Money laundering refers to the attempt to conceal or disguise the nature, location, source, ownership, or control of illegally obtained money. While it is often associated with tax avoidance, individuals may also engage in money laundering to obscure their identity or finance illegal activities.

Identifying 'suspicious activity' can be complex, as it varies by transaction based on the context. What may appear normal for one customer could raise red flags for another, depending on transaction patterns, amounts, and frequency.

Paxassets CO LIMITED is dedicated to combating money laundering and fully complies with global anti-money laundering (AML) laws. We recognize our responsibilities in the fight against financial crime, and our commitment to AML policies will take precedence over other privacy obligations.

We will take all reasonable steps to prevent individuals engaged in money laundering, fraud, or other financial crimes from accessing our products and services.

Compliance Officer

Our Compliance Officer is responsible for coordinating and monitoring compliance with relevant legislation, detecting unusual activity, and communicating AML/CFT issues to stakeholders.

Risk Committee

An independent Risk Committee reports to our board of directors on risk and compliance matters, ensuring adherence to the Money Laundering (Prohibition) Act and related regulations.

Internal Control

We implement internal controls to deter the use of our services for money laundering or terrorist financing, ensuring compliance with applicable laws.

Know Your Customer (KYC)

We establish a risk-based approach to Customer Due Diligence (CDD), requiring personal details from customers when opening an account. Enhanced due diligence is performed for high-risk customers, and we maintain KYC records for the required periods.

Paxassets will ensure timely and accurate reporting of all AML/CFT returns as specified by regulations. We exercise due diligence in identifying and reporting suspicious transactions, including:

• Transactions structured to evade reporting requirements.
• Altered or false identification.
• Any transaction involving criminal activity, as determined by our standards.
• Entities linked to individuals or organizations considered terrorists.

At Paxassets, we are committed to maintaining the integrity of our services and ensuring compliance with AML regulations. Together, we can help combat money laundering and protect the financial system.