KYC (Know Your Customer) Policy
KYC policy is important worldwide lately, especially among banks and other financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity. An effective anti-money laundering compliance program must include KYC procedures. Information must be provided to learn the true identity of the customer, the nature of the customer’s business, and the intended purpose of the customer’s transactions. We have been embedded the Refinitiv World Check One (WC1) screening system for AML purpose in order to guarantee the customers to meet the registration criteria.
As broker, GQFX shall be responsible for:
- Providing the account application
- Conducting KYC procedures
- Clearing and monitoring of all trades
- Being the custodian of the accounts, funds and paperwork.
- Each trading account applicant must first be approved and accepted by GQFX before funding the trading account and trading.
New customers should provide their own personal information and documents as below. GQFX will not disclose the information to the third parties and keep it in a high security protected database.
- Acopy of your valid passport (photo page) or identity card of your country
- Utility bill with your residential address
- Date of Birth
- KYC questionaries
All new customers’ names will be compared to the list provided by our WC1 screening service. If a customer’s name appears on the list, we will not accept the registration.
Suspicious transactions are those that have no business or apparent lawful purpose, are unusual for the customer, or lack any reasonable explanation.
Deposit and Withdrawal
We do not accept third party funds. Also, incoming and outgoing bank wires must be to the same banking institution having the customer’s name on the account. Customers should login to GQFX user portal to proceed deposit and withdrawal. Our Customer Service Department will verify the information and approve the transaction.
The Company’s anti-money laundering procedures mandate that individuals and entities that refuse to provide information verifying their identities, will not be permitted to open accounts at GQFX.
All new accounts will be subject to the stringent approval process by “COMPLIANCE”. “COMPLIANCE” will ensure that the new account form is complete. “COMPLIANCE” will review all new accounts for financial credit worthiness and trading suitability purposes. However, he will also review for anti-money laundering purposes. “COMPLIANCE” will check to ensure that identifying information is listed for all individuals named on the new account form and that none of the individuals named on the WC1 screening service list or any other watch lists are opened at the Company.
The stated purpose of customers in placing funds with us is set forth in our customer agreement, to wit: speculation in foreign currencies. Any conduct or account activity that is inconsistent with trading foreign currencies with a goal of profiting thereby, must be considered suspicious activity and reported immediately to “COMPLIANCE” who will evaluate the situation and determine whether to take further action consistent with these procedures.
We thank you for your cooperation in helping us make GQFX a safer place to trade.