Anti-Money Laundering (AML) Policies and Regulations
- Customer Identification
W7BT is required to comply with regulatory client identification requirements. This includes the collection of identification information such as full name, address, date of birth, national ID number or passport, as well as other pertinent information to identify the person.
- Transaction Monitoring
W7BT monitors its clients’ transactions to detect any suspicious activity. This includes transactions that can be indicative of money laundering or terrorist financing. As well, the brokerage must keep and record this information for a minimum of five years.
- Customer Due Diligence
W7BT performs full due diligence before the customer can start negotiating. This includes verifying both source of revenue and the source of funds. W7BT reserves the right to decline to open accounts or perform transactions on behalf of customers who are not subject to due diligence.
- Employee Training
Everyone in the W7BT group is trained to recognize and report suspicious activity. They must follow strict anti-money laundering procedures and raise any concerns with their in-house compliance department.
- Access to Confidential Information:
Access to confidential information is only authorized for employees who require it to do their work. Such employees are responsible for signing confidentiality agreements and following proper security procedures.
- Communication to Regulators:
W7BT collaborates with local regulators to prevent and fight money laundering. This includes the reporting of suspicious activity and the provision of information where appropriate.
W7BT undertakes to ensure that its commercial activities abide by all applicable laws and regulations. The fight against money laundering is an essential element of the company and the Broker is committed to maintaining the highest standards of integrity and compliance