Money Laundering Prevention Act

Money laundering
1. A person commits the crime of money laundering if the person knows or should have known that the property is created or formed as a result of illegal activity, and the person

(a) transforms, hides, masks, or transfers property,
(b) conceals or masks the illicit origin of property,
(c) acquires, uses or takes possession of this property.

2. For the purposes of this Act, unlawful activity means conduct that constitutes a serious crime, the financing of a terrorist act, or a breach of law that occurs after the commencement of this Act, whether or not the activity takes place in this country or elsewhere. more.

Aiding and inciting money laundering
2. A person commits a crime if the person knows or should have known that another person has received the proceeds of illegal activities and enters into an agreement with another person or makes a transaction when:

(a) the withholding or control by another of the proceeds of illegal activities is facilitated,
(b) the proceeds of this illegal activity are used to raise funds to acquire property on behalf of another person.

Fine for money laundering
3. A person who contravenes section 1 or 2 commits an offense and is liable under the laws of the country in which he resides.

Institutional bodies of the Company
4. The institutional bodies of the Company shall:

(a) assist in the identification of proceeds from illegal activities and the fight against money laundering;
(b) to provide information to investigative and revenue agencies to assist in the administration and enforcement of the laws of the State;
(c) exchange information with similar authorities in other countries regarding money laundering activities and similar offences.

5. To achieve the facilities, the Company must:

(a) process, analyze, disseminate and interpret information disclosed or received by the Center in accordance with this Law;
(b) retain the information in the manner and for the period required under this Act;
(c) inform, advise and cooperate with investigating authorities, supervisory authorities, revenue agencies;
(d) to supervise and give instructions to accountable institutions, supervisory authorities and other persons to whom these functions are delegated and observed by this Law.

Functions of the Policy Development Board
6. The Council develops and ensures the implementation of the policies necessary to achieve the objects of the Society.

Functions of the CEO
7.
The Chief Executive Officer is responsible for the day-to-day administration of the Company's AML processes and is responsible for performing functions under this Act.
2. The Chief Executive Officer may delegate functions to the Deputy Chief Executive Officer, but the Chief Executive Officer cannot be relieved of responsibility for the performance of the delegated function.

Deputy General Manager Appointment
8. In the absence of the Chief Executive Officer, the Deputy Chief Executive Officer shall act as Chief Executive Officer.

Personnel Assignment
9.
Employers may be used in the Company's AML processes or otherwise assist the Company in AML processes.
2. The company may engage the services of consultants in cases where it is necessary.

Company funds for AML processes

10. The Company's funds include:

(a) money received by the Company,
(b) special donations, grants,
(c) any other money that is approved by the Board of Directors of the Company.

Keep records
11.
A reporting entity that establishes a business relationship with a person must keep records of:

(a) the identity of the person or agent of the person,
(b) transactions made through a reporting institution,
(c) suspicious transaction reports for the Company.

2. For the purposes of this Act, records may be stored on a computer system or electronic device that may be used to store information.
3. This section applies to each individual transaction.

Record storage duration
12. The responsible institution must keep records of:

(a) at least six years after the date on which the relationship is terminated in the event of a business relationship,
(b) at least six years after the trade date.

2. The responsible institution may appoint a person to hold records on behalf of the reporting institution.
3. A Reporting Entity that appoints a person to hold records on its behalf must inform the Company of the appointment in writing.

Unauthorized access to computer system or application data
13. The person must not:

(a) access a computer system,
(b) access application data stored on the computer system,
(c) cause a computer system that is owned or controlled by the Company or a Reporting Entity to be unable to perform functions without the consent of the Company or a Reporting Entity.

Unauthorized modification of computer system
14. The person must not:

(a) change,
(b) erase,
(c) destroy the contents of a computer system or application data of a computer system owned by the Company or a reporting entity without the consent of the Company or reporting entity.

Information held by supervisors and revenue agencies
15.
In cases where a supervisory authority or taxing authority becomes aware or believes that the Company, as a result of a transaction entered into by the Company or with the help of the Company,
2. If the Company believes that the supervisor or revenue agency may have information indicating that the Company:

(a) is going to profit from illegal activities as a result of the transaction,
(b) has been or may be used for money laundering or for any suspicious transaction, the Company may require the supervisory or revenue agency to confirm or disprove the belief, and the supervisory or revenue agency must comply with those requirements.

Suspicious transaction report
16.
A person or institution that knows or suspects that:

(a) the entity, Company or trust Company has received or is about to receive proceeds from illegal activities,
(b) facilitate or is likely to facilitate the transfer of proceeds from illegal activities,
(c) has no apparent commercial or legal purpose,
(d) conduct activities to avoid reporting or result in non-reporting under this Law,
(e) may be relevant to an investigation of tax evasion or an attempt to evade payment of a tax, duty or tax imposed by law,
(f) has been used or is about to be involved in money laundering, within twenty-four hours after the factual knowledge or grounds for suspicion of the transaction, submit a suspicious transaction report to the appropriate government agency.

2. If the Company suspects that a transaction is related to the financing of or carried out to finance a terrorist act, as defined by law, the person must file a report with the appropriate government agency within twenty-four hours of the suspicion.
3. The person who reports the suspicious transaction must not disclose the content to another person.
4. A person receiving a suspicious transaction report must not:

(a) disclose the contents of the report to a person who is not permitted to know the contents of the report,
(b) disclose the identity of the person making the report to another person.

5. The person who reports a suspicious transaction discloses the content when:

(a) the person is required by law to disclose the content,
(b) comply with the provisions of this Law,
(c) it is for legal proceedings,
(d) this is by order of the Court.

Formulation and implementation of internal rules
17.
The Company formulates and implements internal rules relating to:

(a) establishing and verifying the identity of persons whom this institution is to identify,
(b) information about which records should be kept,
(c) the way and place where records should be stored,
(d) steps to be taken to determine if a transaction is a reportable one,
(e) other matters that the institution may determine.

2. The Company makes its internal rules available to its employees involved in transactions to which this Law applies.
3. The company, upon request, makes a copy of its internal policies available to (a) the supervisory authority that exercises regulatory or supervisory functions over that company.
4. The establishment of the Company ensures that foreign affiliates and subsidiaries of the Company comply with the rules appropriate to the subsidiary of the Company.

Training and Monitoring Compliance
18. The company must:

(a) train its employees in the provisions of this Law and internal rules,
(b) appoint an employee who will monitor compliance with the laws of the Company,
(c) the provisions of this Law and internal regulations by the employees of the Company,
(d) By the Company, obligations under this Law.

Compliance Offenses
19. A company that does not:

(a) formulates and implements internal rules,
(b) provides training or assignment to compliance officers, commits a crime.

Court of first instance and legal proceedings
20.
London Online Arbitration has jurisdiction to be held liable under this Act.
2. In a trial for an offense under this Act, an accused person may be deemed to have acquired money or property illegally in the absence of evidence to the contrary if the accused:

(a) has money or property on which the accused cannot rely and which is disproportionate to the known sources of income of the accused,
(b) had, at the time of the alleged crime, access to personal funds or property on which the defendant cannot satisfactorily rely.

Freeze transactions or accounts
21.
If the CEO believes it is necessary to freeze a transaction or account to prevent money laundering, the CEO may order the freezing of any person's transaction or account.
2. The CEO will apply to the court within seven days of freezing a transaction or account to confirm that action has been taken, and the court may confirm the freeze under these conditions or order that transactions or accounts be unfrozen.

Privacy Concept
22.
Company's Employer:

(a) assigned to office work,
(b) who is authorized to perform a function under this Act, shall remain confidential until taking office or until performing a function under this Act.

2. A person designated under subsection shall not disclose information obtained under this Act from which the person may be identified, except:

(a) to allow the Company to perform its functions in solving its problem,
(b) to prevent or detect an offense,
(c) in connection with the performance of an obligation under an international agreement,
(d) comply with court order,
(e) unless otherwise provided by any other law.

3. A person who violates this section commits a crime.

Definition
23. In this Law, unless the context otherwise requires: "Account" means the means or agreement by which a financial institution fulfills the following conditions:

(a) accepts currency deposits,
(b) allows you to withdraw currency or transfers to or from an account,
(c) pays checks or money orders issued by a financial institution or cash merchant, or collects checks or money orders on behalf of a person,
(d) provides the option or conditions for storing in an individual safety deposit box.

'Application Data' means a set of instructions that cause a computer system to execute a function when it is run on the computer.
"Business entity" includes:

(a) firms,
(b) business licensee,
(c) limited liability company,
(d) a partnership to provide a product or service for both profit and non-profit organizations.

'Business Relationship' means an agreement between a person and the Company for the purpose of concluding a transaction.
'Chief Executive' means the chief executive officer appointed under this Act.
A "computer system" includes an electronic, magnetic, optical, electrochemical or other data processing device, physical components, and any removable storage medium that is connected to a device or group of interconnected or elevated devices, one or more of which is capable of:

(a) contain data,
(b) perform logical, arithmetic, or any other functions on the data.

Court means Online Arbitration in London. "Currency" means:

(a) coins, money which is designated as legal tender and which is circulated as and commonly used and accepted as a medium of exchange in the country of issue,

'Data' means representation:

(a) information,
(b) knowledge,
(c) facts,
(d) a concept capable of being processed on a computer system.

"Electronic device" means any device that is or can be used as a substitute for a computer system.
"Electronic transaction" means a transaction made through an electronic device.
'Entity' means an incorporated or unincorporated body, association or group of persons, firms or partnerships.
'Financial Institution' means a legal entity that carries out financial intermediation.
'Financial Instrument' means a physical or electronic document that embodies or conveys a monetary value.
'Financial intermediation' means the process of transferring funds from one entity to another entity. Formulation and implementation of internal rules.
'Investigative Authority' means the authority designated by law to investigate illegal activity.
'Property' includes assets of any kind, located in the country or elsewhere, whether immovable, tangible or intangible, legal documents and instruments proving ownership of the assets.
'Revenue Agency' means an agency authorized by law to collect revenue.
'Supervisory body' means the body responsible for supervising the activities of reporting institutions in accordance with this Law.
'Transaction' means an activity affecting a bank account and performed by the account holder or at his or her request.