Compliance Policy

Compliance Caleen Financial Services

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

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:

  1. The conversion or Transfer of property, knowing its derived from a criminal offence, for the purpose of concealing or disguising its illicit origin or of assisting any person who is involved in the commission of the crime to evade the legal consequence of the action.
  2. The concealing or disguising of the true nature, source, location, disposition, movement, right with respect to, or ownership of property knowing that its derived from a criminal offence.
  3. The acquisition, possession or use of property knowing at the time of its receipt that it was derived from a criminal offence or from participation in a crime.

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

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.

Consumer fraud

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:

  • The receiver needs the money to buy tickets (travel)
  • The receiver is a unknown relative in distress
  • The sender won a lottery abroad he did not know he participated in and needs to pay a fee to get the prize
  • The sender is given the opportunity by a stranger to participate in a lucrative business deal with very high profits, but needs to pay some costs first
  • The sender has bought something through the internet (for example on E-bay) and needs to pay with a moneytransfer.
  • The sender (mostly older men) has met a girlfriend (young) on the internet and is asked to send money for 1 of the reasons mentioned above.

If you are an agent for information see the company’s manuals on AML.