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AntiMoney Laundering & AntiTerrorism Policy1. IntroductionESi Controls Limited is a UK registered company specialising in the design and manufacture of heating controls. The business of the Company
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Anti money laundering (AML) refers to the regulations, laws, and procedures to prevent criminals from concealing illegally obtained funds as legitimate income.
Financial institutions, such as banks, credit unions, and money service businesses, as well as certain non-financial businesses and professions, are required to file AML reports.
To fill out AML reports, institutions must provide specific details about transactions, customer identification information, and any suspicious activity, usually following standardized reporting formats provided by regulatory bodies.
The purpose of AML is to detect and prevent money laundering activities, thereby safeguarding the financial system and reducing the risk of crime financing.
Information that must be reported includes the identity of the subject, transaction details, the amount of money, and any indicators of suspicious activities.
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