| Being in the remittance business, the Company recognizes the great risk of clients using its services for money laundering purposes, therefore its main objective is to implement strict internal anti-money laundering procedures and employ a very strong ‘Know Your Customer’ policy to protect its business from money laundering clients and to ensure best practice. This is implemented through the following procedures and guidelines:
First time clients must first register with the Company by filling up the Customer Information Sheet and submit at least one (1) of the following forms of identification: |
| Registration of New Clients |
| 1. |
National ID card |
| 2. |
Valid Driver’s License |
| 3. |
Valid Passport |
| 4. |
Work Permit |
| 5. |
Tax I.D. |
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| The client must also present at least one (1) of the following proofs of address: |
| 1. |
Bank Statement |
| 2. |
Utility Bills (i.e.: gas/electricity/water/council tax/telephone (except mobile phone bills) |
| 3. |
Credit Card Statement |
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| Only original or certified photocopies of documents are accepted. Certification may be carried out by a lawyer, banker, accountant, medical doctor, minister of religion, postmaster, teacher, or embassy official. The certifier must sign and date the photocopy and record their name, business address, contact number, and personal qualification. They must note “Certified photocopy of the Original” or a similar authentication in their preferred wording, on each of the photocopied documents. |
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| With each transaction recorded and monitored, the maximum lodgement a client can make within one calendar month is €5,000.00. If the client wishes to lodge an amount in excess of that, either in one transaction or in several lodgements during this period, The SP Remittance System will automatically show a warning in the screen informing the teller that the client has already exceeded the monthly limit. The teller will then check the client’s remittance activity thru the Sender Transaction History function of the system and inquire about the source and purpose of the remittance. The Company reserves the right to refuse the transaction should the client fail to produce satisfactory documentary evidence of the source of funds to be remitted. |
| Acceptable proof that shows source of funds includes: |
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| Up-to-date bank account statement, dated no longer than 3 months Loan agreement from financial institution or credit provider A recent pay-slip showing an amount greater than the total amount to be remitted Property Deed of Sale
Once this criterion has been met and the Accounts Administrator and/or Compliance Officer agree that the proof is acceptable, the transaction can then be processed.
The transaction is recorded into the SP Remittance Computer System which only allows designated employees, directors, managers and compliance officers to access the system and examine customer records. This also allows the same individuals to follow a line of investigation, if they feel there are discrepancies within client transactions. |
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