Money laundering is the illegal attempt to hide  the true source of money. It generally involves money that has been obtained through criminals activity, frequent drug dealing, smuggling, terrorist activities etc. money laundering use a variety of means to launder money so that it is tough to detect.

We at AMT are very much concerned about protecting our services from illegal activities. It is strict AMT policy not to do business with money launders or other criminals. We realize, however, that in many cases institution may not be aware that they are being used by money launders. We therefore provide all of our staff and agents strict guidelines to control and beat money laundering and illegal activities. Our AMLP and procedures are as follows:

• Identification procedure and the concept of Know Your Customer (KYC)
  a. Obtain valid identification (ID), proper identification and address with photograph; issued from the local government or authorities.
  b. Verify details with origin
  c. Full signature of the customer on the form of remittance.
  d. Sources and quantum of amount.
• Additional precaution on transactions involving amounts crossing the threshold limit, as per local rules and AMT limit.
  a. True copy of original ID is being kept on record after due verification with originals.
  b. Purpose of remittance and source of income is mentioned by the customer. This will enables to verify the appropriateness of the transaction.
  c. Breaking up of transactions to circumvent the limit restrictions is not allowed. Proper methods are being evolved to detect multiple transactions or split transactions in order to get required information/documents
• Internal Control & Communication
  a. Proper procedures have been set up for the staff to have effective control over the activities undertaken
  b. The format of the application form fro remittance has been designed to confirm the local regulations and is able to capture all the required data for enabling effective supervision and control.
  c. Application forms contain a declaration from the customer certifying the correctness of the data provided by him/her and in case of registered customers any change in the address given is being notified to the agent.
• Record Keeping
  a. records are being kept for a minimum period of 5 years.
  b. records provide the sufficient basic information on the customer and also able to reconstruct the transaction if needed.
• Appropriate Training to the Staff
  a. Staffs have been trained on all matters pertaining to Money Laundering and Terrorist Financing.
  b. Training has been given in line with their responsibilities.
• Reporting to Regulatory Authorities
  a. There is a proper reporting system in place both within the organization and to the Regulatory Authorities