Anti Money laundering policy

The firm will adhere 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 will be introduced. Moreover, . A complex electronic system for identifying every company’s client and conducting a detailed history of all operations will be introduced as well.

To prevent money laundering, the firm 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 compliance procedures

The firm will make sure that it is dealing with a real person or legal entity. The firm also performs all the required measures in accordance with applicable law and regulations, issued by monetary authorities.  The AML policy is being fulfilled within the firm by means of the following:

  • KYC know your customer policy and due diligence
  • monitoring of client activity
  • record keeping

KYC Know Your Customer and Due Diligence

Because of the company’s commitment to the AML and KYC policies, each client of the company has to finish a verification procedure. Before the firm starts any cooperation with the client, the company ensures that satisfactory evidence is produced or such other measures that will produce satisfactory evidence of the identity of any customer or counterparty are taken. The company as well applies heightened scrutiny to clients, who are residents of other countries, identified by credible sources as countries, having inadequate AML standards or that may represent a high risk for crime and corruption and to beneficial owners who resides in and whose funds are sourced from named countries.

During the process of registration, each client provides personal information, specifically: full name; date of birth; nationality; complete address, including phone number and city code. A client sends the following documents (in case the documents are written in non-Latin characters: to avoid any delays in the verification process, it is necessary to provide a notarized translation of the document in English) because of the requirements of KYC and to confirm the indicated information:

  • A high-resolution scan of passport or national ID, where the photo and the signature are clearly seen. The indicated documents must be valid at least 6 months from the filing date.
  • A high-resolution scan  of a utility bill or bank statement, containing the full client’s name and the actual place of residence. These documents should not be older than 3 months from the date of filing.

After receiving all required documents compliance officer runs a check for the client on world-check.com to insure that client is not flagged as politically exposed, criminal or other high risk flags.

Monitoring of client activity

In addition to gathering information from the clients, the firm will continue 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. The firm will implement a system of monitoring the named transactions to prevent using the company’s services by criminals.