LIBERTY RESERVE'S Anti-Money Laundering PolicyAs per Anti-money laundering legislations in effect in most countries it is necessary for LIBERTY RESERVE to make public the company's policy to ensure we comply with money laundering regulations and not accept payments that expose LIBERTY RESERVE, it's Exchangers and account holders to possible criminal fines and penalties.
Money laundering is the act of converting money or other monetary instruments gained from illegal activity into money or investments that appear to be legitimate so that its illegal source cannot be traced. According to tough financial regulations it is illegal for LIBERTY RESERVE its employees, agents, or exchangers to knowingly engage, or attempt to engage in a monetary transaction in criminally derived property.
It is also illegal to transport, transmit or transfer, or attempt to transport, transmit or transfer a monetary instrument or funds in excess of $10,000 (ten thousand American dollars) either into or out of Costa Rica and/or any other countries with similar legislation if the purpose is to carry out an illegal activity, or to avoid reporting requirements.
LIBERTY RESERVE views Money Laundering as a serious criminal offense, and as such, complies with regulatory requirements intended to forestall and prevent money laundering. These include: Verifying the identity of our Exchangers, in addition requesting from them a compromise to verify the identity of their direct clients. The identity of any direct client of LIBERTY RESERVE will be verified according to the guidelines of various jurisdictions. Retaining transaction and identification records for a minimum period of five years.
Training staff continuously in terms of anti-money laundering regulations. Appointing compliance officer responsible for monitoring and reporting any and all suspicious activities. Supervise and oversea that all transactions and information in the system is correct and complies with anti-money laundering and applicable laws.
Please note that LIBERTY RESERVE under aforementioned laws has the right to refuse a transaction at any time should suspicion arise that it may be connected to money laundering or any other criminal activity. In addition, LIBERTY RESERVE will be obliged to report this suspicious activity in order to comply with said regulations, and internationally accepted laws and customs which also prohibits LIBERTY RESERVE from disclosing this information.
Providing LIBERTY RESERVE with false identification or contact details will be deem as a misuse of our terms of service. LIBERTY RESERVE is legally bound to report such misdemeanors to the relevant authorities, and as such you may be the subject to a criminal investigation.
LIBERTY RESERVE will NOT do business with anyone suspected of, or directly involved in Money Laundering, or where funds have been sourced by any illegal activity.