It is the policy of RIZMI and its affiliates, to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. The RIZMI requires its officers, employees, affiliates and customers to adhere to these standards in preventing the use of its products and services for money laundering purposes.
For the purposes of the Policy, money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets.
Generally, money laundering occurs in three stages. Cash first enters the financial system at the “placement” stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler’s checks, or deposited into accounts at financial institutions. At the “layering” stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin. At the “integration” stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses. Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes.
Each employee of the RIZMI, whose duties are associated with the provision of products and services of the RIZMI and who directly or indirectly deals with the clientele of the RIZMI, is expected to know the requirements of the applicable laws and regulations which affect his or her job responsibilities, and it shall be the affirmative duty of such employee to carry out these responsibilities at all times in a manner that complies with the requirements of the relevant laws and regulations.
All RIZMI Affiliates & Customers must be aware of the general money laundering risks as well as local laws pertaining to it. Any activity detected to contain any money laundering risks must be highlighted to RIZMI immediately by contacting support here.
All RIZMI Affiliates and Customers must participate in anti-money laundering training and any related activities that is rolled out by RIZMI.
All Personal details requested must be provided accurately and must be legally correct. RIZMI does not hold any liability for incorrect information provided and will be precluded from any legal liability arising out of the inaccuracy and/or incorrectness. Any changes to the Personal details must be informed to RIZMI by contacting support here. The responsibility of providing accurate and correct Personal details in a timely manner will be borne fully by the Affiliates and Customers. All identification documentation,information and services records shall be kept for the minimum period of time required by local law.
Affiliates and Customers must also be in compliant with AML and KYC requirements of any related third party vendors such as , but not limited to , brokers , payment system operators etc.
The laws and regulations include, but not limited to: “Terrorism (Suppression of Financing) Act” (2003), “Monetary Authority of Singapore Act” (1999),“Customer Due Diligence for Banks” (2001) and “General Guide to Account Opening and Customer Identification” (2003) of Basel Committee of banking Supervision, Forty + nine Recommendations for Money Laundering of FATF, USA Patriot Act (2001) and Prevention Suppression of Money Laundering Activities Law (1996).
Do note AML laws stipulate that Customers ( and Affiliates ) need not be informed should a suspicious activity filing is done with any regulatory body.
To ensure that this general policy is carried out, management of the RIZMI has established and maintains an ongoing program for the purpose of assuring compliance with the relevant laws and regulations and the prevention of money laundering. This program seeks to coordinate the specific regulatory requirements throughout RIZMI within a consolidated framework in order to effectively manage RIZMI’s risk of exposure to money laundering and terrorist financing across all business units, functions, and legal entities.