With financial crime being more predominant than ever, it is significant that companies and governments develop strategies to control it. The most common way of doing so is to implement anti- money laundering policies that prevent the smuggling of ill-gotten funds.
Edge Market is dedicated to the uppermost ideals set in following the preventive measures of Anti Money Laundering. Edge Market requires all employees under it to follow the stages of accepting clients, adhering with the standards and policies, helping to prevent the use of products to money laundering.
KYC Procedures, submission of valid documents for identity verification, screening, record keeping and ensuring that these records are updated in due course, are the steps in adhering to the standards of Anti Money Laundering Act.
"Account" means any facility or arrangement by which a financial institution does any one or more of the following:
"Customer" means a person or entity purchasing or using a service or commodity and includes an applicant for the services of a business and a client.
"Identification record" means any reliable and independent source documents, data or information or other evidence as is reasonably capable of establishing the true identity and verifying the identity of the applicant of a reporting entity, including a valid driving license, a social security card, a valid passport and in the case of a body corporate, a certified copy of the memorandum and Articles of Association, a certificate of incorporation together with the latest annual return to the Registrar-General or other competent authority "Terrorism or Terrorist act" means
Money laundering is the process of disguising the source and ownership of money or assets derived from criminal activity to make it appear to have originated from a legitimate source. If undertaken successfully, it allows criminals to maintain control over illicit funds and, ultimately, to provide a legitimate cover for their source of income.
Placement is the physical disposal of cash derived from criminal activity. The objective of this is to convert funds from cash to a financial instrument, such as a bank account or insurance product, in an effort to place the proceeds of crime into the financial system. Techniques such as purchasing and reselling high value goods for payment by cheque or bank transfer, structuring deposits to evade reporting requirements or co-mingling deposits of legal and illegal activities are some of the ways used to accomplish this.
Layering is the separation of illicit proceeds from their source by moving them around the financial system, often in complex layers of transactions to create confusion, complicate the audit trail and sever links with the original crime. Methods used to accomplish this includes converting cash into monetary instruments, investing in real estate and other legitimate businesses, transferring deposited funds from one account to another or transferring funds abroad using shell companies.
Integration is the attempt to attach legitimacy to illicit wealth by re-entry of the funds into the economy. If placement and layering is successful, the criminally derived proceeds appear as legitimate funds or assets.
Edge Market is committed in ensuring that all AML policies are adhered upon. Being a foreign exchange, precious metals and CFD broker that provides a premium experience for all market traders worldwide, we must ensure that our company fights any act of money laundering, preventing the financing of terrorism, and enforcing internal and external measures deemed necessary to combat money laundering.
This policy is set out for the purpose of preventing money laundering and combating Terrorist Financing, therefore Edge Market will not accept or engage into any involvement with clients that have suspicious activities, crimes and fraudulent transactions. Edge Market will only accept clients and affiliates that have legitimate source of funds and valid identification requirements.
Edge Market must designate an employee as an AML/CFT Compliance Officer to administer and manage its AML/CFT program. The AML/CFT compliance officer must be appropriately trained and report to a senior manager of the reporting entity.
The responsibility for the appointing the AML/CFT Compliance Officer sits with the director of Edge Market.
Edge Market implements a wide-ranging AML Policy system that will help in managing and controlling risk associated with money laundering and terrorist financing. It acknowledges its responsibilities to close the channels being used for money laundering
Before establishing the AML/CFT program or conducting CDD the reporting entity first must carry out an assessment of the risk of money laundering and terrorism financing that it may reasonably expect to face in the course of its business.
The AML/CFT risk assessment will be reviewed and updated at least every year at the time of the annual report. This will consider:
The AML/CFT risk assessment may be reviewed more regularly if there is a material change which could include:
As a first step in controlling money laundering, Edge Market follows the process of accepting clients. Edge Market will require all customers to provide valid identification requirements. These documents
will then be verified and will undergo thorough screening process. The ID, Verification, Screening and KYC Procedures, are mandatory and will be strictly observed.
The customer upon his registration will either be accepted or prohibited to join Edge Market and its activities; this is upon the discretion of Edge Market and its employees corresponding to the requirements set out in this policy.
Upon registration to Edge Markets, a client is given 48 hours to complete the documentation requirements, if the client will not be able to give a clear identification requirement otherwise the account will be deactivated.
form for all the Directors of the Company:
For Shareholders holding 25% or more of the Company Shares:
Edge Market retains all the records in file and in systems and will continuously be updated in due course. Records must be kept of all transaction data and data obtained for the purpose of identification. This will include all accepted client registrations corresponding to Edge Market policy acceptance procedure.
Edge Market records all decisions made and retains customer due diligence records in an auditable manner. Notes on the risk-based decisions made at customer establishment are recorded.
Edge Market will retain the following client records:
Edge Market will also record the all information relating to customer transaction history including:
The records outlined above must be kept for a certain period.
Policy on Client’s Funding and Withdrawal
Edge Market does not accept third party customer deposits. Considering that transfers can now be made for same day value, we wish to encourage our customers to transfer funds solely to and from their own account. If a customer wishes to transfer funds from his company, he should transfer the funds to his personal bank account and arrange for those funds to be transferred from his bank account to us directly.
The client submits a withdrawal transaction request to Edge Market’s Backoffice Department who will carefully review all transaction especially pertaining to withdrawal of funds. A client can only withdraw funds if the client submits a valid proof of address. This Department verifies and examines the withdrawal request if it matches the deposit history. If any suspicious withdrawal transactions are detected the withdrawal will be placed on hold pending investigation by the management.
This policy is set out and will be observed by the following:
If the has not given due diligence in client acceptance, Edge Market will impose warning and sanctions varying the negligence thereof.
Besides this document Edge Market will provide ALL staff, regardless of their job title or seniority, with anti-money laundering training. This may be in the form of a seminar, one to one training or online course. A certificate will be provided as proof that the course has been completed and the employee has a reasonable understanding of the AML & Terrorism financing requirements.
Edge Market maintains an Internal Training register showing the following:
The Compliance Officer will make a report in writing at least once a year to the board of directors in which he reports on the AML procedures and the suspicions that have been made and acted upon
Changes may be made or suggested and then implemented on the back of the findings from this report to ensure that the company is always one step ahead of any criminals with regards to AML.
Edge Market is in cooperation with the Authorities and takes suitable measures essential by law if there are judicious grounds for suspecting money laundering or terrorist financing including maintenance of customer data and transaction documents within specified time frames, reporting of suspicious clients and cooperating with investigations.
Periodic review will be done by Edge Market for this policy, whether if changes are needed to be updated in order to improve the policies set herewith.