Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) Policy

Introduction

WaqfMovement.com, operated by the Global Waqf Movement (“the Platform”), is committed to preventing its online waqf fundraising peer-to-peer platform from being used for money laundering and the financing of terrorism. This Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) Policy outlines our commitment to compliance with applicable laws and regulations, as well as our procedures for preventing and detecting suspicious activities.

Purpose

The purpose of this AML/CFT Policy is to:

  1. Establish procedures to prevent the Platform from being exploited for money laundering, terrorist financing, or other illicit activities.
  2. Ensure compliance with anti-money laundering and counter-terrorism financing laws and regulations.
  3. Safeguard the integrity of the Platform and protect its users from financial crime risks.

Compliance Framework

The Platform operates in accordance with the following laws and regulations related to anti-money laundering and countering the financing of terrorism:

  • The USA PATRIOT Act (Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act)
  • The Bank Secrecy Act (BSA)
  • The Financial Action Task Force (FATF) recommendations
  • Any other applicable local, national, or international laws and regulations

Customer Due Diligence (CDD)

The Platform conducts thorough customer due diligence (CDD) measures to verify the identity of its users and assess the risk of money laundering and terrorist financing. These measures may include:

  1. Collecting identification information from users, such as name, address, date of birth, and government-issued identification documents.
  2. Using identity verification tools and databases to confirm the accuracy of the information provided.
  3. Assessing the risk profile of users based on factors such as transaction history, geographic location, and other relevant information.
  4. Conducting ongoing monitoring of user accounts and transactions for suspicious activity and conducting enhanced due diligence (EDD) as necessary.

Suspicious Activity Monitoring and Reporting

The Platform employs robust systems and processes to monitor user activity and identify potentially suspicious transactions. This includes:

  1. Utilizing transaction monitoring tools to detect unusual or suspicious patterns of activity, such as large transactions, frequent transfers, or transactions involving high-risk jurisdictions.
  2. Conducting regular reviews of user accounts and transactions to identify red flags indicative of money laundering or terrorist financing.
  3. Training staff members to recognize and report suspicious activity to the appropriate authorities in accordance with established protocols and regulatory requirements.

Recordkeeping Requirements

The Platform maintains comprehensive records of customer identification information, transaction data, and other relevant documentation in accordance with legal and regulatory requirements. These records are securely stored and may be provided to law enforcement or regulatory agencies upon request.

Training and Awareness

All staff members responsible for customer interactions, compliance, and risk management receive ongoing training on anti-money laundering and counter-terrorism financing policies and procedures. Training includes:

  • Recognizing the signs of money laundering and terrorist financing.
  • Understanding the Platform’s AML/CFT policies and procedures.
  • Reporting suspicious activity in accordance with established protocols and regulatory requirements.

Reporting Obligations

The Platform is committed to cooperating fully with law enforcement, regulatory agencies, and other authorities in the investigation and prosecution of money laundering and terrorist financing activities. We will promptly report any suspicious activity to the appropriate authorities as required by law.

Conclusion

The Global Waqf Movement is dedicated to maintaining the highest standards of integrity and compliance with anti-money laundering and counter-terrorism financing laws and regulations. By implementing robust policies and procedures, conducting thorough customer due diligence, monitoring for suspicious activity, and cooperating with authorities, we strive to prevent our platform from being used for illicit purposes.

If you have any questions or concerns about our AML/CFT Policy, please contact us at the provided contact information.

Thank you for your cooperation in helping us combat financial crime and uphold the integrity of our platform.

Global Waqf Movement
Email: [compliance@waqfmovement.com]
Address: Global Waqf Movement
5900 Balcones Drive STE 100
Austin, Texas, 78731
United States