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SwissMICSI Anti Money Laundering Policy
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SwissMICSI (provided by Swiss Wallet S.A in Switzerland) and its websites, as a regulated financial intermediary, complies with all AML and other regulations.
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Definition of AML/CFT Compliance
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There are few definitions available about AML/CFT but we choose a broad definition as such:
Compliance with AML (Anti Money Laundering) and CFT (Countering Financing of Terrorism) means the implementation of an effective detection and deterrence strategy against any money laundering, terrorism and any illegal financing activities. For more information on the laws and recommendations about AML/CFT you can visit the website of the Anti Money Laundering Control Authority in Switzerland (FINMA) by clicking here.
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How we comply with AML and other regulations
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Compliance with AML/CFT regulations is a conitnuous effort. Our strategy is to implement an "As you Go", effective yet not disturbing AML/CFT compliance. To start with, a potential client who opens a free account with us, will be required to provide us with a minimum of information such as: Full name, birth Date, full postal address, Verified Email Address, Verified Mobile Phone Number. As the client starts using more and more our services or goes over the equivalent of EUR 1,000.00 total transaction and or balance over a period of 1 year, a full Due Dilligence and Know Your Client Application will have to be implemented.
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Due Diligence and Know Your Client (KYC)
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Our Due Diligence and KYC processes will follow the recommendations of the AML/CFT regulators but may not limit itself to those recommendations. We may implement or require additional verification shall we estimate a higher risk is present for a specific client. KYC documents are detailed in our Account Verification explanation page and should be certified by an appropriate authority of the country/region of residence of the user.
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Limits and Verifications implemented
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To effectively limit or at least dissuade illegal use of our system, we have implemented various limits and controls on the transactions. For instance the maximum cumulated balance or transaction treshold for a "Non Verified" user is EUR 1,000.00 (or equivalent). Other limitation control will be the identification of transactions exclusively done between "Non verified" users. Anylysis of our clients balances and transactions information will be processed on a daily, weekly and monthly basis to assess and identify the hight risk accounts. Internal transfers for non Merchants users are limited to EUR 50 (or equivalent). SwissMICSI is designed for Micro Transactions and as such large transfers or volume of transactions may not be possible or may require documentation and special aproval.
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Monitoring and Suspicious Activity Report (SAR)
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Any suscipicious activity, fraud or attempted fraud will be reported to the relevent authorities of the user's country of residence as well as all the Swiss Authorities. All the user's information, documents, activity logs and any other relevant information we have collected, will be passed to the relevant authorities for further studies and actions. SwissMICSI, on top of reporting and following up violations, may on it's own decision implement additional legal actions against the user or group of users and claim reparation.
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Updates and futur compliance implementations
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Swiss Wallet S.A may at any time, modify existing AML/CFT controls, or implement new protocols and strategy, without prior notice or negociation with the user. SwissMICSI users will be informed and will have to accept and comply with such evolutions in order to continue to enjoy Swiss Wallet S.A services in an all safe and AML/CFT complying manner.
Swiss Wallet S.A and its websites, as a regulated financial intermediary, complies with all AML and other regulations.
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