Quotava Forex is forever committed to preventing money laundering and is resolved to combat terrorist financing. As part of this commitment, we have joined hands with the governments and central bank of the country we operate in, as well as international agencies, to ensure that the policies and guidelines necessary to enforce these are implemented
To prevent, detect and report money laundering, it is imperative for all our staff to be well trained in these procedures and enforce the guidelines set in the Anti Money Laundering Policies and Procedures (AMLPP).
Ensuring KYC (Know Your Customer) and Proper KYCC (Know your Customer’s Customer) policies are adhered to.
Identifying and Conducting Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) wherever required.
Regular Training, Developing and Communicating polices related to AML and CTF for all staff who need the relevant training.
To ensure that the compliance is an independent function reporting to BOD (Board of Directors) and ensuring proper compliance officers as stipulated by the regulatory body are in place to safeguard the best interest of the entity.
Ensuring regular reporting on compliance matters and following Risk Based Approach (RBA) to identify and eliminate potential risk to the entity.
Implementation of state-of-the-art compliance software to provide technical support and real-time monitoring of transactions.
Integration of Internal Audit Procedures with Compliance Monitoring to check the efficacy of implemented checks and balances.
Ensuring that proper guidelines are implemented to identify the UBO (Ultimate Beneficial Owner) and FPEP (Foreign Politically Exposed Person).
Timely disclosure of information to law enforcement authorities against attempted or potential threats of AML and CTF.
Retention of documents and transaction supports as stipulated by Central Bank. ( RBI )
Benchmarking with industry best practices on AML and CTF and ensuring that industry best practices are implemented.
Evaluating the staff knowledge and understanding on AML & CTF Policies on regular intervals, and in cases of shortfalls, reinforcing these through advanced training.