Anti-money laundering policy is a combination of measures used by a financial institution to stop the reintroduction of the proceeds of illegal activities.
QFX LTD is committed to the highest standards of the
Anti-Money Laundering (AML) compliance and Anti-Terrorist
Financing and requires the management, and employees to
follow the named standards.
Money laundering – the process of converting funds,
received from illegal activities (such as fraud,
corruption, terrorism, etc.), into other funds or
investments that look legitimate to hide or distort the
real source of funds.
The process of money laundering can be divided into three
sequential stages:
-
Placement. At this stage, funds are converted into
financial instruments, such as checks, bank accounts,
and money transfers, or can be used for purchasing
high-value goods that can be resold. They can also be
physically deposited into banks and non-bank
institutions (e.g., currency exchangers). To avoid
suspicion by the company, the launderer may as well
make several deposits instead of depositing the whole
sum at once, this form of placement is called
smurfing.
-
Layering. Funds are transferred or moved to other
accounts and other financial instruments. It is
performed to disguise the origin and disrupt the
indication of the entity that made multiple financial
transactions. Moving funds around and changing in
their form makes it complicated to trace the money
being laundered.
-
Integration. Funds get back into circulation as
legitimate to purchase goods and services.
Anti-Money Laundering (AML) policy
QFX LTD, like most companies providing services on the
financial market, adheres to the principles of Anti-Money
Laundering and actively prevents any actions that aim or
facilitate the process of legalizing of illegally gained
funds. AML policy means preventing the use of the
company's services by criminals, with the aim of money
laundering, terrorist financing or other criminal
activity.
For this purpose, a strict policy on the detection,
prevention and warning of the corresponding bodies of any
suspicious activities was introduced by the company.
Moreover, QFX LTD has no right to report clients that
the law enforcement bodies are informed on their activity.
A complex electronic system for identifying every
company's client and conducting a detailed history of all
operations was introduced as well.
To prevent money laundering, QFX LTD neither accepts nor
pays cash under any circumstances. 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.
Company's procedures
QFX LTD will make sure that it is dealing with a real
person or legal entity. QFX LTD also performs all the
required measures in accordance with applicable law and
regulations, issued by monetary authorities. The AML
policy is being fulfilled within QFX LTD by means of the
following:
Know Your Customer and Due Diligence
Due to the Company's commitment to the AML and KYC
policies, each Client of the Company has to finish the
verification procedure. Before Company starts any
cooperation with the Client, the Company ensures that the
satisfactory evidence is produced or such other measures
are taken as will produce satisfactory evidence of the
identity of any customer or counterparty. The Company as
well applies heightened scrutiny to Clients, who are
residents of the countries, identified by credible sources
as countries, having inadequate AML standards or may
represent high risk for crime and corruption and to
beneficial owners who resides in and whose funds are
sourced from named countries.
Individual clients
During the process of registration, each Client provides
personal information, specifically: full name, date of
birth, country of residence, complete address, including
phone number and city code. To meet the Company's
requirements for KYC and identity verification and to
confirm the indicated information. Clients who are natural
persons should provide the following information upon the
Company's request:
-
A high-resolution copy of the government-issued
identification document, which should contain: full
name, date of birth, photo and citizenship, and also,
where applicable: confirmation of the document
validity(issue and/or expiry date), holder's
signature. Such an identification document might be a
passport, national ID, driver's license or similar
document. The indicated documents must be valid at
least 6 months from the filing date. The company
reserves the right to request certified copies of the
indicated documents and such certification must be
valid at least 6 months from the filing date. The
company reserves the right to request a second form of
the identification document.
-
A high-resolution copy of a receipt of utility
services payment (gas, water, electricity or other) or
bank statement, containing full client's name and the
actual place of residence. These documents should not
be older than 3 months from the date of filing.
When accepting new Clients during the verification process
and documents review The Company reserves the right to
apply other requirements and procedures for the Client's
identification. Such procedures are to be determined at
the Company's sole discretion and subject to variations
depending on the country of residence of the Client and
can include but not limited to:
-
the requirement to verify the bank card used to
deposit/withdraw funds;
-
the requirement to provide a source of funds, source
of wealth and proof of funds being deposited in a form
and manner as the Company finds appropriate.
Corporate clients
In case the applicant company is listed on a recognised or
approved stock exchange or when there is independent
evidence to show that the applicant is a wholly owned
subsidiary or a subsidiary under the control of such a
company, no further steps to verify identity will normally
be required. In case the company is unquoted and none of
the principal directors or shareholders already has an
account with QFX LTD, the official provides the
following documents because of the requirements of KYC:
-
A high-resolution copy of the certificate of
incorporation/certificate of registration;
-
Extract from Commercial Register, or equivalent
document, evidencing the registration of corporate
acts and amendments;
-
KYC documents of all officers, directors and
beneficial owners of the corporate entity;
-
A high-resolution copy of Memorandum and Articles of
Association or equivalent documents duly recorded with
the competent registry;
-
Evidence of the company’s registered address;
and the list of shareholders and directors;
-
Description and nature of business (including date of
commencement of business, products or services
provided, location of principal business).
This procedure is performed to establish the identity of
the Client and to help the Company know/understand Clients
and their financial dealings to be able to provide the
best services of online trading.
Monitoring of client activity
In addition to gathering information from the clients,
QFX LTD continues to monitor the activity of every
client to identify and prevent any suspicious
transactions. A suspicious transaction is known as a
transaction that is inconsistent with the client's
legitimate business or the usual client's transaction
history known from client activity monitoring. QFX LTD
has implemented the system of monitoring the named
transactions (both automatic and, if needed, manual) to
prevent using the company's services by criminals.
Deposit and withdrawal requirements
All the clients' operations to deposit and withdraw funds
have the following requirements:
-
In case of bank transfer or transfer from a bank card,
the name, indicated during the registration must match
the name of the owner of the account/bank card.
-
Withdrawing funds from the trading account via the
method, which is different from the depositing method,
is possible solely after withdrawing the sum, which is
equal to the sum of client's deposits via the method
and to the same account used for depositing.
-
If the account was credited in the way that cannot be
used for funds withdrawal, the funds may be withdrawn
to a bank account of the client or any other way may
be used, as agreed with the Company with the help of
which the Company is able to prove the identity of the
account owner.
-
If the account has been credited with funds through
various payment systems, funds withdrawal shall be
made on a pro rata basis commensurate to the size of
each deposit.
-
In case of depositing via Visa/MasterCard, Wire
Transfer, the withdrawal of funds, which exceed the
sum of the client's deposits, is possible via any of
the following methods: Visa/MasterCard, Wire Transfer.
In case of depositing via another method, the
withdrawal of funds that exceed the sum of the
client's deposits, is possible via any available
method, by the client's choice.