MoneyGlobe Financial Group (MGFG)distinguishes that The Proceeds of Crime (Money Laundering) and Terrorist Financing Act (“Act”) enacts significant new responsibilities on all financial businesses for the recognition, prevention and reporting of money laundering activities. Under the Act, money laundering is well-defined as any financial transaction using income derived from criminal activity including, but not limited to, fraud, drug trafficking, illegal gambling and terrorism. The following policies has been stablished by MGFG to guarantee thorough compliance with all laws and regulations regarding money laundering.

MGFG will document the identity and nature of business of each potential customer before opening of any new account. Accounts for individuals or businesses from regions that do not collaborate with the Financial Action Task Force (FATF) guidelines on money laundering will be subject to a delicate level of inspection. Accounts in the name of, or related to, any individual or business on the Office of Foreign Asset Control (OFAC) Specially politically exposed persons (Designated Nationals and Blocked Person list) will not be permitted. Also, all trade and economic sanctions imposed by OFAC against targeted foreign countries shall be complied by MGFG.

MGFG will monitor account activity for evidence of suspicious transactions that may be indicative of money laundering activities on a regular basis. This monitoring may include observation of:

  • the origin and destination of wire transfers,
  • money flows into and out of accounts,
  • non-economic transactions, and
  • other activity outside the normal course of business.

MGFG’s employees will oversee assisting in the business’s efforts to discover and report any activity that might constitute, indicate or raise suspicions of money laundering. To this end, Money globe Financial Group will provide continuing education and training of all such persons.

If any employee of MGFG has any knowledge, suspicions or information regarding potential money laundering activities, that individual will immediately inform MGFG Compliance Department. The entity’s Compliance Officer documents the reported activity, review fully, and, if necessary, report such activity to the senior management of MGFG.

With full action, MGFG cooperates with government agencies, self-regulatory organization and law enforcement officials. As provided by the Act, MGFG may supply information about past, current or future customers to such authorities.

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