Anti-Money Laundering (AML) Policy
NEGmarkets LLC (“we”, “our”, or “us”) is committed to preventing our services from being used for money laundering or any other illegal activities. This Anti-Money Laundering (AML) Policy outlines our approach to identifying, preventing, and mitigating the risks associated with money laundering and terrorist financing.
1. Compliance with Applicable Laws
We adhere to all relevant laws and regulations concerning anti-money laundering and counter-terrorism financing in the jurisdictions where we operate. Our AML Policy is designed to comply with these laws and regulations, including but not limited to the Bank Secrecy Act (BSA), the USA PATRIOT Act, and the Financial Action Task Force (FATF) recommendations.
2. Customer Due Diligence (CDD)
We conduct thorough customer due diligence procedures to verify the identity of our customers and assess the risk associated with their activities. This includes collecting and verifying customer identification information, such as name, address, date of birth, and government-issued identification documents. We may also perform ongoing monitoring of customer transactions and activities to detect suspicious behavior.
3. Know Your Customer (KYC)
As part of our customer due diligence process, we implement Know Your Customer (KYC) procedures to understand the nature of our customers’ business relationships and the purpose of their transactions. We may request additional information from customers to better understand their financial activities and assess the risk of potential money laundering or terrorist financing.
4. Transaction Monitoring
We employ robust transaction monitoring systems to detect and investigate suspicious transactions or patterns of activity. Our monitoring systems are designed to identify unusual or potentially illicit behavior, such as large or frequent transactions, transactions involving high-risk countries or individuals, and transactions inconsistent with a customer’s known profile.
5. Reporting of Suspicious Activity
If we identify any suspicious activity or transactions that may be indicative of money laundering or terrorist financing, we will promptly report such activity to the appropriate authorities in accordance with applicable laws and regulations. We may also take necessary steps to freeze or suspend the account or transaction pending further investigation.
6. Employee Training and Awareness
We provide regular training and awareness programs to our employees to ensure they understand their responsibilities under our AML Policy and are equipped to identify and report suspicious activity. Employees receive training on recognizing red flags, conducting customer due diligence, and complying with reporting requirements.
7. Record Keeping
We maintain comprehensive records of customer identification information, transactional data, and any reports of suspicious activity in accordance with applicable laws and regulations. These records are securely stored and made available to relevant authorities upon request.
8. Ongoing Review and Updates
We periodically review and update our AML Policy to reflect changes in laws, regulations, and industry best practices. We also conduct internal audits to assess the effectiveness of our AML controls and procedures and make improvements as necessary.
9. Non-Tolerance of Money Laundering
We have a zero-tolerance policy towards money laundering and terrorist financing. Any attempts to use our services for illegal purposes will result in immediate termination of the customer relationship, and we will cooperate fully with law enforcement authorities in their investigations.
10. Contact Us
If you have any questions or concerns about our Anti-Money Laundering Policy, please contact us at
[email protected].
This Anti-Money Laundering Policy was last updated on Feb 1, 2024.
