In terms of law, money laundering means legalizing the proceeds of crime, i.e. actions that conceal the source of funds in order to make their nature lawful.
Money laundering is the act of converting money or other monetary instruments gained from illegal activity into money or investments that appear to be legitimate so that its illegal source cannot be traced.
Anti-money laundering (AML) incorporates a complex of measures aimed at prevention of use of the financial system of the country or any specific financial institution for money laundering or terrorist financing. Such measures and instruments are worked out and implemented by international and national institutions, banking and business community.
To combat money laundering MERCHANT SHARES (MS) employs the following:
MERCHANT SHARES (MS) tracks, including auto-monitoring and auto-controlling, suspicious activities of the clients and transactions executed under unusual conditions. This includes, but not limited to, transactions that do not make economic sense, unexplained large transactions, transactions involving unidentified parties, investments related transactions of unclear nature. MERCHANT SHARES (MS) reserves the right to ask supporting documentation for the suspicious transactions.
Please note that MERCHANT SHARES (MS) has the right to recall a transaction due to suspicion that it may be connected to money laundering or any other criminal activity. Providing false verification documents or contact details will be treated as a misuse of our terms of service and you may be the subject to a criminal investigation. MERCHANT SHARES (MS) will not do business with anyone suspected of or directly involved in money laundering or where funds have been sourced by any illegal activity.
MERCHANT SHARES (MS) complies with the legal requirements of the Government for anti-money laundering. In cases set forth in the relevant legal enactments, we co-operates with officials and government institutions of the Dominica, as well as other countries.
MERCHANT SHARES (MS), Compliance Dept.