Because we are committed to the highest standards of Anti-Terrorist financing and Anti-Money Laundering compliance, it is a requirement that our management and employees follow named standards. Money laundering, which is defined as converting funds received from illegal activities such as fraud or corruption into funds or investments that appear legitimate, consists of three stages. First is Placement, which has funds converted into checks or money transfers that may or may not be deposited into banks. Next is Layering, where funds are moved or transferred to other accounts hoping to disguise the illegal activity. Last is Integration, where funds go back into circulation.
Preventing Criminal Activity
The aim of our AML policy is to provide a safe and secure financial trading environment for our clients. Because of this, we have initiated a strict policy regarding the detection, prevention, and warning of any suspicious activity. If any suspicious activity is thought to be occurring, we are under no obligation to inform a client that law enforcement has been notified. In addition, we have a complex electronic system that identifies a client and their history, enabling us as well as law enforcement to examine all detailed activities. Like other similar companies, we choose not to accept or pay cash under any circumstances. Finally, we also reserve the right to suspend any client's activities that may be deemed illegal.
Our Company Procedures
To ensure our dealings with clients are safe and secure, we make every effort to verify we are dealing with a real person or legal entity. In accordance with applicable Forex laws and regulations, we fulfill our AML policy by monitoring client activity, extensive record keeping, and following our policy of due diligence and knowing our customers.
Due Diligence and Knowing Your Customer
In order to stay committed to our AML policy, we ensure that we do everything possible to verify our customers and stay committed to a policy of due diligence. Therefore, each of our potential customers needs to complete a verification process to ensure satisfactory evidence of their identity has been furnished. For clients who may be residents of countries that are considered to be extreme risks for crime or terrorism, we have the right to apply heightened scrutiny to make sure no illegal activity takes place. In order to fully comply with our Forex policies, our customers must produce documented proof of identity as well as agree to adhere by the rules and regulations of the company.
Client Activity and Monitoring
Along with gathering client information that will prove their identity, we constantly monitor each client's activity in order to identify and prevent suspicious transactions from happening. To be clear, a suspicious transaction is one in which it appears to be inconsistent with other previous transactions. By implementing a monitoring system that takes into account the client's legitimate transactions as well as their transaction activity history, we can block potentially illegal transactions either manually or automatically.
Deposit and Withdrawal Requirements
In order to deposit or withdraw funds from their account, we have a number of requirements that must be followed by clients. For example, in cases of bank transfers or transfers involving a bank card, the name used by the client during registration must match the owner of the bank card or account. In addition, withdrawing funds from the trading account is possible solely after withdrawing the sum, which is equal to the sum of the client's deposits. Finally, if the account has been credited with funds from various payment systems, funds withdrawn shall be done on a pro rata basis based on the size of each deposit.
When dealing with individual clients, we require full disclosure during the registration process and for any future inquiries. Along with the client's full name, date of birth, origin, and complete address including phone number and zip code, a photo identification such as a driver's license or passport that include a high-resolution photo and signature are required to complete the process. To ensure there are no delays in the verification process, notarized copies of these documents must be provided.
In cases where corporate clients are recognized for opening an account, there are usually no other identity requirements needed. However, if the company is unquoted on an approved stock exchange or none of the principal directors or shareholders already have an account with our company, further verification of identity will be required. Documents that will be approved by us include a high-resolution copy of a certificate of incorporation, names and addresses of all officers and directors, evidence of the company's registered address and names of all shareholders and directors, and a high-resolution copy of the company's Memorandum and Articles of Association. By using these procedures, we can establish identities and better understand our client's financial needs and goals.