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In the global marketplace, the attempted use of financial institutions to launder money is a significant problem that has caused great concern in the international and domestic community, which has resulted in the passage of strict laws and increased penalties for illegal money laundering worldwide.
While the United States and other nations have had strong anti-money laundering (AML) laws applicable to certain financial institutions, including banks, securities broker-dealers and investment advisors, those laws have recently been strengthened and extended to other financial institutions including stand-alone clearing firms, marketmakers, customer intermediates and introducing brokers of currencies transactions worldwide. The USA PATRIOT Act of 2001 and U.S. Banking Privacy Act as Amended 2001 have extra-territorial provisions which govern U.S. Dollar denominated accounts anywhere in the world and therefore FXRaid falls within the scope of some of these laws.
Among other things, the USA PATRIOT Act of 2001 and U.S. Banking Privacy Act as Amended 2001 require financial institutions to establish anti-money laundering compliance programs, which include internal policies, procedures and controls designed to detect and prevent money laundering. The new requirements include enhanced "Know Your Customer" (KYC) obligations (e.g., verification of customer identity), monitoring and reporting suspicious transactions, special due diligence checks for certain customers, ongoing employee training, record keeping and independent audits to test the programs and also naming an AML compliance officer.
The requirement to "know your customer" is one borne of sound business practices and established legal and regulatory oversight. Presently, industry regulations require firms to undertake reasonable efforts to obtain and maintain the essential facts relative to each customer and each account opened. For ease of use, this information is captured and maintained in the firm's new account documentation, which includes the customer account application, a request for taxpayer identification number and certification, corporate resolutions (if applicable), governmental photo identification (e.g., driver's license, passport, state or national identity card, utility bill) or other such documentation as may be appropriate to ascertain and verify a person's identity. The information must match before the account will be opened. This information will be kept strictly confidential and will only be used for the purpose it was supplied (see FXRaid Confidentiality and Non-Disclosure Policy).
Accordingly, FXRaid has established governing principles and standards to protect itself, its businesses and its customers from being used to launder money. All FXRaid employees, and FXRaid affiliates, wherever located, must be vigilant in the fight against money laundering and must not allow FXRaid to be used for money laundering activities. As a company engaged in the international investment products and services industry, it is incumbent upon FXRaid to join with the international business community to assure that its products and services are not the tool of terrorists or drug-dealers. While FXRaid has a clear responsibility to its customers on matters of confidentiality and privacy to which it must adhere, now more than ever we must adopt effective procedures and practices to help fight international terrorism.
It is FXRaid's policy to protect and not divulge the personal or account information of any legitimate accountholder; it is also the policy of FXRaid to ascertain the true identity of each of its accountholders. FXRaid must strike a fair and proper balance between its obligation to its customers for confidentiality and its legal and moral responsibility not to have its accounts used to unwittingly facilitate international terrorism or illegal money laundering.
Toward that end, FXRaid has engaged industry experts to advise it on how best to accomplish this goal. Right now FXRaid only asks from its customers that they provide a certified copy of their passport or national photo-identifier (as set forth above). FXRaid has implemented industry-best practices in anti-money laundering policies and procedures, which affect many aspects of our business and, in certain cases, the relationships with our customers. We ask that each prospective customer of FXRaid give his or her utmost understanding and assistance to us in our effort to fulfill this worthy and necessary goal.
FUTURES, FOREX, AND OPTIONS TRADING INVOLVE SIGNIFICANT RISK OF LOSS AND MAY NOT BE SUITABLE FOR EVERYONE. OPTIONS, CASH, FOREX, & FUTURES MARKETS ARE SEPARATE AND DISTINCT AND DO NOT NECESSARILY RESPOND IN THE SAME WAY TO SIMILAR MARKET STIMULUS. A MOVEMENT IN THE CASH MARKET WOULD NOT NECESSARILY MOVE IN TANDEM WITH THE RELATED FUTURES, FOREX & OPTIONS CONTRACT BEING OFFERED.
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