Severus Finance (PTY) LTD is committed to the highest standards of compliance against money laundering (AML) and anti-terrorist financing (CTF). The objective of the Companies Policy against Money Laundering and Terrorism Financing is to actively prevent the risks of these matters. To help the government combat the financing of terrorism and money laundering activities, the law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. We have an obligation to report suspicious client activity relevant to money laundering.
The process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear legitimate to hide or distort the actual source of funds.
The money laundering process can be divided into three sequential stages:
To prevent money laundering, Severus Finance (PTY) LTD does not accept or pay in cash under any circumstances. The company reserves the right to suspend the operation of any client, which may be considered illegal or, in the opinion of the staff, related to money laundering.
Severus Finance (PTY) LTD will ensure that it is a real or legal person. Severus Finance (PTY) LTD also performs all the necessary measures in accordance with the applicable laws and regulations, issued by the monetary authorities. The AML policy is being met within FX of Severus Finance (PTY) LTD by the following means:
Due to the company’s commitment to AML and KYC policies, each company customer must complete a verification procedure. Before Severus Finance (PTY) LTD initiates any cooperation with the client, the company ensures that satisfactory evidence is presented or other measures are taken that produce satisfactory proof of the identity of any client or counterparty. The company also applies increased scrutiny to clients, who are residents of other countries, identified by credible sources as countries, who have inadequate AML standards or who may pose a high risk of crime and corruption and beneficial owners who reside in and whose funds are sourced from named countries.
During the registration process, each client provides personal information, specifically: full name; birthdate; country of origin; and full residential address. The following documents are required to verify personal information: A client submits the following documents (in case the documents are written in non-Latin characters: to avoid delays in the verification process, it is necessary to provide a notarized translation of the document in English ) due to KYC requirements and to confirm the indicated information:
In the event that the applicant company is listed on a recognized or approved stock exchange or when there is independent evidence to show that the applicant is a wholly owned subsidiary or a subsidiary under the control of said company, no further steps will normally be taken to verify the identity. necessary. In the event that the company is not listed and none of the main directors or shareholders already has an account with Severus Finance (PTY) LTD , the following documentation must be provided:
In addition to collecting customer information, Severus Finance (PTY) LTD continues to monitor the activity of each customer to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is not consistent with the legitimate business of the customer or with the transaction history of the regular customer known by tracking customer activity. Severus Finance (PTY) LTD has implemented the named transactions monitoring system (both automatic and, if necessary, manual) to prevent criminals from using the company’s services.
Records must be kept of all transaction data and data obtained for identification purposes, as well as all documents related to money laundering issues (e.g. suspicious activity reporting files, AML account monitoring documentation , etc.). Those records are kept for a minimum of 7 years after the account is closed.
In cases of an attempt to execute transactions that Severus Finance (PTY) LTD suspects are related to money laundering or other criminal activity, it will proceed in accordance with applicable law and report the suspicious activity to the regulatory authority.
Severus Finance (PTY) LTD reserves the right to suspend the operation of any client, which may be considered illegal or may be related to money laundering in the opinion of the staff. Severus Finance (PTY) LTD has full discretion to temporarily block the suspicious customer’s account or terminate a relationship with an existing customer. For more information you can contact us at firstname.lastname@example.org.
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