Against Money Laundering / Anti-Terrorist Financing Policies
PFX is committed to the highest standards of compliance against Money Laundering (AML) and Anti-Terrorist Financing (CTF). The objective of the Company’s policy against Money Laundering and Terrorism Financing is to actively prevent the risks associated with these matters. To assist the government in combating the financing of terrorism and money laundering activities, the law mandates that all financial institutions obtain, verify, and record information that identifies each person opening an account. We are obligated to report any suspicious client activity relevant to money laundering.
Money Laundering involves the process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear legitimate, in order to hide or distort the actual source of funds. This process can be divided into three sequential stages:
Placement: During this stage, funds are converted into financial instruments, such as checks, bank accounts, and money transfers, or they may be used to purchase high-value goods that can be resold. Funds may also be physically deposited in banks and non-bank institutions (e.g., exchange houses). To avoid suspicion from the company, the launderer may make multiple deposits instead of depositing the entire sum at once; this form of placement is referred to as “smurfing.”
Layering: Funds are transferred or moved to other accounts and financial instruments to disguise their origin and obscure the trail of financial transactions. Moving funds and changing their form makes it difficult to trace the money being laundered.
Integration: The funds are reintroduced into circulation as legitimate funds to purchase goods and services.
PFX adheres to Anti-Money Laundering principles and actively prevents any actions that facilitate the legalization process of illegally obtained funds. The AML policy aims to prevent criminals from using the company’s services for money laundering, terrorist financing, or other criminal activities. To prevent money laundering, PFX does not accept or disburse cash under any circumstances. The company reserves the right to suspend the operation of any client deemed to be engaged in illegal activities or suspected of money laundering, as determined by the staff.
Company Procedures
PFX ensures that every client is a genuine individual or legal entity. The company conducts all necessary measures in accordance with applicable laws and regulations issued by monetary authorities. The AML policy is implemented within PFX Rawforex through the following means:
- Know Your Customer (KYC) Policy and Due Diligence.
- Monitoring customer activity.
- Record maintenance.