Anti-Money Laundering & Combating the Financing of Terrorism Policy
Money Laundering Overview
Money laundering is the process by which criminals attempt to conceal the true origin and ownership of the proceeds of their criminal activities. If undertaken successfully, it also allows the perpetrator(s) to maintain control of those proceeds and ultimately, provides a legitimate cover for their source of income.
BFC Exchange is committed to preventing money laundering and terrorist financing. Our procedures comply with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001, as well as, the Guidelines on Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) issued by Bank Negara Malaysia. We also monitor and adhere to other major international anti-money laundering recommendations and programs such as the Financial Action Task Force (FATF), the United Nations and European Union sanctions and the Officer of Foreign Asset Control (OFAC).
We aim to maintain the highest operating standards at all times by undertaking regular reviews of our procedures and controls to ensure we are compliant with the relevant laws, regulations and standards of good practice. In order to achieve full compliance with international standards and local regulations the company has in place the following:
- An appointed Money Laundering Reporting Officer
- AML/CFT policies and procedures
- Staff training program on money laundering awareness and their criminal liability
- Know Your Customer (KYC)
- Clear reporting lines for suspected money laundering
- Suspicious activity reporting to the authorities
- Record keeping for seven years after business is concluded
- Independent review of compliance
Customer Complaints Policy
BFC Exchange prides itself on excellent customer service and is committed to handling complaints speedily, efficiently, fairly and confidentially. We believe that all customer feedback, both positive and negative, presents an opportunity for improving our standards.
A customer complaint can be defined as any expression of dissatisfaction, made by a BFC Exchange customer, regarding any products or services provided by BFC Exchange. This policy covers all written complaints, serious or unresolved telephone complaints, complaints raised in a face to face meeting or by a third party acting for that customer such as an intermediary, legal representative or regulatory body.
All such customer complaints should be recorded on the Customer Complaints System and managed in accordance with the Customer Complaints procedures.
Non serious verbal complaints should be resolved at the frontline in accordance with the principles of this policy and should not be recorded on the Customer Complaints System.
Any complaint received is recorded and documented, in full on the Customer Complaint System.
Complaints are usually acknowledged within 24 hours, or in any event within 5 business days. The customer is provided with an explanation about how the complaint will be handled, who is the person appointed to investigate the complaint and any actions required of the customer.
The Customer Service Manager is the appointed Complaint Resolution Officer (CRO) at BFC Exchange. All complaints are passed to the relevant department manager for investigation and they are responsible for drafting responses to customers and/or regulators and copying in the CRO. Senior management will determine if certain complaints must be brought to the attention of the Board more often or if the response to the customer and/or regulator should come from the Board.