Anti-Money Laundering Policy
RoboMarkets24 does not tolerate money laundering and supports the fight against money launderers. RoboMarkets24 follows the guidelines of the UK Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body dedicated to combating money laundering and terrorist financing.
RoboMarkets24 now has policies in place to prevent money laundering. These policies include:
Ensuring customers have valid proof of identity and maintaining records of identification information.
Determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists.
Informing customers that the information they provide may be used to verify their identity.
Closely monitoring customers’ financial transactions.
Cash, money orders, third-party transactions, bureau de change, or Western Union transfers are not accepted.
Money laundering occurs when funds from illegal/criminal activities are moved through the financial system in such a way that the funds appear to come from legitimate sources.
Money laundering typically occurs in three phases:
First, cash or cash equivalents are introduced into the financial system.
Second, money is transferred or moved to other accounts (e.g., forward accounts) through a series of financial transactions to conceal the origin of the funds (e.g., by executing trades with little or no financial risk or by transferring account balances to other accounts).
Finally, the funds are reintroduced into the economy in such a way that they appear to come from legitimate sources (e.g., by closing a forward account and transferring the funds to a bank account).
For example, trading accounts can be used to launder illicit funds or to conceal the true owner of the funds. In particular, trading accounts can be used for financial transactions that help conceal the origin of the funds.
RoboMarkets24 returns withdrawals to the original remittance source as a preventative measure.
International anti-money laundering legislation requires financial services institutions to be aware of the potential money laundering misuse that could occur in a client account and to implement a compliance program to prevent, detect, and report potentially suspicious activity.
These policies have been implemented to protect RoboMarkets24 and its clients.
For any questions/comments regarding these policies, please contact us at support@robomarkets.com
What is money laundering?
Money laundering is the concealment of illegally obtained funds to create the appearance of a legitimate source. We adhere to strict laws that prohibit us, our employees, or agents from knowingly or remotely engaging in or attempting to engage in any activity related to money laundering. Our anti-money laundering policies enhance investor protection and customer security and provide secure payment processes.
Identification
The first line of defense against money laundering is sophisticated Know Your Client (KYC) verification. To ensure compliance with standard anti-money laundering regulations, we require the following documents from you:
• Proof of Identity: A clear copy of the front and back of your government-issued photo ID, i.e., a valid passport, driver’s license, or national identity card.
• Proof of Residence: An official document, no more than three months old, clearly showing your name and address as registered with RoboMarkets24. This could be a utility, water, or landline bill, or a bank statement. Please ensure your copy includes the following:
• Your full legal name
• Your full residential address
• Date of issue (within the last 3 months)
• Name of the issuing authority with official logo or stamp
• A copy of the front and back of your credit card: To ensure your privacy and security, only the last four digits of your credit card should be visible. You can also cover the last three digits on the back of your card (CVV code).
Please note that legal requirements vary in certain countries, and we may need to request additional documentation from you.
Monitoring
We do not accept payments from third parties. All deposits must be made in your own name and match the submitted KYC documents. Due to anti-money laundering regulations, all withdrawn funds must be returned to the exact source from which they were received. This means that any funds originally deposited via bank transfer will be refunded to the same account upon a withdrawal request. Likewise, if you deposited via credit card, your funds will be refunded to the same credit card upon a withdrawal request.
We do not accept cash deposits under any circumstances, nor do we issue cash withdrawals upon a withdrawal request.
Reporting
Anti-money laundering regulations require us to monitor and track suspicious transactions and report such activity to the relevant law enforcement authorities. We also reserve the right to refuse a transfer at any time if we believe it is in any way related to criminal activity or money laundering. The law prohibits us from informing customers about reports of suspicious activity to law enforcement authorities.
