AML Policy

/AML Policy
AML Policy 2017-08-09T13:27:59+00:00

Series Coin does not tolerate money laundering and supports the fight against money
launderers. Series Coin follows the guidelines set by the UK’s Joint Money Laundering Steering
Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental
body whose purpose is to combat money laundering and terrorist financing.

Series Coin now has policies in place to deter people from laundering money. These policies
include:

  • ensuring clients have valid proof of identification
  • maintaining records of identification information
  • determining that clients are not known or suspected terrorists by checking their names against
    lists of known or suspected terrorists
  • informing clients that the information they provide may be used to verify their identity
  • closely following clients’ money transactions
  • Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers.

Money laundering occurs when funds from an illegal/criminal activity are moved through the
financial system in such a way as to make it appear that the funds have come from legitimate
sources.

Money Laundering usually follows three stages:

  • firstly, cash or cash equivalents are placed into the financial system
  • secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a
    series of financial transactions designed to obscure the origin of the money (e.g. executing
    trades with little or no financial risk or transferring account balances to other accounts)
  • And finally, the funds are re-introduced into the economy so that the funds appear to have
    come from legitimate sources (e.g. closing a futures account and transferring the funds to a
    bank account).

Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true
owner of the funds. In particular, a trading account can be used to execute financial transactions
that help obscure the origins of the funds.

Series Coin directs funds withdrawals back to the original source of remittance, as a
preventative measure.

International Anti-Money Laundering requires financial services institutions to be aware of
potential money laundering abuses that could occur in a customer account and implement a
compliance program to deter, detect and report potential suspicious activity.

These guidelines have been implemented to protect Series Coin and its clients.

For questions/comments regarding these guidelines, please contact us at [email protected].