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Home Anti-Money Laundering Statement

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The Currency and Foreign Transactions Reporting Act, also known as the Bank Secrecy Act(BSA), and its implementing regulation, 31 CFR 102, is a tool the U.S. government uses to fight drug trafficking, money laundering, and other crimes. Since its passage, BSA has been amended a number of times to enhance law enforcement effectiveness. At IncorpToday, our Anti Money Laundering Policy ensures that the highest standards of due diligence are applied to the "Know Your Customer" principles. It guarantees that every staff member will consistently comply with legislation requirements and appropriate guidelines in the jurisdictions in which we operate. At all times we ensure the safety and protection of our clients, partners, resellers and staff.

INSUFFICIENT OR SUSPICIOUS INFORMATION BY CUSTOMER:

  • The reluctance of a business that is establishing a new account to provide complete information about the purpose of business, its prior banking relationships, names or its officers and directors, and information about the location of the business.
  • A customer's refusal to provide the usual information necessary to qualify for IncorpToday's services.
  • A customer desires to open a business bank account without providing references, a local address, or identification(passport, alien registration card); or refuses to provide any other required information to IncorpToday.
  • Providing unusual or suspicious identification documents that IncorpToday cannot readily verify.
  • The discovery that a customer's home/business phone is disconnected.
  • The customer's background is at variance with his or her business activities.
  • The customer's financial statements differ from those of similar businesses.

The PATRIOT Act in force in the USA is a federal law that requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. This means for you that when you apply for a bank account to be opened in the USA, we will ask for your name, address, date of birth and other information that will allow us to identify you. We will also ask to see your passport, driver's license or other identifying documents.

THE OFFICE OF FOREIGN ASSETS AND CONTROL:

The Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury administers and enforces economic and trade sanctions against targeted foreign countries, terrorism sponsoring organizations, and international narcotics traffickers based on U.S. foreign policy and national security goals. OFAC acts under presidential wartime and national emergency powers and authority granted by specific legislation to impose controls and transactions and freeze foreign assets under U.S. jurisdiction. Many of the sanctions are based on the United Nations and other international mandates, are multilateral in scope, and involve close cooperation with allied countries. Through the Secretary of Treasury, OFAC is responsible for developing and administering a list of specified block individuals and entities worldwide.

US BANKS MUST BLOCK TRANSACTIONS THAT:

1. Are by or on behalf of a blocked individual or entity.

2. Are to or through a blocked entity.

3. Are in connection with a transaction in which a blocked individual or entity has an interest.

For example, if a U.S. bank receives instructions to make a funds transfer payment that falls into one of the above categories, it must execute the payment order and place the funds into a blocked account. The banks report all blockings to OFAC within 10 days of the occurrence and annually by September 30 concerning those assets blocked. Once assets or funds are blocked, they are placed in a segregated, interest bearing account and may be released only by specific authorization from OFAC.

IncorpToday ensures the following:

We will comply at all times with state and federal laws and follow the policy of "Know Your Customer" with all financial Institutions here in the U.S.

We provide the training and "know how" programs to ensure that all staff are aware of their responsibilities and the procedures to be adhered to.

We take appropriate measures to establish the identity of all persons for whom IncorpToday may or may not provide services to.

We retain identification documentation and transactional documentation as defined within local legislation for the requisite time period.

Failure to provide required and/or requested documents or providing false, counterfeit or unverifiable documents is cause for immediate termination of any service. No refunds will be given if any payment has been made.

Do not use or apply for IncorpToday services if you do not, cannot, or are unable to comply with applicable requirements in the United States. Do not apply for an IncorpToday service if you are going to use it as a 'pass through' facility.