This policy is being finalized. The specific regulatory regimes and registrations that apply to One Prime Limited are still being confirmed. This page describes our AML/CFT approach; it does not claim supervision by, or registration with, any particular regulator.
One Prime Limited (“One Prime”, “we”, “us”) is committed to complying with applicable laws and regulations on anti-money laundering (“AML”) and countering the financing of terrorism (“CFT”) in the jurisdictions in which we operate.
What money laundering is
- Money laundering is the process of making funds generated by criminal activity appear to come from a legitimate source. CFT refers to preventing funds from being used to finance terrorism.
- As part of our AML/CFT compliance program, we obtain and record information and documentation that helps confirm the identity of our customers and, where relevant, their End Users and beneficial owners. This information may be requested at onboarding or during periodic reviews.
Know Your Customer (KYC) and Customer Due Diligence
- We perform Customer Due Diligence (“CDD”) on Merchants and, where applicable, their beneficial owners and representatives, before and during the provision of Services.
- We apply Enhanced Due Diligence (“EDD”) to higher-risk customers, taking into account factors such as assets, income, source of funds, ownership structure and the purpose and nature of the intended transactions.
- We may set transaction limits and other risk-based controls.
Sanctions and PEP screening
- We screen customers (and, where relevant, related parties) against applicable sanctions and watchlist databases.
- In the event of a potential match, we assess whether the person should be treated as a Politically Exposed Person (“PEP”) or otherwise higher risk, having regard to the circumstances of each case, and decide whether to proceed, decline or escalate.
Transaction monitoring
- We monitor transactions for indicators of suspicious activity. Where suspicious activity is detected, a transaction may be suspended, declined or reversed pending review.
- Name-mismatch deposits (where a remitter’s name does not match the registered End User) are handled through a manual hold-and-review process.
Reporting and record-keeping
- We maintain records of identification and transaction information for the periods required by applicable law.
- Where required, we report suspicious activity to the relevant authorities.
Contact
For AML/KYC questions, contact One Prime Limited at support@oneprime-global.com.