ANTI-MONEY LAUNDERING POLICY

CST Financial Services Limited cooperates for prevention of Money Laundering and other criminal activities. The Company complies with the guidelines and directions issued by the Central Bank of Belize and the Commission for the implementation of the legislative requirements.

CST Financial Services Limited has policies and procedures in place in to prevent the involvement or misuse of money laundering activities. These procedures include:

  • obtaining appropriate evidence of client identity
  • maintaining adequate records of identification information
  • determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
  • informing clients that the information they provide may be used to verify their identity
  • maintains records of client transactions

Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.

There are three stages involved in money laundering; placement, layering and integration.

  • firstly, cash or cash equivalents are placed into the financial system
  • secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts)
  • And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).

Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.

CST Financial Services Limited directs funds withdrawals back to the original source of remittance, as a preventative measure.

International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.

These guidelines have been implemented to protect CST Financial Services Limited and its clients.

For questions/comments regarding these guidelines, please contact us at compliance@opteck.biz