There is prohibit any form of money laundering on the MadanFX trading platform, and if we detect intruder, we apply the most stringent measures to combat them. MadanFX operates in accordance with the rules of the British Joint Steering Group for the Control of Money Laundering, which is part of the International Panel on Combating Proceeds from Crime and the Financing of Terrorism (FATF).In this regard, MadanFX applies strict rules to protect its customers:
- Mandatory confirmation of the identity of customers by providing copies of identity documents.
- Keeping records of identification information.
- Checking customer data for involvement in terrorist activities.
- Informing customers that the information provided can be used to verify their identity for criminal activity.
- Careful monitoring of customer cash transactions.
- Refusal to accept cash, postal money orders, third-party transactions, transfers from currency exchange offices and urgent money transfers in case of suspicion of conducting criminal activities.
Money laundering is an operation in which the incoming from illegal / criminal actions are carried out through payment and financial systems in order to give a lawful type of possession, use and disposal of specified funds.
As a rule, the process of money laundering consists of three stages:
- First, money or its equivalent enters to the financial system and the trading account is subject to the minimum trading volume before withdrawing funds.
- After that, money is transferred to other accounts (for example, futures) through a series of financial transactions. These transactions are aimed at hiding the source of money.
- Then money is returned to the economy again with the appearance that it was earned legally (for example, the futures account is closed and the money is transferred to a bank account)
Using of trading accounts is one of the channels for laundering illegally earned funds and concealing the true owner, as well as the source of his income.
As a preventive measure, MadanFX sends withdrawals to the client in the same way that they arrived at the platform. International rules on combating money laundering require financial institutions to take measures to prevent, detect and stop potentially suspicious transactions.
MadanFX follows these requirements for the security of the trading platform and its customers. If you have any comments or questions about these rules, please contact us at [email protected]