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Anti Money Laundering

Anti-Money Laundering Policy Statement

The Company is strongly committed to preventing the use of its operations for money laundering or any activity, which facilitate money laundering, or the funding of terrorist or criminal activities. Accordingly, the Company will comply with all applicable laws, and regulations designed to combat money laundering activity and terrorist financing, enacted by the Government of Pakistan, all International Laws to which the Government of Pakistan is a subscribe including the USA patriot Act and will cooperate with the appropriate authorities in efforts to prevent any such misuse of the financial channels.

Every employee is required to act in furtherance of this policy statement to protect the Company from exploitation by money launders or terrorists

Anti Money Laundering

It is the process that disguises the illegal origin of the money. Money Laundering is done to cover the income generated through illegal means largely by invloving in a number of criminal activities by an individual or a group. Money Laundering is a serious crime and in the last couple of years, the world has a serious concern towards it. Various measures have been taken to stop this unlawful act. In most of the contries, regulatory bodies have been formed to eliminate this crime. It is essential for us to know the effects which money laundering is creating on our economy particularly and our society in general as mostly under developed countries become the victim of money laundering that results in the following effects.
  • Ineffective economic policies
  • Loss of Revenue
  • Negative image of private sector
  • Less foreign investment
  • Weaknesses of Financial Markets
  • Increase in Crime and Corruption

In this prevailing scenario, in order to restrict this criminal phenomenon, AA Exchange Company is trying to establish comprehensive anti money laundering strategic programmes aimed at:

  • Raising awareness and educating staff on money laundering issues on regular basis
  • Assisting law agencies and authorities to trace, seize, and confiscate criminally derived profits
  • Introducing Know Your Customer Policy (KYC) and updating the policies on regular basis 
  • Reasonable measures to obtain information about the true identity of the persons on whose behalf a transaction is made.
  • Record keeping procedures- Maintain, for a specific time period, all necessary records on transactions, both domestic or international
  • Special attention to all complex, unusual large transactions and reportings