Anti-money laundering policies and protection
IMMFX does not tolerate money laundering and supports the fight against money launderers.
IMMFX has policies in place to deter people from laundering money.
IMMFX has proudly created its own network of liquidity providers, which consists of 12 Major Banks connected directly to our trading platform MT4 via FIX Bridge, granting its institutional and retail client's direct access to the inter-bank market right from your Trading Platform, with the lowest deposit, trade size, and margin requirements.
IMMFX provides tailor made, multi-bank liquidity for Institutional and Retail traders. For high frequency trading and algorithmic this offers powerful benefits including access to deep liquidity, anonymous trading on live, streaming prices and robust trading technology. Our solutions dramatically reduce time-to-market and trading cost for active traders.
What is money laundering?
Money Laundering is not just the attempt to disguise money derived from the sale of drugs. Rather money laundering includes any transaction or series of transactions that seek to conceal or disguise the nature or source of proceeds derived from illegal activities, including drug trafficking, terrorism, organized crime, fraud and many other crimes. Money laundering occurs when any of those funds from an illegal/criminal activity are moved through the financial system. It is moved in such a way as to make it appear that the funds have come from legitimate sources.
There is no specific method of Money laundering; however, usually three stages are commonly followed during which there may be numerous transactions made by the launderers that could alert a financial institution to a criminal activity:
Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds. IMMFX directs fund withdrawals back to the original source of remittance as a preventative measure.
International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account, and implement a stringent compliance program to deter, detect and report potential suspicious activity.
Defining suspicious activity
There is, as of yet, no clear regulatory guidance as to what constitutes “suspicious activity.” A determination of whether any transaction or series of transactions is suspicious will necessarily depend on the customer and the particular transaction(s), compared with the customer’s normal business activity. Unusual or questionable transactions, sometimes referred to as “red flags,” may include those that appear to lack a reasonable economic basis or recognizable strategy based upon what the firm knows about the customer. Suspicious activity can occur either at the outset of the client relationship or long after the relationship has been established.
Knowing your clients (“KYC”)
The Company has separate account opening procedures that are followed when opening new accounts. These procedures must be reviewed in conjunction with the Screening of Prospective Clients and Anti-Money Laundering Measures section of these Procedures. However, in addition to those new account opening procedures, each Associated person must be familiar with his or her client’s identity. Below are factors to be considered in carrying out the “Know Your Client” duty. The Compliance Officer will also be responsible for reviewing all new accounts and conducting an annual review of all accounts to consider the following factors:
“Red flags” – Indicators at the account opening stage:
Although by no means exhaustive, the following is a list of potential indicators of suspicious activity, which, if unexplained, may evidence money laundering activity:
Screening of clients, anti-money laundering measures
The Company has in place procedures to prevent and detect money laundering. As part of those procedures, the Company also has in place detailed procedures on screening new clients. Such procedures are expanded upon in the Anti-Money Laundering context. The Compliance Officer is responsible for approving all new accounts to ensure that no account is subject to restricting or blocking before opening.
All new accounts must be reviewed and approved by the Compliance Officer before they are opened. It is imperative that all required information be obtained and that all account holders and principal owners of accounts are identified and compared to lists of terrorists and suspected terrorists published by the Office of Foreign Assets Control (“OFAC”) and other lists published by the Financial Action Task Force (“FATF”) against Money Laundering. The Compliance Officer is responsible for ensuring the Company’s compliance with its anti-money laundering procedures which are set forth in a separate section entitled Anti-Money Laundering Compliance Program.
IMMFX will obtain the following information from all prospective customers:
For natural persons:
For non-natural persons / corporate or institutional:
IMMFX will close an account in cases where:
Deposits and withdrawals