Money laundering is any transaction or series of transactions undertaken to conceal or disguise the nature and source of funds that have been obtained from illegal activity.

The main objective of the money launderer is to transform dirty money into seemingly clean money or other assets in a way to not leave any trace as possible of the transformation. Examples of illegal activities that often involve money laundering are: drug trafficking; terrorism; smuggling; fraud; bribery; robbery; embezzlement; and illegal gambling.

 

Asiabill IS IN COMPLIANCE WITH LEGAL ARRANGEMENTS

  • Asiabill introduced all the rules and procedures related to prevention of money laundering.
  • Asiabill & it’s¬†Group Companies have got general policies against money laundering and terrorist financing.

BRANCHES AND SUBSIDIARIES

The branches and subsidiaries in other countries operate in accordance with the legislation of those countries.

They also implement the anti-money laundering policies of the ASIABILL COMPANY LIMITED

Asiabill’s ANTI-MONEY LAUNDERING POLICIES

The following standards and duties are considered to be minimum requirements for Asiabill .

  • KYC (Know your customer) and Due Diligence
    1. For each Person and/or Legal entity want to use all the advantages of our system should hold a Asiabill certified account.
    2. All persons and legal entities should have a Identity Verified by Asiabill .
  • Monitoring

Asiabill will monitor any unusual or suspicious transactions or activities.

  • Record keeping
    1. Asiabill will keep a Records of all documents obtained for the purpose of identification and all transaction data as well as other information related to money laundering matters in accordance with the applicable anti-money laundering laws/regulations.
    2. All records must be kept for at least 5 years.