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Meer Money Limited (Meer)
trades as a (MSB). It is based on the Internet
/ World Wide Web.The trading model is to accept business from clients and remit their funds, to their account with MML.
Meer Money website is produced in English, Arabic and Kurdish. Clients
access the site by signing in as new customers.
Meer Money following adherence to very strict personal identification
procedures, a client identification number. Whenever a client accesses their
account to transact business this unique identifier is appended to their
transaction.
These procedures prescribed under the Money Laundering Regulations 2007 (MLR)
and the Cross Border Payment Rules ensure that all money can be fully tracked
and accounted for.
When commencing business with Meer documentary evidence is produced in addition
to one (1) official document bearing the customers photograph. Meer
photocopies all items produced for new clients and those clients subject to a
periodic and on-going review.
These copies are placed into a hard copy file created for each and every client
of Meer.
For Corporate clients Meer additionally requires copies of their Articles and
Memorandum of Association and Company trading address and contact details
. Meer routinely meets with or contact and interviews corporate clients to ensure
eligibility to use Meer services.
No transaction can take place for a new private or corporate client without
this procedure being undertaken in its entirety.
All new business is passed to the MLRO for his personal attention before it is
accepted.
The website has several information fields that must all be completed and a
client indicates the personal data of the intended recipient. The client will
then indicate where monies are to be sent. A fee is then levied on the chosen
amount and a client is then required to deposit the money plus fee.
The money deposited into a Meer account is issued a unique username and code
number, ensuring full transparency and monitoring.
Clients can only access their account, following initial activation, by using a
unique (self-generated) code. In the unlikely event that an existing client
forgets their unique code, the Meer IT Manager is able to automatically
generate a password. This is only provided if the client correctly identifies
themselves using three (3) different KYC pieces of information.
Meer uses the Internet banking facility and is able to remotely
ensure that the client money has been deposited. At given and suitable times
during a business day.
Cash cannot be paid from any credit card and no business is undertaken by Meer
whereby credit is offered to a client.
Each and every transaction has an Anti-Money Laundering (AML) declaration which
requires completion. Additionally complying with relevant registration all
transactions have sufficient detail for payments to be tracked. Because of an
in built, minimal security time delay, Meer is not at risk of fraud or theft
because of their unique business model. Money is only paid out to those persons
abroad who have provided their own unique security data and produced
photographic identification documents.
All data obtained from client use of the web / internet is securely stored at
the Meer Headquarters. Computers are backed up hourly, to save data, and the
hard drives are securely locked away each night. The server and hard copy
documents are stored separately. The office itself has many security features
and the building benefits from a very robust alarm system, linked to a private
security system and the Police. Such security ensures business continuity and
enables us to ensure continuity to our business.
Anti-Money Laundering protocols are desk based and Meer has IT structures that
ensure client bio data is screened to comply with EU, Bank of England, HM
Treasury, US OFAC and FinCen promulgated lists of suspect persons. Meer has a
rigorous �dip sampling process to ensure complicity with business best
practice. Internal Governance is conducted by the MLRO regularly reviewing
business activity and to ensure a regular financial audit of the company.
Meer adopts a Risk Based approach to the conduct of their business and uses
many factors to ensure a rigorous screening is undertaken of clients business
activity and their business patterns.
Meer has recently engaged the services of an AML Consultant and their systems
and controls have benefited from this inter-action and professional advice.
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