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Money Laundering Policy

The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Unlike certain other jurisdictions (notably the US and much of Europe), UK money laundering offences are not limited to the proceeds of serious crimes, nor are there any monetary limits. Financial transactions need no money laundering design or purpose for UK laws to consider them a money laundering offence. A money laundering offence under UK legislation need not even involve money, since the money laundering legislation covers assets of any description. In consequence, any person who commits an acquisitive crime (i.e., one that produces some benefit in the form of money or an asset of any description) in the UK inevitably also commits a money laundering offence under UK legislation.

As a result Multitone deliberately sets out to only deal with legitimate business organisations with a proven track record. Any new customer has to have a credit check carried out on them which includes obtaining historic financial performance data. Multitone also ensure that it complies with all tax legislation in the countries that is operates in and does not enter into any agreement with customers, suppliers, partners, dealerships or any other organisation that requires bribes, solicitation or extortion.

Evidence of ultimate company ownership and shareholders has been submitted to the company Bankers and to the independent auditors. The required declarations required by the USA for money laundering legislation purposes have been made.

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