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Privacy Policy |
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Personal Information
When you apply for or maintain a live or demo account with MoneyForex, we collect personal information about you for business purposes, such as evaluating your financial needs, processing your requests and transactions, informing you about products and services that may be of interest to you, and providing customer service. Such information may include:
Information you provide to us on applications and other forms, such as your name, address, birth date, occupation, assets, and income.
Transaction Information - Information about your transactions with us and with our affiliates as well as information about our communications with you. Examples include your account balances, trading activity, your inquiries and our responses.
Verification Information - Information necessary to verify your identity such as a passport or driver's license. Examples also include background information about you we receive from public records or from other entities not affiliated with MoneyForex.
Anti-Money Laundering
MoneyForex Financial Ltd. has adopted risk management strategies including Anti-Money Laundering (AML) and Know Your Customer compliance within respective individual and organizations.
MoneyForex strict exercising Money Laundering Prevention Subsection (1) of 18 U.S.C. §1956 makes it illegal to conduct or attempt to conduct a financial transaction with proceeds known to be from specified unlawful activity. Our procedure is to monitor any unusual or suspicious transactions of any size taking place where we have reasons to believe the money is derived from illegal activity. MoneyForex will voluntary report any suspicious transaction to respected authority or government agency relevant to possible violation of law and regulation.
MoneyForex will report any knows, suspect or have reason to suspect any suspicious transaction in an aggregate amount $5000 or more. If the MoneyForex reports any suspicious transaction, MoneyForex may not notify the person involved in the transaction. MoneyForex may report the transactions to the appropriate agency if the transaction:
- Involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from any illegal activities.
- Is designed, whether through structuring or other means, to evade any requirement of this part or of any other regulation promulgated under the Bank Secrecy Act, Public Law 91-508, as amended, codified at 12 U.S.C.1829b, 12 U.S.C. 1951-1959, and 31 U. S. C. 5311-5332;
- Has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, MoneyForex knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible propose of the transaction; or
- Involves use of MoneyForex to facilitate criminal activities.
MoneyForex will file SAR (Suspicious Activity Report) to appropriate agency within 30 days after collecting all relevant facts.
Customer Identification Program (CIP)
MoneyForex has adopted a Customer Identification Program a/k/a Know Your Customer Policy documenting our procedures to obtain, verify and record information that accurately identifies each person who opens an account with us. All employees are required to comply with the Customer Identification Program and Know Your Customer policies and procedures.
During the account opening process, our compliance department will review all customer application by adhering "Know Your Customer" Policy. Our application form's questionnaires are derived from the SEC rules of understanding our customer profiles. (Please see attached Questionnaires for KYC Policy).
In addition, a copy of Identification such as national identification, passport, driver license or state ID is compulsory to open an account. If necessary, a follow up due diligence review is to have our customers verifying their current address by providing copy of utility bill, bank statement or credit card statement.
The information required during opening account is as follows: |
- Name
- Date of Birth
- Address
- Identification Number
- If a corporation, information such as place of entity or business, copy of article of incorporation, business license, and partnership agreement or trust agreement.
Additional information required by MoneyForex is the clients, net worth, annual income, occupation, employment information, and investment objective and risk tolerance.
If information listed is not provided, MoneyForex may not open the account for the particular individual or entity.
MoneyForex Financial Ltd. is incorporated in British Virgin Island (Registration Number 629302) under the provisions of the International Business Companies Act, 1984. Even though MoneyForex is not regulated by the USA authorities, we make our stringent requirement based on United States Patriot Act and the Internal Revenue Service Form 8300. Title III of the USA Patriot Act amended the two statutes under the Money Laundering Control Act of 1986 and the Bank Secrecy Act of 1970. We are totally complying with the transaction provisions of the Act. Third party money transferring is strictly prohibited. |
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