MONEY LAUNDERING


FXtrade777 Anti-Money Laundering Policy

FXtrade777 does not tolerate money laundering and supports the fight against money launderers. FXtrade777 follows the guidelines set by the Financial Action Task Force (FATF), the inter-governmental body whose purpose is to combat money laundering and terrorist financing.

FXtrade777 has policies in place to deter people from laundering money. These policies include:

  • Maintaining records of identification information

  • Ensuring clients have valid proof of identification

  • Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists

  • Informing clients that the information they provide may be used to verify their identity

  • Closely following clients’ money transactions

  • Not accepting cash, money orders, third party transactions, exchange houses transfers, or Western Union transfers

Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way to make it appear that the funds have come from legitimate sources.

Money laundering usually follows three stages:

Firstly, cash or cash equivalents are placed into the financial system.

Secondly money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts).

And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).