The purpose of this Policy is to summarize our approach and internal practice, measures, procedures and controls relevant to the prevention of Money Laundering and Terrorist Financing.
Countries globally are facing serious challenges in preventing money laundering, e.g. making the possession, use, or disposal of money or other property obtained from criminal activities appear to be legal, and terrorism financing – providing or gathering money or rendering financial services with the knowledge that the money is intended to finance the organization, preparation for, or execution of terrorist acts or to support a criminal society (criminal organization) created or being created to perform terrorist acts.
Individuals and legal entities whose income is earned illegally make various attempts to legalize their income. For example, they may use other people’s personal data, including data that has been acquired fraudulently. This may become a problem for people who become victims of fraud and are uninvolved in these parties’ criminal activities.
To prevent money laundering, organizations performing operations with money or other property are obligated to comply with anti-money laundering laws, verify the identity of clients, and assist government agencies and financial organizations working to combat money laundering. We do everything required to ensure compliance with laws against money laundering and financing terrorism.
As part of complying with laws on client identification, this procedure is performed during registration, various types of non-trading operations, and as part of monitoring by our specialists. In order to identify our clients, we may ask you for personal data and take steps to confirm the accuracy of this information using a verification system developed by our specialists. It may take several business days to complete this process.
In order to open an account with Advanced Markets (UK) Ltd, the prospective client may qualify as a ‘Professional client’ or as an ‘Eligible Counterparty,’ as defined by Section 3.5 and 3.6 of the UK’s Financial Conduct Authority’s (FCA) Conduct of Business Sourcebook, respectively. Clients will be required to represent that they are acting for their own account and shall at all times qualify notwithstanding any subsequent determination to the contrary as a “Professional” or “Eligible Counterparty” client, the prospective client is required to supply the appropriate proofs. For more information regarding the qualification standards, please contact us.”