STG SWP Portal compliant with AML Regulations 2016 u s anti money laundering laws

In april 2017, the financial investigation agency (FIA) conducted a surprise inspection on the 2016 books of compliance of STG SWP portal. This was based on outside reports of anomalous earnings and substantially large cash outs that were experienced by its clientele. Such transactions are red flags of money laundering activities. After scrutinising its records, the agency confirmed that the company was fully compliant with AML regulations.

STG SWP portal is a privately held corporation registered under british virgin islands (BVI) law. It has no obligations to provide any public access to its books of accounts. What section 98 of the BVI business companies act 2004 (BCA) requires however is that it keeps records that:

• ​are sufficient to show and explain the company’s transactions; and

• ​​will, at any time, enable the financial position of the company to be determined with reasonable accuracy.U s anti money laundering laws

Oddly, this only applies to domestically incorporated businesses. Foreign enterprises that are incorporated outside of the BVI but have a registered company through the BCA are not bound by section 98.

Approved conformity

Being a domestic corporation of the british virgin islands (BVI), STG SWP portal must comply with the record keeping requirements of its transactions which must reflect its financial position with reasonable accuracy. This is most helpful when it comes to checking for money laundering activities and financial crimes which is precisely what the FIA conducted on the company. Its auditing procedures verified that STG SWP portal was indeed compliant. It provided accurate records that reflected how each and every transaction was made as well as the net gains it experienced.

The anti-money laundering (AML) regulations are designed to put an end to illegal means of generating income.U s anti money laundering laws it is the financial action task force (FATF) through the caribbean financial action task force (CFATF) coordinating with the FIA that enforces the AML act and clamps down on illegal transactions. The FATF provides recommendations and updated procedures on how to counter money laundering in specific regions. This is then followed by the regions it monitors and further disseminated to specific territories. There are no companies that are beyond its reach, even those operating in small territories such as the BVI. This is evidenced by the investigation of STG SWP portal in april 2017.

Points to satisfy

The company was able to pass the key components for compliance as investigated by the FIA because it adhered to the strict rules most institutions follow such as:

• assessment of risk

• designation of a compliance officer

• attending programs to train for compliance

u s anti money laundering laws

• submission to independent audit checks

• review of internal controls

Incorporating these elements in its company culture has resulted in one of the best compliance practices in the industry. STG SWP portal however, must consistently seek to update and implement more stringent controls in its systems by coordinating with the FIA and checking FATF updates.