Due to the nature and complexities of crypto exchange and the financial crime risks associated with crypto assets, Savita app will adhere to the Securities and Exchange Commission (SEC), the Financial Crimes Enforcement network (FINCEN) and other regulations that apply to anti-money laundering in crypto exchange to prevent money laundering, tax evasion, terrorist financing, and other related financial crimes by complying with Anti money laundering policy regulations.
COMPLIANCE POLICIES
Savita app identifies with the KYC processes involved in the critical aspects of due diligence that are necessary to comply with AML rules. Savita app will collect customer information which includes names, addresses etc and verify the customers’ identity with official government issued identity cards and other official documentation to prevent anonymous trade and exchange on the Savita app. Each user is assigned a risk profile based on various factors, including geographic location nature of transactions and business activities
Savita app as part of its KYC will be mandated to carry out enhanced due diligence (EDD) on the customers as part of precautionary measures of KYC by scrutinizing customer identity and behaviour, this is due to the fact that EDD requirements are based on risk and Savita app will be able to identify high risk customers which includes Politically Exposed Persons (PEPS), and other customers from high-risk jurisdictions.
This involves Detailed analysis of source of funds, regular updates of user information and close monitoring of transactions
Savita app deploy dedicated Cyber security personnel and KYC software’s which include algorithms and machine learning to flag down and report suspicious activities on the platform. This enables the monitoring of transactions in real time, enabling the system to flag unusual or suspicious activities based on predefined criteria, such as large or unusual transaction volume, transactions with high risk jurisdictions. These measures will help to identify suspicious transactions and behavioural patterns that may flag off illicit activities.
This include but is not limited to multiple currency transactions that aggregate to over $10,000 in a single day by a customer and this red flag transactions will be notified to the appropriate regulatory authorities.
Pattern analysis is also employed to detect potential money laundering schemes. This includes, Identifying structuring or smurfing activities. And detecting circular transactions that may indicate layering.
Savita files suspicious activity reports with the relevant authorities for transactions that appear suspicious or potentially illegal. The process involves Identifying and documenting suspicious transactions, submitting reports within the required time frame and cooperating with law enforcement and regulatory bodies during investigations.
Compliance with all relevant regulations will be enforced by
To ensure an efficient AML compliance, Savita App has a Chief Compliance Officer tasked with the responsibility to ensure the strict implementation and compliance to AML regulations, ensures that CTR reports are filed properly, training of other personnel and continuous update of AML compliance policies and regulations. The chief compliance officer is also tasked with Conducting regular reviews and updates of AML procedures.
Savita will continue to provide training for its personnel on anti money laundering policies that are applicable to their respective roles and procedures for mitigating the risk of money laundering and financial crimes on the platform. This includes AML regulations and compliance requirements, procedures for identifying and reporting suspicious activities and techniques for conducting effective customer due diligence. Also, an ongoing education will be maintained to keep staff informed of changes in AML laws and regulations, new money laundering techniques and trends and best practices for maintaining compliance
Savita conducts thorough due diligence on all third-party partners, including assessing their AML policies and procedures, evaluating their compliance with relevant regulations and monitoring their ongoing performance and compliance. These are regularly reviewed and termination of relationship ensues if there is an association with money laundering
Savita’s Board of Directors oversees the AML policy implementation, ensuring that regular reviews and updates of the AML policy are conducted, the AML framework is robust and effective and that adequate resources are allocated for AML compliance.
Internal audits of our AML processes are also carried out periodically to assess the effectiveness of our controls, identify areas for improvement and ensure compliance with regulatory requirements.
CONCLUSION
Savita is committed to maintaining a robust and effective AML policy that meets the highest standards of compliance and integrity. By implementing comprehensive controls and fostering a culture of compliance, we aim to protect our users, our platform, and the broader financial system from the risks of money laundering and terrorist financing.
This AML policy provides a detailed framework for how Savita will prevent, detect, and respond to money laundering and terrorist financing activities. It covers all aspects from customer due diligence and transaction monitoring to training and continuous improvement, ensuring that Savita operates with the highest standards of integrity and compliance.