Anti Money Laundering Policy
1. General overview
Forexite (hereinafter the Company) is committed to the highest standards of the Anti-Money Laundering (AML) and Know Your Client (KYC) compliance and requires the management and employees to follow the named standards.
The Company performs all the required measures in accordance with applicable law and regulations, issued by regulatory authorities. The AML and KYC policy is being fulfilled within the Company by means of the following procedures: client acceptance policy, client identification procedures, monitoring of client activity, deposit and withdrawal requirements, record keeping, risk management, reporting of suspicious transactions.
The Company continuously updates its regulatory framework and procedures, systems and technology, and educates the staff to assure that The Company is well-equipped to combat money laundering and other financial crimes. The Company is fully committed to the prevention of the use of the Company's services by those who abuse them.
2. Client acceptance policy
The Company does not accept clients and clients' funds from the countries identified as a high-risk or non-cooperative by the credible international organizations. The Company does not accept as clients politically exposed persons and other high-risk or suspicious individuals or entities.
3. Client identification procedures
Before activating a client's trading account the Company ensures that client provided all necessary information and has finished an identity verification procedure.
During the process of account registration, client provides personal data including full name, date of birth, nationality, complete address, phone number, e-mail address, identification document number and other information requested.
To confirm the provided information client sends the following documents: a copy of the passport with the photo and signature; evidence of address such as a copy of utility bill or bank statement. Documents confirming ownership of a bank account or card may be also requested if necessary. New copies of verification documents are requested from clients prior to the expiration of the current ones.
Corporate clients in addition provide the company documents such as the certificate of incorporation, names and addresses of directors and beneficial owners, evidence of the company's address, description and nature of business.
4. Monitoring of client activity
The Company continuously monitors the activity of every client to identify and prevent any suspicious transactions. The detection of suspicious transactions triggers in-depth investigations of the customer's account. In case of suspicious activity, client is asked for supporting documentation and may be reported to AML authorities.
Suspicious activity includes, but not limited to, transactions that do not make economic sense, unusually large transactions, transactions involving unidentified parties, transactions structured to avoid the amount threshold of government reporting requirements, deposit followed by an immediate request for withdrawal, etc.
5. Deposit and withdrawal requirements
The Company has established strict requirements for depositing and withdrawing funds to and from clients' trading accounts.
Only methods that allow identifying the client can be used to fund the trading account. These methods include bank wire transfers, payment cards, and some other. No cash or other anonymous payment instruments allowed. Only the owner of the trading account can fund the account, incoming transfers from third parties are not allowed. Third party deposits are rejected and returned without crediting to the trading account.
Withdrawing funds from the trading account is possible only to the client account the funds have been received from. In some particular cases such as the originating account has been closed the payment can be made to the other account of the owner of the trading account. Payments to third parties' accounts are not allowed.
If the account was funded by the method that cannot be used for withdrawal, the funds may be withdrawn to a bank account of the client. Other methods may be used only if they allow proving the identity of the account owner.
6. Measures taken
In cases of an attempt to execute transactions which the Company suspects that are related to money laundering or other criminal activity, the Company will proceed in accordance with the applicable law and report suspicious activity to regulating authority.
The Company reserves the right to suspend any client's operation, which can be regarded as illegal or may be related to money laundering in the opinion of the staff. The Company has complete discretion to temporarily block the suspicious client account or terminate an existing client relationship.