Caleen Financial Services recognizes that compliance with current regulatory changes and revisions to the Bank Secrecy Act and other related regulations are fundamental to the successfully operation of a money services business in most regions of the world. As a result, Caleen Financial Services’s mission is to adhere and adapt sound business ethics and practices through the execution and maintenance of strict corporate internal policy, risk and operational controls. The corner stone of the Corporation’s Enhanced Policy Mechanisms ensure “strict compliance” in the current regulatory environment the delivery of excellent services to its clients the provision of products and services tailored to unique client needs and to provide reliable reporting and information to all concerned parties, including all relevant regulatory agency. The task of Regulatory Agencies is to curb and protect the society from all sorts of Money Laundering and Terrorist Financing Activities.
Money Laundering is generally defined as the process of concealing the existence, illegal sources, or application of income derived from criminal activity, and the subsequent disguising of the source of that income to make it appear legitimate. It can be also defined:
Money Laundering is a method used to “Wash” away the “Paper Trail” of illegally obtained funds in order to conceal the true ownership and source of the funds.
Terrorist financing is actually a collective name for various phenomena, which ultimately aim to make terrorist activities possible. It involves obtaining, providing, moving and the use of money or other valuables that can be converted into funds, by persons who develop terrorist activities or by those who support it.
Terrorist financing shows great similarities with money laundering. An important difference with money laundering is that funds intended for terrorist activities may have a legal origin and not necessarily have been derived from criminal activities.
This means the money can also come from a bank account and the origin of the money can be legitimate.
Criminals use moneytransfers to scam unsuspecting consumers. Caleen Financial Services considers it her social responsibility to discover this fraud at an early stage and to warn and protect its customers against it.
A common form of fraud is when consumers are approached with a request to send money to the criminal or an accomplice. The reasons that are used to convince the consumer to send the money vary:
If you are an agent for information see the company’s manuals on AML.