Finarix does not tolerate money laundering and supports the fight against money launderers. Here at Finarix, we follow the latest prescribed guidelines on the prevention and countering of money laundering activities together with terrorist financing. These guidelines include the application of Customer Due Diligence (CDD) procedures, which are mandatory for any client in order to complete the activation of their trading account. Finarix now has policies in place to deter people from laundering money. These policies include:
Customer Due Diligence is information that comprises of facts about clients, which should enable an organization to assess the extent to which the client exposes it to a range of risks. These risks include money laundering and terrorist financing.
Customer Due Diligence (CDD) procedures applies during the on-boarding of a client and but also an on-going review. Essential components of CDD are:
Our policies also include:
Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
Money Laundering usually follows three stages:
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.
Finarix directs funds withdrawals back to the original source of remittance, as a preventative measure. International AntiMoney Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity. These guidelines have been implemented to protect Finarix and its clients.
For questions/comments regarding these guidelines, please contact us at [email protected]