Axen Capital Ltd is committed to the highest standards of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. The aim of the Anti-Money Laundering and Counter-Terrorism Financing Policy is to actively prevent risks from these matters. To assist the government in combating terrorist financing and money laundering activities, all financial institutions are required by law to obtain, verify and record information that identifies each person who opens an account. We have an obligation to report suspicious customer activity relevant to money laundering.
Money laundering: The process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear legitimate in order to hide or distort the actual source of funds.
The money laundering process can be divided into three sequential stages:
In order to prevent money laundering, Axen Capital Ltd does not accept or pay cash under any circumstances. The company reserves the right to suspend the operation of any client, which may be considered illegal or, in the opinion of the staff, related to money laundering.
Company procedures
Axen Capital Ltd will ensure that it is a real or legal person Axen Capital Ltd also takes all necessary measures in accordance with the applicable laws and regulations, issued by the monetary authorities. The AML policy is being complied with within Axen Capital Ltd FX by the following means:
Individual clients
During the registration process, each client provides personal information, specifically: full name; date of birth; country of origin; and full residential address. The following documents are required to verify personal information: A client submits the following documents (in case documents are written in non-Latin characters: to avoid delays in the verification process, it is necessary to provide a notarized translation of the document in English) due to KYC requirements and to confirm the indicated information:
Corporate Clients
In the event that the applicant company is listed on a recognised or approved stock exchange or where there is independent evidence to show that the applicant is a wholly owned subsidiary or a subsidiary under the control of such company, no further steps will normally be taken to verify the identity. In the event that the company is not listed and none of the principal directors or shareholders already have an account with Axen Capital Ltd , the following documentation must be provided:
Record keeping
Records of all transaction data and data obtained for identification purposes, as well as all documents related to money laundering issues (e.g. suspicious activity report files, AML account monitoring documentation, etc.) must be maintained. These records are retained for a minimum of 7 years after the account is closed.
Measures taken
In cases of an attempt to execute transactions that Axen Capital Ltd suspects are related to money laundering or other criminal activity, it will proceed in accordance with applicable law and report the suspicious activity to the regulatory authority.
Axen Capital Ltd reserves the right to suspend the operation of any client, which may be deemed illegal or may be related to money laundering in the opinion of the staff. Axen Capital Ltd has full discretion to temporarily block the account of the suspicious client or terminate a relationship with an existing client. For more information you can contact us at support@axenbroker.com.