ANTI-MONEY LAUNDERING AND COUNTER TERRORIST FINANCING (AML/CTF)Introduction Money laundering and counter financing of terrorism globally presents not only a problem for criminal justice systems but also a macro-economic problem because it has the capacity to destabilize financial institutions and financial systems. These global threats have led financial systems regulators and financial institutions to strengthen their vigilance in support of the efforts of governments to more easily detect attempts to launder money and finance terrorism and to minimise the possibility that their jurisdictions or institutions‟ becoming involved. Effective enforcement of regulations and policies to deter money laundering and the financing of terrorism should, inter alia, enhance the integrity of the financial system and reduce incentives for the commission of crime with a jurisdiction .

The growing expectations of the financial services industry to comply with constantly evolving regulatory demands have made Anti-Money Laundering (AML) and Office of Foreign Assets Control (OFAC) compliance a major challenge globally. Many governments have passed legislation designed to prevent these, which imposes certain requirements upon institutions registered in their jurisdiction. These legislations are a statement of the minimum standards to be adopted by all registered financial institutions operating in their jurisdiction. Xpress Money may be subject to different or more rigorous requirements as per local regulation, which supersedes global standards. However XM has adopted best practices in the industry for AML & CTF Policy and Procedure. Money laundering & terrorist financing is a crime that can lead to loss, fines, seizure of accounts, cancellation of license, various civil and criminal sanctions which may have adverse consequence on our reputation and goodwill. Working together, we can ensure that we are in compliance with applicable laws and regulations, thereby curtailing the possibility of any illegal activity from taking place.