Global Financial Firm Tracks Client Transactions, Complies with Anti-Money Laundering Regulations
As part of its efforts to ensure transparency and prevent financial crimes, XGLOBAL FX Ltd, a leading financial services provider, has implemented strict measures to track client transactions and comply with anti-money laundering (AML) regulations.
Client Onboarding Process
To open an account with the company, clients are required to provide:
- Valid government-issued identification
- Proof of residence
- Bank account information
This information is used to verify their identity and monitor their transactions. XGLOBAL FX Ltd uses advanced technology to track and record all client transactions, including those executed under non-standard trading conditions.
AML Policies and Procedures
The company has implemented strict AML policies that are in line with the Financial Action Task Force (FATF) guidelines. These policies include:
- Monitoring funding from bank accounts held outside the account holder’s home country
- Not accepting deposits from third-parties or cash deposits/disbursements under any circumstances
- Reserving the right to refuse to process a transaction where it believes the transaction is connected to money laundering or criminal activity
Reporting and Compliance
XGLOBAL FX Ltd is required to report suspicious activities to corresponding regulatory or legal bodies. However, the company does not have an obligation to inform clients of such reporting.
Country Restrictions
As a result of FATF’s AML policies, XGLOBAL FX Ltd cannot accept clients from high-risk countries, including:
- United States
- North Korea
- Iran
- Myanmar
- Cuba
- Sudan
- Syria
- British Columbia in Canada
Anti-Money Laundering Measures
The company has implemented several measures to prevent money laundering activities, including:
- Identifying clients
- Monitoring and reporting suspicious transactions
- Maintaining transaction records for a minimum of five years after contractual relationships are terminated
- Training staff to recognize suspicious transactions
- Depending on client location, reporting any suspicious activities to authorities in several countries
Client Requirements
Clients must provide the following information:
- Photo identification
- Proof of residence (not older than 90 days)
- Bank account information
Photo IDs are verified through third-party compliance software.
Withdrawal Procedure
The company’s withdrawal procedure is designed to ensure that funds are securely remitted back to their originating source. Clients must complete a signed paper or digital withdrawal request, which is then verified by the Back-office department before being approved pending compliance approval.
Internal Reporting and Matching
XGLOBAL FX Ltd’s Internal Reporting and Matching department reviews all withdrawal requests, verifying that the original funds are being withdrawn through the same method as deposited.
Commitment to AML Regulations and Client Transparency
The company’s commitment to AML regulations and client transparency demonstrates its dedication to providing a secure and trustworthy financial services experience for its clients.