FinovaFX, in adherence to the International Money Laundering Abatement and Anti-Terrorist Financing Act 2001 (“Act”), recognizes the significant responsibility placed on financial institutions to detect, prevent, and report activities involving illegal money laundering. Money laundering is defined under this Act as the process of converting proceeds from unlawful activities (such as terrorism, drug trafficking, illegal arms trade, corruption, human trafficking, etc.) into seemingly legitimate money or investments.

To ensure full compliance with international laws and regulations on money laundering, FinovaFX has implemented comprehensive procedures. These procedures require the documentation of client identities, residential details, nature of business, and investment purposes when opening new accounts. In addition to collecting and verifying client identification data, FinovaFX diligently records and monitors all client transactions.

FinovaFX strictly enforces that all deposits must be made under the client’s registered name in our records. Likewise, withdrawals can only be made from the same account and through the same method as the initial deposit. Third-party withdrawals are strictly prohibited. When a withdrawal specifies a recipient’s name, it must match exactly with the client’s name in our records. Wire transfers can only be withdrawn to the same bank and account from which they originated, while electronic currency transfers can only be withdrawn through the same system and account from which they originated.

In order to identify and report any suspicious or significant transaction activities, FinovaFX diligently monitors such activities and promptly reports them to the appropriate law enforcement authorities. The legislative framework provides legal protection to those who provide information to uphold the integrity of reporting systems and protect businesses.

FinovaFX retains the right to refuse processing any transfer at any stage if it is suspected to be associated with money laundering or criminal activities. It is prohibited for FinovaFX to disclose to clients that they have been reported for engaging in suspicious activities.

The primary objective of implementing an Anti-Money Laundering Policy is to identify clients involved in certain activities to a reasonable standard while minimizing the compliance burden and impact on legitimate clients. To achieve this, FinovaFX has established a highly advanced electronic system capable of logging, verifying, and maintaining detailed records of client identification and transactional activities.

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