ANTI-MONEY LAUNDERING (“AML”) AND COMBATING THE FINANCING OF TERRORISM (“CTF”) STATEMENT(S).
Last updated: March 25, 2022.
As a licensed money transmitter, CASHSHIP is committed to full compliance with all applicable laws and regulations regarding money laundering ("AML"). CASHSHIP's policy is to prevent individuals involved in money laundering, fraud, and other financial crimes, including terrorist financing, from using CASHSHIP's services.
CASHSHIP has solid policies and procedures manual to detect, prevent and report suspicious activities. To comply with the regulatory requirements of the Republic of Panama established according to the legal regulations in force in the Republic of Panama (Law 23 of 2015, which establishes measures to prevent money laundering, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction; Executive Decree 363 of 2015, which regulates Law 23 of 2015; Banking Agreement 005-2015, on the prevention of the improper use of services provided by other regulated entities under the supervision of the Superintendency of Banks; SBP Agreement 001-2019, whereby a Catalog of Warning Signals for the detection of Suspicious Operations related to Money Laundering, Financing of Terrorism and Financing of the Proliferation of Weapons of Mass Destruction is established for money remittance companies and exchange houses).
Likewise, before the Financial Analysis Unit (UAF), CASHSHIP will check any reports issued by this office to identify the rules and procedures to enforce compliance with the regulations mentioned above; and regarding the OFAC (Office of Foreign Assets Control) regulations of the United States of America, we will proceed to compare the accounts of our clients with the watch lists of the government of the United States of America,
Compliance with Anti-Money Laundering Requirements.
CASHSHIP operations are conducted at all times in material compliance with Law 23 of 2015, which adopts measures to prevent money laundering, financing of terrorism and financing the proliferation of weapons of mass destruction; Executive Decree 363 of 2015, which regulates Law 23 of 2015; Banking Agreement 005-2015, on the prevention of misuse of services provided by other obligated parties under the supervision of the Superintendency of Banks; Agreement SBP 001-2019, whereby a Catalog of Warning Signals for the detection of Suspicious Transactions related to Money Laundering, Financing of Terrorism and Financing the Proliferation of Weapons of Mass Destruction for money remittance companies and exchange houses and their implementing regulations, including the money laundering requirements of applicable government authorities and the like, are established, rules, regulations or guidelines issued, administered or enforced by any federal or state authority (collectively, the "Anti-Money Laundering Laws") and no action, suit or proceeding by or before any court or governmental authority or any arbitrator involving CASHSHIP with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of CASHSHIP is threatened.
Monitoring and Information Requests to comply with Anti-Money Laundering Requirements.
To help the government of the Republic of Panama fight the financing of terrorism and money laundering, state law requires all financial institutions to obtain, verify and record information that identifies each person with whom they do business. This means we must ask you for certain identifying information, including a government-issued photo ID, proof of address, and taxpayer identification number if required. "Under CASHSHIP's AML and CTF Programs."
How does this affect me?
As part of our AML procedures, we collect information about you to satisfy our Know Your Customer requirements. This means that we may request information from you due to a specific identification requirement or our watch list screening process. We may require you to provide documentation to help confirm your identity or provide additional information about your business. As outlined in our Prevention Manual, we may also require you to seek prior approval to use the PayPal service if your account falls into a high-risk compliance category.
You can request a copy of the PREVENTION MANUAL by writing to us following the instructions on our website under the "Contact Us." Tab.
IF YOU SUSPECT MONEY LAUNDERING OR TERRORIST ACTIVITIES, PLEASE CONTACT THE FINANCIAL ANALYSIS UNIT (UAF) OF THE MINISTRY OF ECONOMY AND FINANCE. FOR MORE INFORMATION ON THE FINANCING OF TERRORISM AND OTHER ILLEGAL ACTIVITIES, VISIT THE SITE.
When is this information requested?
We may request this information during account opening or as part of our account review process periodically with our existing customers.