Kemoson is licensed as a money transmitter by the department of financial services of the following state: NJ. We are also a registered money service business with the Financial Crimes Enforcement Network (FinCEN). It is always our policy to comply with all government regulations. As a money service business, we are subject to the following regulations:
We are required to report the following types of transactions to the authorities:
Suspicious Activity
Large Currency Transactions
We are required to keep all customer ID, transaction, and corporate records for a minimum of 5 years.
We are required to collect and verify your identification for remittances of $3,000 and more.
We are required to make PEP determination for transactions that have any ties to politically exposed persons.
If you are conducting a transaction on someone else's behalf, we are required to obtain information on both parties; you and the person on whose behalf you are conducting the transaction.
We are required to maintain a compliance program containing adequate policies and procedures in accordance with the applicable regulations.
For more information, refer to FINCEN Website:
http://www.fincen.gov/financial_institutions/msb/
WE TAKE THE FOLLOWING ADDITIONAL MEASURES TO PREVENT MONEY LAUNDERING AND TERRORIST FINANCING:
It is our policy to check each transaction against the OFAC list. Any matched names are subject to further review by the compliance officer.
We have adequate controls pertaining to the transaction activity at several instances of the life cycle of a transaction. These controls include:
Client Profiling
Risk Assessment
Client Identification Controls & Validations
Transaction Aggregation Thresholds
Government Reporting Controls & Validations
Possible Structuring Reporting
Enhanced Due Diligence Reporting
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