Compliance is essential for Incent to stay vigilant and ensure that we are adhering to Australian and international regulatory requirements.
Prevention of money laundering is an important priority for many countries. Regulations to prevent money laundering are designed to restrict the funding of criminal activity and the funding of terrorist activities.
In line with our regulatory obligations, we have strict processes in place to minimise the risk that our service may be used for money laundering purposes, or to fund criminal activity. These include:
- Identification of all our members
- Monitoring and reporting suspicious transactions
- Maintaining records for at least seven years
- Training our staff to recognise suspicious activity, and know what their reporting obligations are.
You will not be accepted as a verified member until we are satisfied that you are who you say you are. We also reserve the right to refuse to process any transaction for you if you do not provide us with adequate information, or if we discover that information that you have provided to us appears, at a later time, to be misleading, false, fabricated, or incorrect.
Failure to provide us with certain information could, in some circumstances, be regarded as suspicious. All information which we use to verify your identity may be provided to regulatory authorities in Australia and any other relevant country.
Money laundering is a criminal offence. Misuse of our service by you may expose you to criminal prosecution. We are legally bound to report any suspicious behaviour to relevant authorities. Examples of misuse of our service include, but are not limited to:
- Providing false or misleading contact details
- Providing false identification documents
- When transferring value, breaking a large transaction into smaller transactions to avoid reporting thresholds
We will not accept your business if we suspect that the funds you are transferring are sourced from, or are related to, criminal activity.
No members will be verified before 30 June, 2018.