What is money laundering?
Money laundering is the process of disguising
illegally obtained money so that the funds appear
to come from legitimate sources or activities.
Money laundering occurs in connection with a wide
variety of crimes, including illegal arms sales,
drug trafficking, robbery, fraud, racketeering,
and terrorism.
How big is the problem and why is it important?
The use of the U.S. financial system by criminals
to facilitate terrorism or other crimes could well
taint our financial markets. According to the U.S.
State Department, one recent estimate puts the
amount of worldwide money laundering activity at
$1 trillion a year.
Our Commitment
R. W. Pressprich is committed to complying fully
with all applicable laws and regulations relating
to combating money laundering and any activity
which facilitates the funding of terrorist or other
criminal enterprises.
Our Anti-Money Laundering Policies and Procedures
R. W. Pressprich has adopted policies and procedures
to detect and prevent money laundering, which are
summarized below:
• R. W. Pressprich has established
comprehensive anti-money laundering programs that
meet applicable rules and regulations in the jurisdictions
where it conducts business
• R. W. Pressprich has appointed a
money laundering compliance officer to oversee
the Firm's anti-money laundering efforts
• R. W. Pressprich has established
a program to train all its relevant employees in
the Firm's anti-money laundering policies and procedures.
The Firm also trains all relevant employees in
how to detect money laundering and to report any
suspicious activity
• R. W. Pressprich has established
an independent audit function to evaluate the Firm's
anti-money laundering program
Our Customer Identification
Procedures for New Accounts
Government rules adopted to prevent money laundering
and terrorist financing require all U.S. financial
institutions to obtain, record and verify information
that identifies each individual or entity that
opens an account.
When you open an account with or through R. W.
Pressprich, we will ask you for your name and address.
We will also ask for an identification number.
For U.S. entities, it means your employer identification
number. For non-U.S. entities, it means a taxpayer
identification number.
In addition, you may be required to provide identification
documents as necessary to enable the Firm to verify
your identity. R. W. Pressprich may also screen
your name against various databases to verify your
identity. All information and documentation will
be treated in a manner so as to protect your privacy.
R. W. Pressprich is required to verify the identity
of its customers. In certain circumstances, we
may not be able to open an account or conduct any
transactions for you until we have obtained and
verified the necessary identification information.
If we have opened an account for you, we may have
to restrict trading or close it if you do not supply
the necessary information or documents or if we
are unable to verify your identity.
Bank Certification
As part of the national effort to combat money
laundering and terrorist financing, The USA PATRIOT
ACT requires U.S financial institutions to obtain
certain information and certifications for accounts
held by non-U.S. banks. These certifications must
be obtained within 30 days of the opening of an
account. If the documentation is not supplied in
a timely manner, the account must be closed.
Banks covered by the rule include those organized
under non-U.S. law, or an agency, branch or office
located outside of the U.S. of a bank. The rule
does not include any non-U.S. central bank or monetary
authority that functions as a central bank. Also
excluded is any international financial institution
or regional bank formed by treaty or international
agreement.
To download the certificate that R. W. Pressprich
requires its non-U.S. bank customers to complete, click
here .
Please return your completed certificate to:
R. W. Pressprich & Co., Inc.
520
Madison Avenue ,
28 th Floor
New York , NY 10022
Attn: Foreign Bank Certifications
