Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.

• Conducting a transaction with the proceeds of crime knowing or believing or having reason to know or believe, that such property is derived from criminal activity or from an act of participation in criminal activity
• The concealment or disguise of the nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of the proceeds of crime, knowing or believing, or having reason to know or believe, that such proceeds of crime are derived from criminal activity or from an act of participation in criminal activity
• The acquisition or receipt or transfer of the proceeds of crime, knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity
• The retention or possession of the proceeds of crime knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity

Any of the following acts will be deemed to be an act of participation in the offence of money laundering.

• Destruction, misappropriation, concealment or forgery or any document which could be used as evidence in the offence or against the accused
• Knowledge of the intent of any person who commits the offence and provision of any facilities or information which may assist such person to conceal the offence or escape from persecution

Any organization or person or any below mentioned act/s for the purpose of showing that the source of the property is lawful would have committed the offence of money laundering.

• Conducting a transaction with the proceeds of crime knowing or believing or having reason to know or believe, that such property is derived from criminal activity or from an act of participation in criminal activity
• The concealment or disguise of the nature, source, location, disposition, movement, rights with respect of, in or over, or ownership of the proceeds of crime, knowing or believing, or having reason to know or believe, that such proceeds of crime are derived from criminal activity or from an act of participation in criminal activity
• The acquisition or receipt or transfer of the proceeds of crime, knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity
• The retention or possession of the proceeds of crime knowing or believing, or having reason to know or believe, that the same was derived from criminal activity or from an act of participation in criminal activity

Any of the following acts will be deemed to be an act of participation in the offence of money laundering.

• Destruction, misappropriation, concealment or forgery or any document which could be used as evidence in the offence or against the accused
• Knowledge of the intent of any person who commits the offence and provision of any facilities or information which may assist such person to conceal the offence or escape from persecution

One of the most effective ways to protect a money transfer business from becoming the victim of financial crimes starts with verifying the identity of the customers and knowing with whom transactions are conducted. To avoid processing transactions that could put the exchange company at risk, the company will implement a ‘Know Your Customer” policy that includes, but is not limited to:

• Only accepting valid, government issued photo ID documents, such as CNIC, passport or alien identification card that contains the customer’s name, address and photograph
• Requesting and documenting required customer information before processing transactions
• Monitoring customer transaction activity

It is responsibility of the FDAs / counter staff directly dealing with the customer to ensure their customer’s identity and perform the required due diligence. This must be carried out for all customers irrespective of the amount of the transaction. As per State Bank of Pakistan regulations it is necessary to verify the identity of the customer for all transactions over US$ 500.

Prior to conducting any money transfer transaction, the payout location will verify that customer completes all appropriate and necessary sections and signs the “Receive Form”. If the payout location does not use “Receive Forms”, the FDA / payout location will ensure the customer signs the receive transaction receipt.

The FDA / employee processing the transaction will correctly input all information provided by the customer into the money transfer system. The payout location may require a customer to provide personally identifying information before completing any transaction depending on the type, amount or circumstances surrounding the transaction.