AML & KYC Policy
Requirements for Individual Account Opening Documents in Qartal FX
We must confirm your identification before creating a trading account in compliance with the FSA Anti-Money Laundering and Countering the Financing of Terrorism Act 2020.
We must gather a minimum of 100 points of identification. Each principal form of identification receives 70 points, and each subsidiary form receives 30 points. The sum must be at least 100 points, but not more. Primary photo ID = 70 points per document.
The following types of picture identification are recognized:
- A current passport
- A legitimate government ID, such as a driver’s license or state identification
- A functioning national identity card
Date of birth and full name must be shown on a photo ID. Add 30 points if your photo ID has been certified or notarized (100 points in total). Secondary Proof of Residency = 30 points per document
Acceptable kinds of residency documentation include:
- An electric bill (phone, gas, electricity)
- Credit card or bank statement
- Tax Document Issued by the Government
- Certificate of Birth
- Document proving citizenship
All documentation proving residency must be current, not older than 90 days, including the whole document, clearly identify the name and address (no PO Boxes), and demonstrate the supply of services, such as the payment of money owed.
100 total points
The language on your photo ID and proof of residency must be understandable to us. We could ask for an English translation of any papers delivered in languages other than English.
Document requirements for opening corporate accounts in Qartal FX
Before creating a corporate trading account for you, we must check information about your firm in compliance with the Anti-Money Laundering and Countering the Financing of Terrorism Act 2020. Please submit the following to confirm that your account has been approved:
Legal Person Records:
- The certificate of incorporation or registration;
- Memorandum or Articles of Association;
- A certificate of directors, listing all shareholders, members, and partners along with their ownership stakes;
- A utility bill or other recent verification of the company’s registered address and primary place of business;
- A decision by the legal entity’s board of directors authorizing the account’s establishment and giving the account’s operators the necessary power;
- An LEI number
Officers and those in major positions of power:
- Data and documents for confirming the identification of:
- The individuals that are permitted to manage the account by the legal entity
- Legal entity’s registered shareholders and beneficial owner
- A legitimate picture ID (National ID or Passport)
- Recent evidence of residency (such as a utility bill or bank statement).
The Company confirms the ownership structure and the identification of the natural persons who are the beneficial owners and/or control the other legal person in the case of a legal person whose direct/immediate and primary shareholder is another legal person, registered in the Republic or abroad.
AML Policy Information
Following stringent rules, Qartal FX’s AML policy and process are designed to ensure that money is safely returned to its source and intended beneficiaries. Funding from various bank accounts located outside of the account holder’s native country is monitored by Qartal FX.
- The framework for combating money laundering serves as the foundation for Qartal FX efforts.
- Under NO circumstances does Qartal FX accept cash deposits or make cash payments.
- Any form of third-party deposit is not accepted by Qartal FX.
- Each deposit is matched by Qartal FX to the customer’s registered account name.
- If Qartal FX thinks a transaction to be related in any manner to money laundering, it retains the right to deny processing the transaction at any time.
Importance of ALC Policy of Qartal FX
Qartal FX financial institutions can prevent money laundering by preventing criminals from engaging in transactions that would otherwise be used to conceal the source of funds associated with unlawful activity. This is done via the use of anti-money laundering (AML) rules and procedures.
Many nations have established and continue to update legislation and regulations to combat money laundering and counter-terrorism financing, as well as economic and political alliances like the European Union (CTF).
International AML regulations and practices
Additionally, the Financial Action Task Force (FATF), an intergovernmental organization that establishes guidelines to assist nations in developing and updating their laws to combat money laundering and terrorism funding, aids in maintaining uniformity.
There are 39 members of FATF, including the European Commission, the Gulf Cooperation Council, and 37 member states. The requirements for financial institutions to maintain a strong set of policies as a way of compliance with AML rules and regulations vary depending on the nation.
These regulations give a thorough breakdown of the personnel, procedures, and technological measures a financial institution has in place to stop the reintroduction of illegal monies into the financial system.
U.S. compliance with AML regulations
For instance, under the Bank Secrecy Act (BSA) in the United States, banks are required to set up adequate customer due diligence systems and procedures in addition to a successful AML compliance program.
Additionally, banks must have a strong monitoring and reporting system for suspicious behavior and screen customers for violations of the Office of Foreign Assets Control’s (OFAC) economic and trade restrictions. Additionally crucially, banks must use a risk-based strategy for anti-money laundering to comply with the BSA.
What a Qartal FX AML strategy has to offer
Anti-money laundering policies and procedures support an organization’s compliance culture in addition to assisting financial institutions in complying with AML and counter-terrorism funding laws and regulations.
Financial institutions rely on technology to prevent, identify, investigate, and report suspicious activities because of the number of transactions that banks process.
Customer identification is the most important component of KYC (Know Your Customer), which is now a key component in the fight against financial crime and money laundering. This is because it comes first and helps the other phases of the process run more smoothly.
For financial institutions, the global anti-money laundering (AML) and combating the financing of terrorism (CFT) environment raises enormous stakes. National laws now include strong directives like AML 4 and 5 and preventative procedures like “KYC” for customer identification, which are international legislation inspired by standards like The Financial Action Task Force (FATF) standards.
Know Your Customer (KYC) can also refer to as Know Your Client. When creating an account and regularly after that, the client’s identity must be identified and verified through a procedure called KYC, or KYC check.
In other words, banks need to confirm that their customers are indeed who they say they are. If a customer does not comply with the minimal KYC criteria, banks may refuse to create an account or terminate a business relationship.
Why is the KYC procedure crucial?
All the steps required to confirm that their clients are real, evaluate, and monitor risks are included in the KYC protocols that banks specify. These client-onboarding procedures aid in the detection and prevention of illicit corruption, terrorism financing, and money laundering.
Identification document verification, face verification, document verification using utility bills as evidence of address, and biometric verification are all part of the KYC process. To reduce fraud, banks must abide by KYC and anti-money laundering requirements. The banks are responsible for KYC compliance.
If you don’t comply, you might face severe fines. For failing to comply with AML, KYC, and sanctions fines during the last 10 years, a total of USD26 billion in fines have been imposed in the United States, Europe, the Middle East, and Asia-Pacific.