AZAFX International identify The International Money Laundering Abatement and Anti-Terrorist Financing Act 2001 (“Act”) which commit of new important responsibility on all finance institutes for detection, preventive and report disguise activities illegal money. Under this Act, money laundering is explained as the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc.) into money or investments that appear to be legitimate.
AZAFX has established the following procedures to ensure the complete compliance with the International laws and regulations regarding money laundering. Thus, in order to open of any new account, AZAFX shall document the identity, residential detail, nature of business, and investment purposes of our clients. Beside collects and verifies identification data of the client, AZAFX also logs and tracks every details of transaction carried out by the client.
AZAFX insists all the deposits, where the name of the originating client is present, must match the name of the client in our record. As for withdrawal, money only can be withdrawn from the same account and the same way it was received and third party withdrawal is strictly prohibited. For withdrawals where the name of the recipient is present, the name must exactly match the name of the client in our record. If the deposit was made by wire transfer, funds may be withdrawn only by wire transfer to the same bank and to the same account from which it originated. If the deposit was made by means of electronic currency transfer, funds can be withdrawn only by the means of electronic currency transfer through the same system and to the same account from which it originated.
AZAFX is committed to track any suspicious and significant transaction activities, and reports such activities to the according law enforcement bodies. To uphold the integrity of reporting systems and to safeguard businesses, the legislative framework provides legal protection to provider of such information.
AZAFX reserves the right to refuse to process a transfer at any stage, where it believes the transfer to be related in any form of money laundering or criminal activity. It is prohibited for AZAFX to inform client that they have been reported for suspicious activity.
The main objective of implementing Anti-Money Laundering Policy is to ensure that clients engaging in certain activities are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate clients. For this purpose AZAFX has set up a highly sophisticated electronic system which able to log and verifies client identification records, and tracks and maintains detailed records of all transactions.