For AML purposes prepaid master card will not be issued to cardholders from those countries are as follows Somalia , Libya, Zaire, Afghanistan.
Also that cards will not be issued to sanctioned countries in accordance with OFAC guidelines. These countries include Burma , Myanmar , Cuba , Iran , North Korea , Democratic People's Republic of Korea , Sudan , Syrian Arab Republic
Money laundering is the act of converting money or other monetary instruments gained from illegal activity into money or investments that appear to be legitimate so that its illegal source cannot be traced. Domestic and international laws that apply to companies, whose customers can deposit and withdraw funds from their accounts, make it illegal for Comex Trade, or its employees or agents, to knowingly engage, or attempt to engage in a monetary transaction in criminally derived property.
Implemented Procedures
The objective of anti-money laundering procedures that Commex Trade implements is to ensure that customers engaging in certain activities are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate customers. Commex Trade is committed to assisting governments combat the threat from money laundering and terrorist financing activities around the world. For that purpose Commex Trade has setup a highly sophisticated electronic system. This system documents and verifies client identification records, and tracks and maintains detailed records of all transactions.
Commex Trade carefully tracks suspicious and significant transaction activities, and reports such activities providing timely and comprehensive advice to law enforcement. To uphold the integrity of the reporting systems and provide protection to businesses, the legislative framework provides legal protections to providers of such advices.
In order to minimize the risk of money laundering and terrorist financing activities, Commex Trade does not accept cash deposits and does not pay out cash under any circumstances. Commex Trade reserves the right to refuse to process a transfer at any stage, where it believes the transfer to be connected in any way to money laundering or criminal activity. Commex Trade is prohibited from informing a customer that they have been reported for suspicious activity.
Our Compliance Regime
Commex Trade implemented a compliance regime, as laws require from financial institutions, including appointment of a compliance officer, preparation of policies and procedures, periodic review of their effectiveness, and ongoing compliance training of our staff.
