AML policy

FenixSecurities adheres to a policy of zero tolerance in regard to money laundering and actively helps combat money laundering.

At present, FenixSecurities supports the policy that does not let the clients launder money. According to the policy, the company strictly follows the rules:

  • provide reliable identification of every client
  • record the information about the Client  
  • find among clients terrorism-related people and illegal financial operations
  • make the clients understand that the information provided to the company can be used to verify their identity
  • closely monitor the client’s operations with funds
  • not accept cash, remittances, transactions from third parties, transfers of exchange offices or Western Union transfers.

There are the cases of money laundering when funds from illegal or criminal activities go through the financial system as if they are from legitimate sources.

 

Usually, there are three stages of money laundering:

 

Firstly, there is cash or cash equivalents in the financial system.

Secondly, there are other accounts for money transfer (for example, futures accounts) They are possible through a series of financial operations designed to smooth out the money origin (for example, making deals with little or no financial risk or transferring balances on accounts to other accounts).

In the end, the funds received from legitimate sources are again in circulation (for example, closure of a futures account and funds transfer to a bank account).

Trading accounts of a brokerage company is a great way to launder illegal amounts or hide the data about the true owner of the funds. In particular, a trading account is possible to be used to make financial deals that help hide the income source.

To prevent laundering, FenixSecurities sends money back to the original source of remittances.

There are requirements from the organizations involved in combating money laundering at the international level: the companies, which provide financial services, must be aware of possible money laundering abuses that may arise on the client’s trading account;

they insist on implementation of a prevention program to detect, deter and report on potential suspicious activities.

FenixSecurities fully adheres to the recommendations of international organizations to work against illegal financial flows to protect the company and its clients.

If you have any questions or comments on the company’s policy with regard to combating money laundering, please contact us via e-mail at [email protected]