World Markets AML POLICY
1. OVERVIEW OF AML POLICY
This Anti-Money Laundering policy (“AML policy”) is provided by World Markets to prevent the activities of money laundering that may take place through our website and services. This is to aid the fight by the government against terrorism and money laundering activities that are very rampant in the world today. In order to achieve this, the government through the law, has mandated all banks and other financial institutions to collect, verify, and keep a detailed record of information submitted by customers or anyone seeking to open an account. This AML policy contains the procedure by which money laundering activities are detected and how they can be prevented.
2. MONEY LAUNDERING DEFINED
Money Laundering can be defined as;
a. The introduction of currencies that are illegally obtained into the financial system; and
b. The use of the financial system to illegally hide lawfully obtained currency.
Criminals obtain money by easy means. However, their ability to use these funds are restricted until they are able to deposit it in financial systems. When financial institutions knowingly allow such activities, they automatically launder or legitimize the proceeds. Notwithstanding, criminals will operate on financial institutions, including World Markets. It is now the duty of these institutions to detect and report such activities to the relevant authorities.
3. WORLD MARKETS PROCEDURES
This section contains the procedures and approaches used by World Markets to prevent anyone registered on our website from engaging in money laundering activities. First, we ensure that anyone or organization opening an account with us is real or legal, respectively. Furthermore, we use all the applicable laws and policies set out by monetary authorities regarding money laundering, and most importantly, World Markets ensure this AML policy is applied by carrying out the following actions;
• Enhanced Due Diligence and Know Your Customer (“KYC”) for new customers;
• Monitoring and Reporting customers’ activities; and
• Keeping accurate records.
4. ENHANCED DUE DILIGENCE AND KYC FOR NEW CUSTOMERS
In order to comply with the AML policy rules, we ensure each customer registering on our website goes through a thorough verification exercise. Before customers are allowed to interact, trade, or conduct activities on our website, such customer must provide credible proof of identity or other remedies that may confirm the customer’s identity. Also, World Markets, in like manner, perform a thorough examination on customers who are from countries that are not strict regarding AML policies.
As there are two types of customers who register on our website, enhanced due diligence and KYC are performed differently between them. What is requested from a customer account may be slightly different from what is requested from a corporate account.
For Customer Accounts; World Markets collect certain types of personal information including but not limited to; name, age and date of birth, country, and residential address. This will then be followed by requests for certain documents in order to verify if the information submitted during registration is correct and accurate. We request for any of the following documents;
• The first page of the customer’s International Passport showing their image and signature;
• A Driving License bearing the customer’s image;
• The front and back pages of the customer’s National Identity Card;
• Any document such as bank statement, utility bills, etc. that proves the customer’s current address. These documents must not be older than three months.
Customers who fail to provide any of these documents as a means of identification within the stipulated time will have their account closed.
For Corporate Accounts; World Markets collects certain types of information and documents relating to the company as a whole. For corporate accounts whose company is not listed on the stock exchange and none of its directors has an account with World Markets, the customer shall provide:
• Articles of incorporation;
• Articles and Memorandum of Association;
• Board resolution authorizing the opening of the corporate account and conferring authority on the person operating it;
• Assumed Name Filling (If the account will be opened in a different name as the one in the Articles of Association);
• Documents showing proof of company’s address;
• The company’s credit history and a letter of reference from the bank (unless if a newly formed company);
• A recent income statement and balance sheet (unless if a newly formed company);
• The last three month’s bank statement (unless if a newly formed company); and
• The director’s proof of identity (if the director will operate the account on the company’s behalf).
In the event the company is listed on the stock exchange, no proof of identification will be needed except for proofs from that represents that he has the authority to deal with World Markets on the company’s behalf.
5. MONITORING AND REPORTING CUSTOMERS’ ACTIVITIES
Following the relevant information and documents collected by World Markets from customers, the next measure is monitoring customers’ activities on the website in order to sniff out suspicious transactions. Suspicious transactions are those transactions which are slightly different or inconsistent with the previous trades performed by customer on our website. A suspicious transaction can also be any trade which is different from customer’s initial trade. World Markets have put both manual and automatic measures in place to detect any suspicious activities on the website. Transactions of up to the tune of $5,000 or more will be duly monitored and documented.
6. KEEPING AN ACCURATE RECORD
World Markets ensures it keeps records of all the transactions and trades, including records of information collected during customers registration and verification processes. World Markets collects records that are related to money laundering activities, including keeping files on suspicious activities reports. Records collected and recorded by World Markets are retained for as long as seven years after the closure of all customer accounts.
7. FUND DEPOSITS AND WITHDRAWALS REQUIREMENT
All customers activities on trading accounts regarding the depositing and withdrawing of funds must follow the below-listed requirements;
• To comply with the AML and CTF laws, World Markets does not receive or deposit a particular customer’s funds from another individual;
• No cash transactions. Funds must be from a bank or credit card transfers, and the name on the customer’s account must be the same with the bank name;
• Funds from trading accounts must be withdrawn to a bank account, credit or debit cards or other accepted payment methods, and must have the same name with the customer account on World Markets;
• World Markets shall process all funds withdrawal requests on First-in-First-Out (“FIFO”) basis subject to the source the funds came from. For instance, assuming a customer makes a deposit of $200 via a credit or debit card; the customer then makes a profit of $2,000 and requests for a withdrawal of the whole $2,000, the amount that will processed and credited by World Markets into the credit or debit card of the customer may not exceed the initial amount deposited by the customer which is $200 while the remaining $1,800 profit will be credited to their bank (must be in the same name as the trading account). If the deposit was made via multiple sources, withdrawals should be made in commensuration to the amount of each source deposit;
• All first withdrawal requests will be verified for safety. The customer may be required to provide a bank statement which has detailed information about the account holder and bank details;
• For deposits into accounts which are not usable for fund withdrawals, the funds may be withdrawn to another bank account by customer provided the customer has enough proof to identify the owner of the bank account.
8. ACTIONS TAKEN
Where there is an attempt by any customer to carry out transactions which we believe to violate this AML policy and other criminal activities, World Markets will take due process according to the applicable law to have the activity reported to the relevant authority. World Markets has the right to block or freeze customer accounts who it believes to be engaging in suspicious activities on our website.
To know more about this AML policy, reach out to World Markets via our email address at [email protected].