MarketsFM (https://www.markets.fm) does not tolerate money laundering and fights against money launderers. MarketsFM has policies in order to deter people from laundering money. These policies include:
- Ensuring clients have valid proof of identification.
- Requiring the client to provide valid utility bills for proof of residence.
- Maintaining records of identification information.
- 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.
- Not accepting money from countries on terror watch lists, such as Iran, Syria, North Korea and Yemen.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system. It is moved 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).
- Lastly, 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).
- Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help to obscure the origins of the funds. MarketsFM directs fund withdrawals back to the original source of remittance as a preventative measure. International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account, and implement a compliance program to deter, detect and report potential suspicious activity. These guidelines have been implemented to protect MarketsFM and its clients. For questions/comments regarding these guidelines, contact MarketsFM Compliance at firstname.lastname@example.org