restrictions help us comply with legal requirements and protect the integrity of our services.
Sanctions and PEP Screening
To ensure compliance with international regulations, we perform sanctions and Politically Exposed Persons (PEP) screening for all users.
Screening Process:
- Sanctions Lists: We check all customers against global sanctions lists to prevent prohibited transactions.
- PEP Identification: We screen to identify PEPs and apply appropriate measures.
This helps us prevent misuse of our services and adhere to global compliance standards.
Ongoing Monitoring
We conduct continuous monitoring of transactions to identify and prevent any potentially illegal activities.
- Continuous Oversight: Regularly reviewing account activity for signs of unusual behaviour
- Automated Systems: Utilizing advanced technology to enhance monitoring effectiveness.
This ensures we can promptly identify and address any potential risks.
Understanding Risk Levels
Some transactions may require extra scrutiny based on various risk factors.
Factors Considered:
Transaction amounts, geographic regions, and transaction patterns.
What This Means for You:
We may request more information to verify the legitimacy of the transaction, which might cause slight delays but ensures your funds are handled securely.
Your Responsibilities
To ensure we deliver optimal service, please:
- • Provide accurate information
- • Respond promptly to requests for additional information
- • Use our services for lawful purposes only
Failure to comply may result in delays or inability to process transactions.
Cooperation with Compliance Procedures
By using our services, you agree to:
- • Undergo required checks
- • Provide necessary documentation
- • Accept communication regarding your transactions
Your cooperation is essential for us to meet regulatory obligations and protect all parties involved.
Communication and Support
Our team is available to help and respond to any issues you may have.
Please Contact Us If:
- • You have questions about our policies
- • You observe unusual activity on your account
- • You need help providing documentation
Contact Information: Email: compliance@riqueza.io
Policy Updates
We may revise this policy periodically to reflect changes in laws or our practices.
Staying Informed: Updates will be posted on our website. We recommend reviewing this policy regularly.
Why This Matters
Our AML and CTF policies are not just legal requirements; they are part of our commitment to providing secure and reliable services. By complying with these policies, we can:
- • Prevent fraud and illegal activities
- • Ensure compliance with legal obligations
- • Promote trust by building a secure relationship with you
Thank You for Your Trust
We value your business and appreciate your understanding and cooperation. Our goal is to provide the highest level of service while ensuring all transactions are conducted safely and legally.
Riqueza Remittance Services
Committed to your security and the integrity of our services.
Please feel free to reach out to us with any questions or for further clarification on our policies.
Note: This AML/CTF Policy is an integral part of our Refund and Cancellation Policy. By using our services, you agree to comply with both policies.
Questions about this policy?
If you have any questions about our AML Policy, please contact our compliance team.
Email: compliance@riqueza.io
AUSTRAC Registration: IND100822102-001