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AML policy

Anti-Money Laundering Policy

Money laundering is the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc.) into money or investments that appear to be legitimate. Such activity is used because of the illegal source of money and other material values cannot be traced. 

The aim of the anti-money laundering procedures is to guarantee that the clients, participating in financial transactions with the involvement of Openchange.me site, are identified under reasonable standards with the minimum identity data set for the law-abiding clients. Openchange.me has developed the internal anti-money laundering and combating the financing of terrorism policy in accordance with the international legislation requirements. Openchange.me carefully monitors any suspicious actions and transactions and reports such actions to the appropriate authorities in due time.

Openchange.me documents and verifies identification data of the Client and also logs and tracks itemized statement of all transactions carried out by the Client.

Openchange.me tracks suspicious transactions of the clients and transactions executed under nonstandard conditions. Openchange.me performs its action on the base of AML FATF recommendations.

In order to execute the anti-money laundering laws Openchange.me can demand from its Client to present two documents verifying his identity. The first document that can be demanded by Openchange.me is an unexpired identification document that bears a Client’s photograph issued by the jurisdictional government. It can be a passport, a driving license (for the countries where a driving license is a primary identification document) or a local identity card (except an in-company access card). The other document that can be demanded by Openchange.me – is a bill, aged less than three months, containing the full Client’s name and actual address. It can be a bill for housing services, a bank statement or any other document that confirms a Client’s address. In some cases Openchange.me can also request a Client to present notarized copies of the documents.

The documents written on the languages other than English should be translated into English by a sworn translator; the translation should be typed and signed by a translator and sent enclosed with a copy of an original document that bears a clear Client’s photo.

Openchange.me reserves the right to refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law Openchange.me is not obliged to inform the Client that it was reported to the corresponding bodies of the Client's suspicious activity.

Openchange.me is committed to regularly update its electronic system for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.