In today's marketplace, the attempted use of financial institutions to launder money and channel financing of terrorism has become a major risk and has caused many countries, like Switzerland, to pass more stringent laws to combat money laundering and terrorist financing. As such, Raa Express GMBH Anti-Money Laundering- Combating Terrorist Financing (AML & CTF) Policy has been enacted to put in place necessary measures to combat money laundering & terrorist financing in the Institution. This has been necessitated to protect our Company and its businesses from being used to launder money and finance terrorists.
In accordance with our regulatory obligations, we have strict procedures in place to minimize the risk that our service could be used for money laundering purposes including:
Identification of all clients
Monitoring and reporting transactions
Maintaining records for at least seven years
Training staff to recognize out of pattern transactions and to be aware of their reporting obligations
We will not accept you as a client until we are satisfied that you are who you say you are. Furthermore, we reserve the right at any stage to refuse to process your transaction if you fail to provide us with satisfactory information or, if information you have provided to us subsequently appears to be misleading, incorrect or false.
You should therefore comply with any request for information promptly. Your failure to do so, could in some circumstances, be regarded as unusual behavior. You should also assume that all information provided to us could be made available to regulatory authorities.
WARNING: Money laundering is a criminal offence. You should be aware that, by misusing our service, you could expose yourself to criminal prosecution, as we are bound to automatically report such behavior to the regulatory authorities. Examples of misuse include, but are not limited to:
Breaking a large transaction into smaller transactions to avoid reporting
Providing false or misleading contact details
Providing false identification documents
We do not want your business if the funds you are transferring are sourced from, or are related to, criminal activity.
Raa Express GMBH.
Head Office: Bahnhofstrasse 45,3400 Burgdorf, Switzerland.
Anti-Money Laundering & Counter Terrorist Financing Policies and Procedures
As Raa Express GMBH is involved in money remittance business one of its responsibilities is to report to PolyReg
PolyReg is Switzerland's anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. PolyReg works collaboratively with Swiss industries and businesses in their compliance with anti-money laundering and counter-terrorism financing legislation. As Switzerland's financial intelligence unit, PolyReg contributes to investigative and law enforcement work to combat financial crime and prosecute criminals in Switzerland and overseas.
As the representative will also be involved in money transfer service, hence providing a designated service, the representative will be required to register with PolyReg by visiting their website http://www.polyreg.ch/e/index.html. The representative shall comply with all PolyReg requirements including submitting an PolyReg compliance report.
At Raa Express GMBH, we understand that money transfer service is not the representative's core business activity therefore to make things easier for our representatives we have set some procedures that the Representative shall follow to make reporting easier and counter threats associated with money laundering and other illegal activities.
What is Money Laundering?
Money laundering is the process by which money earned from illegal means is "washed" through legitimate systems and enterprises in order that it is cleaned and eventually returned to the criminal in the form of legitimate money.
This is the process by which criminals attempt to disguise the illegal origin of the proceeds of their criminal activities and to introduce those proceeds into the financial system as legitimate funds. As financial crime has become more complex, and "Financial Intelligence" (FININT) has become more recognized in combating international crime and terrorism, money laundering has become more prominent in political, economic, and legal debate. Money laundering is ipso facto illegal; the acts generating the money almost always are themselves criminal in some way (for if not, the money would not need to be laundered).
What is Terrorist Financing?
Terrorist financing; often linked in legislation and regulation, terrorist financing and money laundering are conceptual opposites. Money laundering is the process where cash raised from criminal activities is made to look legitimate for re-integration into the financial system, whereas terrorist financing cares little about the source of the funds, but it is what the funds are to be used for that defines its scope.
Terrorist financing may not necessarily involve the proceeds of criminal conduct. Rather the aim is to conceal the origin and/or intended use of the funds for criminal purposes i.e. to fund terrorists or terrorist activity.
Terrorist financing is generally involves the movement of funds by terrorists and terrorist groups in order to support their activities. Terrorist financing can involve the movement of funds derived from legal activity as well as funds derived from illegal activity. The movement of legitimate funds into the control of terrorist organizations is sometimes known as "reverse money laundering"
Large principal money transfer (LPMT): An LPMT refers to a principal send transaction that is generally over CHF$10000. This limit is set by Raa Express GMBH and may be changed at its discretion.
Raa Express GMBH aims to identify and act on preventing anti-money laundering and terrorism financing. We are subject to, and comply with all Swiss laws relating to Anti-Money laundering and terrorism financing.
Also, we comply with Anti Money Laundering Act, 2002 (Act No. VII of 2002) in terms of section 2, who is the one of main transaction country of this business.
Business Name: Raa Express GMBH .
Bahnhofstrasse 45,3400 Burgdorf
Mobile: 034 446 81 70
How Money laundering System works ?
Sending is the process where attempt is being made to transfer the funds through the financial system without attracting attention.
This is one of the clever processes of sending funds. In this process funds are moved around to break the investigative trail. This movement often involves a complex series of transactions to create confusion and complicate the paper trail.
Investment which helps maximising the money laundering process. Once the funds are placed into the financial system and are scattered in the distribution stage.
more transactions are being made to create an impression of the legality. The idea is to make more transactions to provide a legitimate explanation for the source of the funds.
How do money launderers avoid suspicion?
Placement: Placement is the attempt to place funds in the financial system without attracting attention.
Layering: Layering is the stage of the money laundering process where funds are moved around to break the investigative trail. This movement often involves a complex series of transactions to create confusion and complicate the paper trail.
Integration: Integration is the ultimate goal of the money laundering process. Once the funds are placed into the financial system and are hidden in the layering stage, additional transactions are used to create the appearance of legality. These transactions attempt to provide a plausible explanation for the source of the funds.
Suspicion means that, we suspect that a customer is using or seeking to use our money express services to launder money or finance terrorism and one of the following conditions is met:
We suspect on reasonable grounds that the customer is not the person they claim to be
We suspect on reasonable grounds that an agent of the customer is not who they claim to be
We suspect on reasonable grounds that information Raa Express GMBH Express has concerning the provision, or prospective provision, of a designated service
May be relevant to investigation of, or prosecution of a person for evasion, or an attempted evasion, of a taxation law
We suspect on reasonable grounds that the provision, or prospective provision, of the service is preparatory to the commission of an offence connected to money laundering