AML And KYC

  1. AML

 

Profitstrade Ltd is committed to being fully compliant with the provisions of the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002 and anti-terrorism laws.

This Anti–Money Laundering and Know Your Customer Policy (hereinafter the “Policy”) sets out the general rules and procedures followed byProfitstrade Ltd on the implementation of the Know Your Customer (“KYC”) procedures in accordance with the relevant Anti – Money Laundering laws, rules and regulations (“AML”). Money laundering is when criminals integrate their illegally-obtained cash into the financial system so it looks like it was earned legitimately. Anti-money laundering constitutes the laws, regulations, and procedures designed to prevent money laundering.

We conduct due diligence inquiries on all new clients to establish and verify our clients’ identity and the identity of any beneficial owners. We cannot act if sufficient information is not provided.

 

Profitstrade Ltd has a number of policies that the client must meet to become our customer: 

  • Authentication of the proof of identification;
  • maintaining records of identification information;
  • Check that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists;
  • clients are informed that the information they provide may be used to verify their identity;
  • following clients’ money transactions;
  • Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers.

Money laundering is essential for criminal organizations that wish to use illegally obtained money effectively. Dealing in large amounts of illegal cash is inefficient and dangerous. Criminals need a way to deposit the money in legitimate financial institutions, yet they can only do so if it appears to come from legitimate sources.

There are actually three steps in this process:

  1. Place "dirty money" into the legitimate financial system.
  2. Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
  3. In the final step, integration, the now-laundered money is withdrawn from the legitimate account to be used for whatever purposes the criminals have in mind for it.

International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.

These guidelines have been implemented to protect Profitstrade and its clients.

 

  1. KYC Policy:

 

KYC is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations that govern these activities. 

Profitstrade Ltd holds a zero-tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited.

 Based on the risk, and to the extent reasonable and practicable, we will ensure that we have a reasonable belief that we know the true identity of our customers by using risk-based procedures to verify and document the accuracy of the information we get about our customers.Profitstrade Ltd will analyze the information we obtain to determine whether the information is sufficient to form a reasonable belief that we know the true identity of the customer.

When you deposit funds we will require the following documents:

  1. A copy of the valid passport with the signature page;
  2. Copies of your credit cards used to make the deposit (Front side with only the 4 last digits visible, backside with the CVV covered);
  3. A copy of a recent utility bill in your name and address;
  4. signed purchase history of your online transactions;

If a potential or existing customer either refuses to provide the information described above when requested or appears to have intentionally provided misleading information, our firm will not open a new account and after considering the risks involved, consider closing any existing account.

It is best to provide the documents as soon as possible, so as not to delay the procession of the transaction.

Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits or trades.

If we do not receive the documents on time, your pending withdrawals will be canceled and returned to your account.

To become our customer it is essential to send us the scanned documents or high-quality picture of the document on the following email address: support@profitstrade.com

Profistrade Ltd ensures confidentiality and security of documents.