Anti-Money Laundering Policy

Individual Account Opening Document Requirements

In accordance with the FSA Anti-money Laundering and Countering the Financing of Terrorism Act 2020 we are required to verify your identity prior to opening a trading account.

We are required to collect a minimum of 100 points of ID. Each form of primary ID accounts for 70 points with each form of secondary ID accounting for 30 points. The total must be equal to or greater than 100 points.

Photo ID (primary) = 70 points per document

The following are acceptable forms of photo identification:

  • A valid Passport
  • A valid Government ID, such as a Driver's License or State ID
  • A valid National Identity Card

Photo ID must show full name and date of birth. If your Photo ID is certified or notarized, add 30 points (100 points in total).

Proof of Residence (secondary) = 30 points per document

The following are acceptable forms of proof of residence:

  • A Utility Bill (phone, gas, electricity)
  • Bank or Credit Card Statement
  • Government-Issued Tax Document
  • Birth Certificate
  • Certificate of Citizenship

All proof of residences must be current and not outdated by more than 180 days, show the full document, clearly display the name and address (no PO Boxes), and show a provision of services such as money owed or paid.

Total = 100 points

We must be able to understand the language shown on your Photo ID and Proof of Residence. We may require documents provided in languages other than English to be accompanied by an English translation.

Corporate Account Opening Document Requirements

In accordance with Anti-money Laundering and Countering the Financing of Terrorism Act 2020, we are required to verify information about your company prior to opening a corporate trading account for you. To ensure that your account is approved please submit the following:

Legal Person documentation: 

  1. Certificate of Incorporation/Registration;
  2. Articles of Association/Memorandum;
  3. Certificate of Directors and all Shareholders/Members/Partners including the percentage of their ownership;
  4. A proof of company’s registered address not older than 90 days / as well as principal place of business (Utility bill);
  5. A resolution of the board of directors of the legal person for the opening of the account and granting authority to those who will operate it; and
  6. LEI number.


Officers and persons with significant control:
 

Documents and data for the verification of the identity of:

  1. The persons that are authorised by the legal person to operate the account
  2. Registered shareholders/beneficial owner/s of the legal person
  3. Directors
    • A valid photo ID (National ID or Passport)
    • A proof of residence (Utility Bill, Bank Statement), not older than 180 days

In the case of a legal person whose direct/immediate and principal shareholder is another legal person, registered in the Republic or abroad, the Company verifies the ownership structure and the identity of the natural persons who are the beneficial owners and/or control the other legal person.

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Funds Withdrawal Procedures

The AML policy and procedure at Forex Value Market detailed below is structured around strict guidelines to make sure that funds are securely sent back to their originating source and beneficiary.

  • Forex Value Market customers must complete a withdrawal request containing their correct account information.
  • All withdrawal requests are submitted to Forex Value Market accounts department for processing. Our Accounts department confirms the account balance, verifies that there are no holds or withdrawal restrictions on the account, and then approves the withdrawal request, pending compliance approval.
  • Forex Value Market Accounts department reviews all withdrawal requests, verifying the original funds are withdrawn via the same method of deposit and to the account holder on file. Our accounts department examines the withdrawal request against the customer's deposit history to make sure there is no suspicious activity, and verifies the bank account on file.
  • Withdrawal requests approved are processed by the accounts department and the funds are released to the client.
  • In the event that a withdrawal is flagged for suspicious activity, the withdrawal is placed on hold, pending further investigation by Forex Value Market Management staff.
  • Forex Value Market Management will work with our Compliance department to see if further action needed and if any relevant regulatory bodies need to be contacted.

AML Policy Details

The AML policy and procedure at Forex Value Market detailed below is structured around strict guidelines to make sure that funds are securely sent back to their originating source and beneficiary.

  • Forex Value Market monitors funding from various bank accounts outside of the account holder's home country.
  • Forex Value Market performs its actions on the basis of the anti-money laundering framework.
  • Forex Value Market neither accepts cash deposits nor disburses cash under any circumstances.
  • Forex Value Market does not accept third-party deposits of any kind.
  • Forex Value Market matches each deposit to the account name on file for that customer.
  • Forex Value Market reserves the right to refuse processing a transaction at any stage where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law, Forex Value Market is not obligated to inform the client if suspicious activity is reported to any corresponding regulatory or legal bodies.

Account Opening Procedures

Prior to opening an account, Forex Value Market shall document the identity, nature of business, income, source of assets if applicable, and investment objectives of each prospective customer.

Sanctioned Countries

While we welcome clients from all over the globe, governmental restrictions along with our company policies prohibit Forex Value Market from opening accounts originated from the following restricted and/or sanctioned countries:

  • Abkhazia (the Republic of Abkhazia)
  • Afghanistan
  • American Samoa
  • Angola
  • Cambodia
  • Central African Republic
  • Chatham Island (New Zealand)
  • Congo
  • Congo - Brazzaville
  • Congo - Kinshasa
  • Cook Islands
  • Cuba
  • Cuba (Guantanamo Bay)
  • Diego Garcia
  • Gambia
  • Guam
  • Guinea
  • Guinea-Bissau
  • Iran (Islamic Republic of)
  • Iraq
  • Israel
  • Korea (Democratic Peoples Republic of)
  • Kyrgyzstan
  • Lebanon
  • Libya
  • Mali
  • Martinique
  • Mayotte
  • Myanmar
  • New Caledonia
  • New Zealand
  • Niue
  • Northern Mariana Islands
  • Puerto Rico
  • Reunion
  • Saint Barthélemy
  • Saint Martin
  • Saint Pierre and Miquelon
  • Senegal
  • Sierra Leone
  • Somalia
  • South Sudan
  • Sudan
  • Syrian Arab Republic
  • Tokelau
  • U.S. Virgin Islands
  • United States of America
  • Wake Island
  • Wallis and Futuna
  • Yemen
  • Zanzibar
  • Zimbabwe
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