The goal of a large number of Criminal Acts is to generate a profit for the individual or group that carries out an act. Money Laundering is the processing of these criminal proceeds to disguise their illegal origin. This process is of critical importance as it enables the criminal to enjoy these profits without jeopardizing their source. Illegal arm’s sales, smuggling and the activities of organized crime including for example drug-trafficking and prostitution can generate huge sums. Embezzlement inside trading, bribery and computer fraud schemes can also produce large profits and create the incentive to “legitimize” the ill-gotten gains through money laundering. When a criminal activity generates substantial profits, the individual or group involved must find a way to control the funds without attracting attention to the underlying activity or the persons involved. Criminals do this by disguising the sources changing the form or moving the funds to places where they are less likely to attract attention.
Following policies & procedures are developed and implemented at ZARCO.
KYC - Know Your Customer Policy
KYE - Know Your Employee Policy
Live OFAC Screening
Training to the Staff
Proper Implementation of SBP and FATF suggestions.