ANTI-MONEY LAUNDERING (AML)
We, CMarkets Group , hereby acknowledge the importance of combating money laundering and the need to assist law enforcers in fighting terrorist financing and financial proliferation as stipulated by UK Financial Task Force manual. We strictly abide by the clearly stipulated guidelines in the UK Joint Money Laundering Steering group’s manual and support various initiatives and Anti-money laundering programs.
OUR ANTI-MONEY LAUNDERING GUIDELINES
These guidelines define our overall money laundering compliance program and apply to any person or organization that transacts with us. They include:
Validation of proof of identity from our various clients
Proper maintenance of verifiable records of personal identification
Counter checking the lists of persons in our records alongside that of wanted, known or suspected terrorists in ensuring that all our clients are well known
Informing all our new clients of future use of every information they provide during registration for future verification of their respective identities
Carefully monitoring client’s transaction records to ensure client’s due diligence, proper risk assessment, and that all transactions are not suspicious in nature
Non-acceptance to cash, money orders, Western Union and exchange houses transfers, and any illegal third party transaction
Emergency report of any malicious or suspicious transaction and BSA by any of our client to law enforcers through telephone
Dispensing relevant information relating money laundering through civic education and training programs to our various clients -Reporting any case of non-compliance to AML guidelines.
Money laundering is the heinous act of placing money obtained through illegal means into legitimate financial systems with a motive to convert the proceeds into acceptable funds from apparently legal sources.
It follows three main steps namely:
Placement- Money from illegal activities are physically deposited into the legitimate financial system.
Layering- The illegally acquired proceeds are transferred into various accounts (e.g the future accounts) through layers of financial transactions. This is intentionally done to obscure tracing of the initial illegal source
Integration- The laundered funds are deposited back into the economy as legally acquired funds from legal sources.
Money laundering follows a trail that is tough to trace. It results in the form of racketeering and participation in criminally organized groups, terrorist financing, human trafficking and smuggling, counterfeiting currencies, fraud, bribery, illicit trafficking of arms, drugs and stolen goods, and many more. Accounts of trades are the major vehicles as far as money laundering is concerned. They can be used for both the placement, layering and integration of the disguised money into the economy undetectable.
Since we abide by the AML guidelines, we adopt remittance of funds to their initial suspicious sources as a preventive measure to money laundering. We go ahead and report such sources to the concerned parties.
To protect our millions of customers, we have put in place all the requirements by International Anti-Money Laundering financial institutions. In regards, we have put in place well laid out programs to deter, detect and report any suspicious activity that can occur in any of our customer’s account of trade.
For more information about these programs/guidelines feel free to contact our support team
KYC (KNOW YOUR CUSTOMER) POLICY
Like all other financial institutions, CMarkets Group have also adopted a “Know Your Customer” policy. Our effective “Know Your Customer” policy includes: adapting the program to business risks; paying particular attention to high-risk clients, countries, products, and transactions. the measures taken are Collecting necessary report on identifying information like
Identity documents -Name matching against lists of recognized parties for example Politically Exposed Person PEP
Creation of an expectation of a client’s transactional behavior – Determination of the client’s risk concerning the ability to commit identity theft, terrorist finance or money laundering
Monitoring of a client’s transactions against expected action and recorded profile as well as that of the client’s peers