Financial institutions and closely related entities (such as cryptocurrency exchanges)
experience often attempts of money laundering and terrorist financing.
Money laundering is defined as the process where the identity is disguised that it gives
the appearance of legitimate income.
Terrorist financing is defined as the process of providing support to an individual or a
group of terrorists.
Without direct terrorist financing, such activities as fund- raising, use, possession
and funding arrangements also fall under the definition of terrorist financing.
Palaris pays thorough attention to any kind of activity that may be considered as money
laundering or terrorist financing.
Palaris AML policy is designed to prevent money laundering by complying with FIU AML
legislation obligations, including the need to have adequate systems and controls in
place to mitigate the risk of being used to facilitate the financial crime. To minimize
and mitigate the risk of money laundering and/or terrorist financing, Palaris
implemented effective internal measures and procedures:
- Establishment of the identity of Palaris customer;
- Assessment of risk;
- Monitoring of the customer’s activities; and internal control
- Reporting of suspicious activities to respective authorities.