Know your customer policies have become increasingly important worldwide lately, especially among financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity. The Know your customer policies have regularly been revisited by FGS Markets, and these policies advise FGS Markets to follow certain Customer Identification Procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority.
This policy is applicable across all business segments of the FGS Markets abroad and is to be read in conjunction with related operational guidelines issued from time to time.
This Know your customer policy applies to all new and existing FGS Markets Clients relationships. Know your customer is comprised of four steps, each of which is described in greater detail below. In connection with each of the Know your customer steps below, FGS Markets will collect and use information to the extent required by and in accordance with applicable regulatory requirements and privacy obligations, and will ensure that such information is accurate, complete and up-to-date.
Know your customer Step 1
Ascertaining Customer Identity When establishing a relationship with a customer FGS Markets will ascertain the identity of a person or the existence of an entity within acceptable timeframes using acceptable identification methods.
For natural persons the following information should be obtained:
legal name and any other names used (such as maiden name);
correct permanent address, the full address should be obtained, a Post Office box number is not sufficient (utility bill, tax assessment, bank statement, a letter from a public authority);
telephone number, fax number, and e-mail address;
date and place of birth;
occupation, public position held and/or name of employer;
an official personal identification number or other unique identifier contained in an unexpired official document (e.g. passport, identification card, residence permit, driving licence) that bears a photograph of the customer;
type of account and nature of the relationship;
For corporate entities (i.e. corporations and partnerships), the following information should be obtained:
name of institution(reviewing a copy of the latest report and accounts (audited, if available);
principal place of institution's business operations;
mailing address of institution;
contact telephone and fax numbers;
some form of official identification number, if available (e.g. tax identification number);
the original or certified copy of the Certificate of Incorporation and Memorandum and Articles of Association;
the resolution of the Board of Directors to open an account and identification of those who have authority to operate the account;
Know your customer Step 2
Collecting and Recording Clients Information FGS Markets will collect and record all pertinent information regarding current and prospective Clients including beneficial owners, intermediaries and other interested parties and will establish the purpose and intended nature of each relationship. Where applicable, we will record the type, volume and frequency of expected account activity and we will make enquiries into the source of incoming funds or assets. The extent of such measures will be determined on a risk‐sensitive basis depending on the type of Client, business relationship, transactions, products and services.
Know your customer Step 3
Verifying Clients Information FGS Markets will take reasonable and appropriate measures to verify the key information provided by prospective Clients to reliable independent sources. We will perform additional verification activities for relationships that represent a higher level of risk. We will refuse to enter into or continue relationships or conduct transactions with any person or entity that insists on anonymity or provides false, inconsistent or conflicting information where the inconsistency or conflict cannot be resolved after reasonable inquiry.
Know your customer Step 4
Monitoring and Updating Clients Information FGS Markets will monitor Client activity to identify and report transactions that may be indicative of illegal or improper activity. We will keep information regarding the Client and their business and financial activities as accurate, complete and up‐to‐date as necessary to fulfill the purpose for which it was collected. When changes in a Clients financial behaviour become apparent, we will take steps to determine the underlying reasons.
We highly appreciate you taking the time to provide us with all the necessary documents as soon as you can, in order to avoid any delays in processing your transactions. We require the receipt of all the necessary documents prior to making any cash transactions to your benefit.
Please note that if we will not receive the required documents on file, your pending withdrawals will be cancelled and credited back to your trading account. We will notify you on such event via our system.
If you have any questions please don’t hesitate to contact our Client support : email@example.com
We thank you for your cooperation in helping us make FGS Markets a safer place to trade.
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