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Anti-Money Laundering Policy
MistralPay is strongly committed to preventing the use of its operations for money laundering or any activity which facilitates money laundering, or the funding of terrorist or criminal activities.
In Malta, the Prevention of Money Laundering Act (Chapter 373 of the Laws of Malta) (“Act”) has been in force since 1994. The Act is supplemented by the Prevention of Money Laundering and Funding of Terrorism Regulations 2008 (“the PMLFTR Regulations”).
Accordingly, MistralPay will comply with all applicable laws, and regulations designed to combat money laundering activity and terrorist financing, enacted by the Government of Malta, all International Laws to which the Government of Malta is a signatory to, including the USA Patriot Act, and will cooperate with the appropriate authorities in efforts to prevent any such misuse of the financial channels.
Every employee is required to act in furtherance of this policy statement to protect the Company from exploitation by money launderers or terrorists.
Anti Money Laundering
As a minimum, MistralPay will:
- Raise awareness on money laundering issues.
- Appoint a designated Money Laundering Reporting Officer (MLRO). The MLRO is to report any suspicious transactions to the Financial Intelligence Analysis Unit and should copy the MFSA, Malta Financial Services Authority.
- Assist law agencies and authorities to trace, seize, and confiscate the proceed of criminal activities.
- Introduce a Know-Your-Customer Policy (KYC).
- Exercise reasonable measures to obtain information about the true identity of the persons on whose behalf a transaction is made.
- Record keeping procedures – Maintain, for a specific time period, all necessary records on transactions, both domestic and international.
- Pay special attention to all complex, unusually large transactions.
- Employ different ways and means of monitoring and tracing clients’ unusual and suspicious transactions. Information from independent sources: clients’ contacts.
- Adopt economic, administrative, self-regulatory and other measures which can be taken to create an effective shield against money laundering.
- Train staff accordingly.
- Employ proper care in the hiring of new staff.