Prevention

Capital Legitimization

Norm

Requirements of the clients

Factors that intervene in the Prevention

Prevention of Capital Legitimization

Diverse definitions have been formulated on the term CAPITAL LEGITIMIZATION, depending some of others on the intention of the regulations dictated to anticipate it or to avoid it; in a simple way we can define it, as a process by means of which money obtained by criminal means, transforms and turns into money supposedly acquired honestly, choosing by means of this to access to the circuit of legal traffic.

Conscious of the importance of the problem generated by the capital legitimization, coming of unusual operations indicated in the Organic Law Against the Illicit Traffic and Consumption of Narcotic and Psychotropic Substances and Law Against the Organized Delinquency. Convinced of that the undue utilization of the financial services and the operations of Houses of Stock exchange and Societies of Brokerage for the capital legitimization, it has negative consequences for the society, for the governments and for the own companies of brokerage.

Persuaded of the need to assume a preventive, attentive and effective, capable of elaborating plans of execution that anticipate the undue use of the System of companies of brokerage, and to avoid the legitimization of the capitals generated or originated from the illicit activities before noted.

Ready to give the necessary support to the diverse actions that should be taken in the national and international field, by virtue of arranged in the Organic Law Against the Illicit traffic and Consumption of Narcotic and Psychotropic Substances, Law Against the Organized Delinquency, the resolutions come for to the National Comisión of Values, destined to face such problems and to make possible the correct utilization of the Systems of Operations Houses of Stock exchanges.

To deepen the knowledge of aspects referred to Capital Legitimization, to the recognition of the signs of alert and of the mechanisms of our politics called "Know your Client" and really to know not only our client but also to the suppliers of our client, to know besides how there do the business our clients, all this to offer safety to our staff members, our clients and to our institution.

Of what the Capital Legitimization consists:

It is the appearance of legalizing the money coming from drugs traffic, terrorism and of other illicit activities, which seek to enter the financial national or international system, across deposits, placements, transferences, participations or investments realized by natural or juridical clients. Using the bank system and any other financial way, they try to conceal the origin of funds comming from these illicit business, giving them appearance of legality.

What Procedure do exist in our legislation directed to anticipating the Capital legitimization?:

At present, the Republica Bolivariana de Venezuela has rigorous laws since as the Organic Law Against The Organized Delinquency, the Organic Law Against the Illicit Traffic and the Consumption of Narcotic and Psychotropic Substances, and the resolution come by it National of Values Commissions which who dictates the procedure of Prevention and Control of Capital legitimization, where they demand from us to support updated and complete information of the clients and personnel, which allows us to know full our clients and the companies that they represent. With such purpose we have to: To obtain all the information of identification of the client, to know the activity or business that he devotes himself, to follow very closely his path as client.

What do we need of our clients?:

For all the reasons before exposed, we need to update and to verify the information that we support in our files. If the client is initiating operations with the company, we will be grateful for him allow us to take a bit more of his time to complete the detailed record of his information, which must remain formed of the Instrument called CLIENT REGISTRATION CARD , These procedures will allow us to protect so much our clients, since as to the company.

Which are the most important factors as for prevention against the capital legitimization?:

On this particular we must give special attention to the exposed thing later, with base on which we must construct our policy, rules and internal procedures as for capital legitimization, namely: To know Our clients:

It is considered to be a point of maximum importance in preventive matter, the affirmative obligation of "KNOW YOUR CLIENT" which includes the knowledge of the draft of the client and of the transactions who handles through the Bank or the society of brokerage. KNOW YOUR CLIENT is the more important and fundamental element for a real and exact identification of the client.

With all that, they allow us to develop political of control adapted and creation of regulations to minimize the operative irrigations in our company.

In this order of ideas, before any doubt or worry favor proceeds to communicate with the Unit of Prevention and Control of Capital Legitimization, where we will be to your disposition for any consultation on the matter, as well as opened any suggestion on the matter.
Prevention
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