The International Money Laundering Abatement and Anti-Terrorist Financing Act 2001 (“Act”) which commit of responsibility on all financial institutes for detection, prevention and report any disguise activities illegal money. Under this Act, money laundering is explained as the act of converting money or other material values gained from illegal activities such as terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc into money or investments that appear to be legitimate. FxCitizen vows to comply with the above regulation with full attention and no compromise with any of the above illegal activities.
FxCitizen has taken several countermeasures to ensure the full compliance with the international laws and regulations regarding money laundering:
- Prior to the opening of any new trading account, FxCitizen will document the identity, residential detail, nature of business, and investment purposes of our clients by collecting and verifying identification data of the client
- Transaction of deposits, where the name of the originating client is present, must match the name of the client in our system.
- In case of withdrawal, money can only be withdrawn from the same account and with the same method which it was received and where the name of the recipient is present, the name must exactly match the name of the client in our system. For example, if the deposit was made by wire transfer, funds may be withdrawn only by wire transfer to the same bank and to the same account from which it originated from and if the deposit was made by means of electronic currency transfer, funds can be withdrawn only by the means of electronic currency transfer through the same system and to the same account from which it originated.
- Third party withdrawal is strictly prohibited.
- FxCitizen logs and tracks every detail of transaction carried out by the client.
- FxCitizen always track any suspicious transaction activities, and reports such activities to the law enforcement bodies. To protect the integrity of reporting systems and to safeguard businesses, the legislative framework provides legal protection to information provider. It is prohibited for FxCitizen to inform client that they have been reported for suspicious activity.
- FxCitizen reserves the right to refuse to process a transfer at any stage, when it is suspected the transaction to be related in any form of money laundering or criminal activity.
The main objective of implementing Anti-Money Laundering Policy is to ensure that clients engage in certain activities that are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate clients. For this purpose, FxCitizen has set up a highly sophisticated electronic system which is capable to log and verify client identification records, and track and maintain detailed records of all transactions.