Anti-money-laundering policy

Purpose

Meroviks handles customer funds and is therefore exposed to attempted money laundering. This policy sets out the controls that apply to every account holding a cash balance.

Customer due diligence

Identity is verified against a government-issued document and an address record before a first withdrawal, and in every case where deposits pass the threshold set in our internal procedures. Enhanced checks apply to politically exposed persons and to accounts connected with higher-risk jurisdictions.

Source of funds

Where deposit activity is out of proportion to a customer’s stated circumstances, we request evidence of the source of the funds and suspend withdrawals until it is provided.

Payment symmetry

Withdrawals are returned to the method the deposit came from, in the same name as the account. Third-party payment instruments are not accepted in either direction.

Monitoring

Deposits, entries and withdrawals are monitored for patterns consistent with layering — notably deposits followed by withdrawal with little or no contest entry in between.

Reporting

Suspicious activity is reported to the competent financial intelligence unit. We do not notify the account holder of a report, as the law requires.

Records

Verification records and transaction histories are retained for the statutory period from the end of the customer relationship.