Mercury Cash offers the wallet service for cryptocurrencies (Bitcoin, Ethereum, and Dash) in addition to allowing its users to buy and sell them, and also offers the possibility of having FIAT accounts or fiduciary money (dollars and euros), which entails a great responsibility when complying with the laws related to combating money laundering at a global level.

Money laundering

“Money laundering” or asset laundering is a process by which the origin of funds from illicit or criminal activities is concealed. Among the best-known activities of this type are drug trafficking, arms smuggling, corruption, prostitution, extortion, piracy, and lately terrorism, among other crimes.

People who engage in these illegal activities use various methods to “launder money” worldwide; some methods are illicit foreign investment, purchase of lotteries or fictitious prizes, infiltration of organizations, fictitious export of goods, transfers, the substitution of foreign debt, among other criminal acts.

Measures taken by Mercury Cash to fight money laundering

The way to deal with money laundering and detect illicit operations is to carry out transparent, complete, and consistent management of all the information provided in the documentation that supports the different banking and financial operations. Mercury Cash, to avoid money laundering in your company, and contribute to the fight against this scourge that affects the world economy, establishes a series of control measures, which we will learn about below:

Risks evaluation

Mercury Cash develops a risk assessment in three steps: first, it identifies the company’s own products, services, customers, transactions, and geographic locations; then, a detailed analysis of the data is carried out to better assess the risk and finally, it identifies the elements that intervene to mitigate the risks of laundering.

Internal control rules

Mercury Cash establishes internal control rules, including the internal audit procedure and the selection of its employees. The procedure consists of identifying the customer participating in an operation and verifying the information that he provides; in addition to identifying the final beneficiary participating in the operation; the commercial transactions carried out, and the status of the client (if it is a politically exposed person or a relative of theirs) are reviewed. Finally, the commercial relationship is monitored, which includes the purpose of the commercial relationship or the purpose of the transaction.

For more information on the permits that Mercury Cash has, you can visit the following link.

What do you think about this topic? What do you think of the measures that Mercury Cash has taken against money laundering?

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