Anti-Money Laundering Policy
Precise Forex Limited is committed to the highest standards of anti money laundering (AML) compliance and requires management and employees to adhere to these standards to prevent use of our products and services for money laundering purposes. Precise Forex Limited will examine its Anti Money Laundering strategies, goals and objectives on an ongoing basis and maintain an effective Anti Money Laundering program for the Company’s business that reflects the best practices for a diversified, global financial company. Adherence to the Precise Forex Limited Anti-Money Laundering Program is the responsibility of all employees. The program includes client screening and monitoring requirements, “know your customer” policies (including the requirement to establish the identity of beneficial owners), Embargo policies, record keeping requirements, the reporting of suspicious circumstances in accordance with relevant laws, and training.
The standards set out in this Policy are minimum requirements based on applicable legal and regulatory requirements and apply for the entire Precise Forex Limited These requirements are intended to prevent Precise Forex Limited, our employees and clients from being misused for money laundering, terrorist financing or other financial crime. This Policy establishes the general framework for the fight against money laundering and financing of terrorism.
According to the Anti-Money Laundering Act 2006, Precise Forex Limited must ensure that the legal duties resulting from the regulations set out in this Act are fulfilled by our subordinated enterprises, branches, subsidiaries and affiliates in Seychelles and abroad. Wherever local regulations are stricter than the requirements set out in this Policy, the stricter standard has to be applied. If any applicable laws are in conflict with this Policy, the relevant Precise Forex Limited entity must consult with the local legal department and the Global Head of Anti Money Laundering to resolve the conflict. If the minimum requirements set out in this Policy cannot be applied in a certain country because application would be against local law or cannot be enforced due to other than legal reasons, Precise Forex Limited has to assure that it will not enter into a business relationship, continue a business relationship or carry out any transactions. If business relations already exist in that country, Precise Forex Limited has to assure that the business relationship is terminated regardless of other contractual or legal obligations.
- Definition of the Term Money Laundering
Money Laundering is the participation in any transaction that seeks to conceal or disguise the nature or origin of funds derived from illegal activities such as, for example, fraud, corruption, organized crime, or terrorism etc. Predicate offences for money laundering are defined by local law. Generally speaking, the money laundering process consists of three “stages”:
- Placement: The introduction of illegally obtained monies or other valuables into financial or nonfinancial institutions.
- Layering: Separating the proceeds of criminal activity from their source through the use of layers of complex financial transactions. These layers are designed to hamper the audit trail, disguise the origin of funds and provide anonymity.
- Integration: Placing the laundered proceeds back into the economy in such a way that they reenter the financial system as apparently legitimate funds.
These “stages” are not static and overlap broadly. Financial institutions may be misused at any point in the money laundering process.
- Client Identification Procedures
As part of Precise Forex Limited 's AML policy, the company has established procedures to ensure that all clients’ identities are verified prior to opening an account. Before opening an account for an individual client, Precise Forex Limited will require satisfactory documentary evidence of a client’s name, address, date of birth, and either but not limited to the following forms of identification:
- Passport ID and number
- Driver’s License
- Proof of address (one from a bank or financial institution and one professional/ business reference.)
- Cross check ( World Compliance, Office of Foreign Assets Control, etc)
For a corporation or other legal entity, Precise Forex Limited will require Satisfactory legal evidence of the entity’s name, address and that the beneficiary and operators have been duly authorized to open the account. The AML Compliance Officer will retain records of all documentation that have been relied upon for client/corporation identification.
Precise Forex Limited will not open accounts or accept funds or securities from, or on behalf of, anyperson or entity nor accept high-risk clients (with respect to money laundering or terrorist financing) without conducting enhanced, well-documented due diligence regarding such prospective client.