StormTime AML Policy

 

(1) Definition of money laundering

Any person who conceals or disguises the true nature, source, location, flow and transfer of property obtained as a result of criminal activities, or assists any person related to illegal activities to evade legal responsibility, is an act of money laundering. ——Financial Action Task Force (FATF) on Anti-Money Laundering

 

(2) Three stages of money laundering

Disposal stage

The starting point of the money laundering process, which is the introduction of criminal proceeds into the financial system

segregation stage

The intermediate link in the money laundering process. Mainly through complicated transactions to confuse people's vision

Merge stage

The final step in the money laundering process. Funds are transferred to the accounts of legitimate organizations or individuals that have no obvious connection with criminal organizations or individuals

 

(3) Administrative departments responsible for anti-money laundering

The anti-money laundering administrative department is the Financial Bank of Tanzania, which is mainly responsible for organizing and coordinating national anti-money laundering work, monitoring anti-money laundering funds, formulating anti-money laundering regulations for financial institutions, supervising and inspecting the anti-money laundering work of financial institutions and specific non-financial institutions, and investigating suspicious transactions. , carry out international cooperation on anti-money laundering, etc.

 

(4) International anti-money laundering organizations

Financial Action Task Force (FATF)

Eurasian Group on Anti-Money Laundering and Counter-Terrorism Financing (EAG)

Asia Pacific Anti-Money Laundering Group (APG)

 

(5) Risk control testing of financial models for anti-money laundering within the business

1. When the same account is repeatedly tested for payment & collection

2. When there is abnormal recharging behavior

3. When there is abnormal IP login situation

4. When there is an abnormal MAC address login situation

5. When there are abnormal API requests

6. Detection of payment & receipt when there is a non-real device

 

(6) Penalties for users who trigger money laundering models within the business

1.Block the user’s current account

2. Report to the local financial management agency