Fintech uses technology to offer various financial products and services in different markets globally. However, since the increased use of cryptocurrencies and digital assets as an alternative to Fiat money, some people speculate that this environment may be conducive to money laundering.
Money laundering
Money laundering is a process by which the origin or funds from illicit or criminal activities are concealed, among the most known activities are drug trafficking, arms smuggling, corruption, prostitution, extortion, piracy, terrorism, etc.
People engaged in these illegal activities use various methods to “launder money” worldwide, including illicit foreign investment, infiltration of organizations, fictitious export of goods, purchase of lotteries or fictitious prizes, transfers, substitution of foreign debt, and other criminal acts.
Pilsenga
Pilsenga is an IBAN and e-money agency that offers customized financial solutions for medium-sized companies, enabling them to integrate into the Europe SEPA network. Pilsenga provides various services such as multicurrency IBAN accounts, batch payments, accounting packages, digital wallets for digital assets, and FIAT money. All these services and tools carry a great responsibility when complying with the different money laundering laws.
Measures taken by Pilsenga to combat money laundering
The way to face money laundering and detect illicit operations is by transparent, complete, and consistent management of all the information provided in the documentation supporting the different banking and financial operations. Pilsenga, to avoid money laundering in your company, takes a series of control measures, which we will know below:
Virtual Assets Law and regulated service
One of the most outstanding anti-money laundering measures Pilsenga has in place is that its activities are regulated by the Financial Crime Investigation Unit of Lithuania (IFU/FNTT) as exchange trading services.
By relying on Pilsenga’s services, you are using a regulated product/service that performs under the best practices for the financial industry according to the FCA (Financial Conduct Authority) regulations and standards of e-money institutions.
Relationship between Pilsenga and the customer
To comply with the regulations that govern its activities, Pilsenga strives to maintain a transparent relationship with its customers. For example, when using Pilsenga’s services, clients must be willing to cooperate with any supervisory/regulatory authorities, officers, and employees of Pilsenga who are authorized to request relevant documentation if necessary.
Constant validation of documentation
When registering to use Pilsenga’s services, the new users provide information about their company and attach the corresponding commercial information; this way, they can consolidate and validate documents to verify the legality and origin of the funds. For this purpose, Pilsenga has dedicated client managers available to help, guide, and inform clients throughout the process. It is important to note that for security, Pilsenga requests documentation for each transaction to make it as efficient, smooth, and convenient as possible.
Process for adding funds or balances
Another essential measure of Pilsenga is that for its customers to add funds to their accounts, they must do so through a debit card issued by a financial institute regulated in the European Economic Area (EEA) and registered with the same name and address as the customer’s account. If the customer adds funds through a wire transfer, he must use a bank account issued by a regulated credit institution in the EEA, registered with the same name and address as the customer’s account. It is important to note that, if necessary, Pilsenga requests further documents to verify the source of such funds.
Internal control rules
Pilsenga establishes several internal control rules, which include internal audit procedures. Some of these procedures consist of identifying the client involved in a transaction and verifying the information he provides, identifying the beneficial owner involved in the transaction, then reviewing the business transactions carried out and the status of the client, and finally, following up on the business relationship, including the purpose of the deal or business relationship.
What do you think about this topic? Would you like to know more about the measures taken by Pilsenga to combat money laundering?
If you are interested in Pilsenga’s products or services, you can visit our website and register on our platform by visiting the following link.
