What is Compliance?

 Compliance is the term used to indicate that Speedwire Money Transfer N.V. operates in accordance with applicable laws and regulations. This relates not only to compliance with statutory rules but also to internal rules that apply within the organization. These rules should always be followed. Compliance is not only about preventing money laundering or terrorism financing but also includes complying with other local and international rules and regulations.

Policy Statement

Speedwire Moneytransfer N.V. has established and will maintain the measures outlined in a compliance manual to prevent and detect money laundering, terrorist financing, and other illegal activities. If  Speedwire Moneytransfer N.V., its personnel, or premises are inadvertently used for such purposes, the organization may face severe civil and/or criminal penalties. Therefore, it is essential that every officer, employee, and director is familiar with the policies and procedures outlined in the Speedwire Moneytransfer N.V. compliance manual and adheres to them.

Strict compliance with these policies and procedures is mandatory for all employees. Non-compliance will result in disciplinary action, without exception.Speedwire Money Transfer N.V. operates several local branch offices to enhance customer proximity and improve operational efficiency. Each branch is required to comply with the policies and procedures of the head office, as well as all applicable local laws and regulations. Affiliates must report regularly to headquarters and are responsible for adhering to compliance requirements, including anti-money laundering policies, data protection, and ethical business practices.

What is money laundering?

Money laundering is generally defined as the process of committing acts designed to conceal or disguise the true origin of criminally obtained proceeds so that the illicit proceeds appear to have a legitimate origin or constitute legitimate assets. Money laundering takes place in connection with a broad variety of crimes including, but not limited to, drug trafficking, theft, fraud, extortion, and terrorism.

Money laundering involves the placement of illegally obtained money in legitimate financial systems so that monetary proceeds from criminal activities are converted into funds with an apparently legal source. Money laundering has many destructive consequences for both society as a whole and entities involved in money laundering activities. Regarding society in general, money laundering can provide resources for drug dealers, terrorists, and other criminals to exploit and expand their criminal activities. With respect to entities, any involvement whether it is to bank, aid, conceal, or ignore the source, nature, location, ownership, or control of money laundering activities may result in both civil and criminal proceedings against both the individual and the concerned entity.

Know Your Customers

As part of the money transfer due diligence process, each customer's identity must be established and verified to ensure that the customer exists. Other relevant information about the customer must also be obtained including name, current residential address, date of birth, and telephone numbers when sending or receiving a transfer.

Speedwire Moneytranfer N.V.'s customers can be divided into three groups: natural persons, legal persons, and politically exposed persons. Each of these groups of clients has a different approach. As previously established, Speedwire Moneytranfer N.V.  requests documents from each customer to verify such customer's identity.

The following must be requested from a natural person:

• A valid photo ID
• A valid Surinamese driver’s license
• A valid travel document, or
• A valid document that meets the legal requirements of the country where the client is originally from.

Speedwire Money Transfer N.V. is strongly committed to the prevention of money laundering and any activity that facilitates money laundering or the financing of terrorism or criminal activities by ensuring full compliance with the laws of Suriname covered by:

• The Central Bank of Suriname (CBvS)
• The Reporting Center for Unusual Transactions - Financial Intelligence Unit Suriname (FIUS), formerly Meldpunt Ongebruikelijke Transacties (MOT).

For more information please visit: www.cbvs.sr / www.fiusuriname.org