DEFINITION
Money laundering is the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic, etc.) into money or investments that appear to be legitimate. Such activity is used so that the illegal source of money and other material values cannot be traced.
The applicable worldwide anti-money laundering laws and regulations (“AML Laws and Regulations”) provide that any person who engages in a transaction that involves property which is, or in whole or in part directly or indirectly represents, the proceeds of any crime or receives, is in possession of, conceals, disguises, transfers, converts, disposes of, removes from or brings into Mauritius any property which is, or in whole or in part directly or indirectly represents, the proceeds of any crime, where he suspects or has reasonable grounds for suspecting that the property is derived or realized, in whole or in part, directly or indirectly from any crime, shall commit an offence.
POLICY STATEMENT AND PRINCIPLES
Dollars Markets Limited (hereinafter called the “Company”) is an entity incorporated in the Republic of Mauritius (File No.: C179703). The Company complies with all applicable laws and regulations in the Republic of Mauritius.
The Company has adopted an Anti-Money Laundering Policy (“Policy”) that complies with the AML Laws and Regulations. This Policy applies to all the Company officers, employees, liquidated providers and products and services from the Company.
All business units and locations within the Company will cooperate to create a cohesive effort in the fight against money laundering. Each business unit and location has implemented risk-based procedures reasonably expected to prevent, detect and cause the reporting of transactions required under the International Anti Money Laundering Law.
All efforts exerted will be documented and retained in accordance with the AML Laws and Regulations. As a reporting entity under the AML Laws and Regulations, we have the legal obligation to file a Suspicious Transaction Report (“STR”) with the Financial Intelligence Unit (“FIU”). As such, the AML Compliance Committee of the Company is responsible for filing of any STR with the FIU or any other required authority and/or regulatory bodies. Any contacts by law enforcement or regulatory agencies related to the Policy shall be directed to the AML Compliance Committee.
POLICY
It is the policy of the Company to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. The Company is committed to AML compliance in accordance with applicable law and requires its officers, employees and liquidated providers to adhere to these standards in preventing the use of its products and services for money laundering purposes.
CUSTOMER INFORMATION VERIFICATION
As part of the Company’s Know-Your-Client (“KYC”) procedure, clients who wish to open a trading account with the Company must submit a valid government-issued identification, such as a passport or national registration identity card. Upon receipt of the government-issued identification, the Company, through its appointed Compliance Officers, shall review the identification.
For KYC purposes, the Company shall rely on the government-issued identification provided by the Client to establish the client’s identity. The Company, however, will analyse the information provided to determine if there are any logical inconsistencies in the information obtained. The Company will document its verification, including all identifying information provided by the client, the methods used and results of the verification, including but not limited to sign-off by the liquidated providers of matching photo identification.
If a client refuses to provide the information described above when requested, or appears to have intentionally provided misleading information, the appointed compliance officer shall notify the Chief Compliance Manager. The Company will thereafter decline the application.
PROHIBITION OF THIRD-PARTY FUNDING, TRANSFER & WITHDRAWAL
The Company strictly prohibits third-party funding. All funds deposited into an account must come from the account holder. Additionally, the Company does not allow the transfer of trading funds between accounts owned by different account holders to prevent the possibility of money laundering.
The Company enforces a policy that requires withdrawal of funds to be made only through the same account, credit/debit card or digital wallet used for the initial deposit. All client withdrawal requests will be processed in the currency in which the deposit was originally made.
MONITORING AND REPORTING SUSPICIOUS ACTIVITY
The Company collects and verifies identification data of the Client and also logs and tracks itemized statements of all transactions carried out by the Client.
If the Company tracks suspicious transactions of the clients and transactions executed under nonstandard conditions. The Company performs its anti-money laundering compliance based on AML/FATF recommendations.
The Company neither accepts cash deposits nor disburses cash under any circumstances. The Company reserves the right to refuse to process a transaction at any stage if it believes the transaction is connected in any way to money laundering or criminal activity. In accordance with AML Laws and Regulations, the Company is not obligated to inform the client if they have been reported to the corresponding governing bodies due to suspicious activity.
RESTRICTED COUNTRIES
The Company does not service US entities or residents of any kind. While we welcome clients from all over the globe, governmental restrictions along with our company policies prohibit the Company from opening accounts originated from the following restricted and/or OFAC sanctioned countries, as well as high-risk and non-cooperative jurisdictions: Afghanistan, Bosnia and Herzegovina, Democratic People's Republic of Korea (DPRK), Guyana, Iran, Iraq, Lao People's Democratic Republic, Myanmar, Papua New Guinea, Syria, Uganda, Vanuatu, Yemen.
RELEVANT DEPARTMENT
Client Service Department: [email protected]
Compliance Department: [email protected]
