Money Laundering is the process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear to be legitimate in order to hide or distort the real source of funds.
JustMarkets, like the majority of companies providing services on the financial market, adheres to Anti-Money Laundering principles and actively prevents any actions aimed at or facilitating the process of legalization of illegally gained funds. AML policy means preventing the use of the Company's services by criminals for the purpose of money laundering, terrorist financing, or other criminal activities.
For this purpose, the Company introduced a strict policy on detecting, preventing, and warning the corresponding bodies of any suspicious activities.
Moreover, the Company has no right to report Clients that the law enforcement bodies are informed of their activity. A complex electronic system for identifying every Company's Client and conducting a detailed history of all operations has also been introduced.
To prevent money laundering, the Company neither accepts nor pays cash under any circumstances. The Company reserves the right to suspend any Client's operation that can be regarded as illegal or may be related to money laundering in the opinion of the staff.
The Policy must be communicated to all Company employees that manage, monitor, or control in any way customers’ transactions and are responsible for applying the practices, measures, procedures, and controls that have been determined herein. This Policy also applies to all company officers, designated contractors, agents, products, and services the Company offers. All business units within the Company will cooperate to create a cohesive effort to fight against money laundering.
This Policy's appropriateness, effectiveness, and adequacy are the subject of an independent Internal Audit.
The Company assesses and evaluates the risks it faces based on the customer’s nature, customer’s behavior, customer’s initial communication with the Company, as well as the risks based on the Company’s services and securities.
Due to the Company's commitment to the AML and KYC policies, each Company's Client must complete the verification process. Before the Company commences any cooperation with the Client, the Company shall ensure that satisfactory evidence is produced or other measures are taken that will produce satisfactory evidence of the identity of any customer or counterparty. The Company also applies enchased scrutiny to Clients who are residents of the countries identified by credible sources as countries having inadequate AML standards or may pose a high risk of crime and corruption and to beneficial owners who reside in and whose funds are sourced from named countries.
Each Client provides personal information during the registration process, specifically: full name, date, place of birth, residential address, business address, phone number, and city code.
Individual Client sends the following documents (if the documents are written in non-Latin characters, to avoid any delays in the verification process, it is necessary to provide a notarized translation of the document into English) due to KYC requirements and to confirm the indicated information:
The indicated documents must contain: the full name, date of birth, photo, and citizenship of a customer, and also, where applicable: confirmation of the document validity (issue and/or expiry date), and holder's signature.
The indicated documents must be valid for at least 6 months from the filing date.
The utility bill, bank statement, and credit card statement should not be older than 3 months from the filing date. Whereas a copy of the customer’s tax identification number, Social Security number, or Government Service and Insurance System number should be apostilled in the country of origin upon the Company’s request.
Both sides of the submitted document are required where applicable (for example, ID or Driver’s License). The document image must be a color, high-resolution photo, or scanned copy with no blurs, light reflections, or shadows. The four edges of the document should be visible. All information must be clearly readable, free of any watermarks, etc.
In case the applicant company is listed on a recognized or approved stock exchange or where there is independent evidence showing that the applicant is a wholly-owned subsidiary or subsidiary under the control of such a company, no further steps to verify identity will normally be required.
This procedure is performed to establish the Client's identity and help the Company know/understand Clients and their financial dealings to be able to provide the best services of online trading.
If, during the business relationship, a customer fails or refuses to submit, within a reasonable timeframe, the required verification data and information, the Company shall terminate the business relationship and closes all the accounts of the customer.
Customer due Diligence regarding the Individual Clients and Corporate Clients shall be updated and/or amended soon after any changes occur. This applies to a change of residence or business address, new identification cards, a new passport, additional business information, new business securities/venture, and the like. For any information change before the said period, the Company requests a letter or document pertaining to the changes being made.
In addition to gathering information from Clients, the Company continues to monitor the activity of every Client to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is inconsistent with the Client's legitimate business or usual Client's transaction history known from the Client activity monitoring. The Company has implemented a system of monitoring the named transactions (both automatic and, if needed, manual) to prevent using the Company's services by criminals.
The Сompany reserves the right to suspend any Сlient's operation which, in the staff's opinion, can be regarded as illegal or may be related to money laundering.
The constant monitoring of the customers’ accounts and transactions is an imperative element in effectively controlling the risk of Money laundering.
Records will be kept for all documents obtained for the purpose of customer identification (KYC policy requirements) and all data of each transaction, as well as other information related to ML, under the applicable AML laws/regulations.