1. Policy Statement
Uptex (hereinafter referred to as "the Company") is committed to prohibiting and actively preventing money laundering (AML) and the financing of terrorism (CFT) in compliance with applicable national and international laws, including the Financial Services Regulatory Authority (FSRA) of Saint Lucia, Financial Action Task Force (FATF) recommendations, and other relevant regulations.
Money laundering involves the process of disguising the origins of illegally obtained funds through financial transactions to make them appear legitimate. Such activities facilitate criminal enterprises, including terrorism, drug trafficking, corruption, and human trafficking. The Company adopts strict policies and procedures to identify, mitigate, and report suspicious activities to the appropriate authorities.
2. AML/CFT Compliance Framework
To prevent illicit financial activities, Uptex has implemented a comprehensive AML/CFT Compliance Framework that includes the following measures:
2.1 Customer Due Diligence (CDD) and Know Your Customer (KYC)
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All clients must provide valid government-issued identification documents, proof of address, and other relevant information before opening an account.
2.2 Transaction Monitoring and Reporting
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The Company tracks and investigates transactions that exhibit unusual patterns, large transfers, or suspicious activities.
2.3 Prohibited Transactions and Restrictions
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Uptex does not accept cash deposits or withdrawals under any circumstances.
2.4 Record Keeping and Data Security
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Client identity verification records and transaction history are maintained for a minimum of five (5) years in accordance with regulatory requirements.
2.5 Employee Training and Internal Controls
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Uptex provides regular AML/CFT training to its employees, ensuring they are equipped to identify and prevent illicit financial activities.
3. Deposit & Withdrawal Requirements
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All deposits and withdrawals must be made using payment methods registered under the client’s name.
4. Legal and Regulatory Obligations
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Uptex adheres to FATF recommendations and other international AML/CFT regulations.
5. Limitation of Liability
Uptex shall not be liable for any losses, claims, or damages suffered by clients due to AML/CFT compliance actions, including but not limited to transaction refusals, account freezes, or regulatory reporting obligations.
6. Amendments and Updates
Uptex reserves the right to amend this AML/CFT policy as needed to comply with changes in laws and regulations. Clients and employees will be notified of any significant policy updates.
For any AML/CFT-related inquiries or concerns, please contact: [email protected] and [email protected]