Money Laundering Prevention

Money Laundering Prevention

Monty Global Payments and its agents share the authorities’ and public’s concern regarding the link between monetary flows and criminal activity, therefore considering compliance with all regulatory controls governing the detection of and action against said activities to be a top priority. In Spain: Act 10/2010 dated 28 April 2010 on the Prevention of Money Laundering and Financing of Terrorism, which transposes Directive 2005/60/EC of the European Parliament and of the Council dated 26 October 2005, which establishes the obligations that parties liable in accordance with their corporate mission or activity are bound to meet.

The money laundering prevention system, designed to prevent any movement that could enable any type of illegal activity is a strategic objective for Monty.

Monty Global Payments has an Audit and Money Laundering Compliance Control Area that specializes in detecting suspicious transactions and reporting them immediately to the competent authorities. As a bound party we comply with the currently applicable legislation through a comprehensive anti-money laundering framework, comprised of customer identification and acceptance policy, training programs for employees, implementation of internal control procedures to detect and carefully examine suspicious transactions. We then report any such suspicious movements to the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (SEPBLAC) at the time any such activity is detected, all in strict compliance with the duty of confidentiality. These policies and control procedures are set forth in our Procedures Manual, which is constantly updated.

Technology not only supports management of the business, but also provides efficient compliance with legal requirements and enables online access to all the necessary documentation. In addition to detecting fraud, it enables us to automatically detect money laundering transactions and issuers, triggering a robust system of alerts which are then subjected to detailed tracking and analysis by means of a second tier of analytic tools.
The Money Laundering Prevention Area is responsible for complying with all policies and procedures adopted by the entity in order to prevent money laundering, as well as analyzing any suspicious transaction detected and, where appropriate, notifying the Executive Service of the Commission for the Prevention of Money Laundering and Monetary Offences (SEPBLAC). The Money Laundering Prevention Area regularly reports its activities to company management.

The following are the main elements of the anti-money laundering and terrorist financing prevention policy:

  • We have a customer identification and acceptance policy.
  • We have implemented a Risk Based Approach (RBA) model that classifies customers based on risk.
  • No anonymous accounts or payments are allowed.
  • We have policies, procedures and suspicious transactions detection and analysis systems that are constantly updated to adapt to changing trends.
  • We have implemented a continuous training and internal communication plan.
  • We regularly review the Group’s internal auditing and carry out annual, independent audits to validate the high self-imposed standards.
  • We have the best tools for detection and analysis.
  • Our organisational structure enables implementation of the entity’s internal policies and regulations at all levels..

Please contact us regarding any issue related to this page, or any other questions about money laundering prevention, at the following addresses:

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