Anti-Money Laundering Policy
Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the proceeds appear to have derived from legitimate origins or constitute legitimate assets. Generally, money laundering occurs in three stages.
- Placement. Cash first enters the financial system at the “placement” stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler’s checks, or deposited into accounts at financial institutions.
- Layering. At the “layering” stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin.
- Integration. At the “integration” stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses.
Zenita Finance LTD AML Procedures
Zenita Finance LTD is committed to preventing money laundering and other illegal activities on our platform. We have implemented a comprehensive AML policy that is designed to detect, prevent, and report any suspicious activities on our platform.
Our AML policy includes a number of measures to prevent money laundering, such as customer due diligence procedures, transaction monitoring, and reporting suspicious activities to the appropriate authorities. We also conduct regular risk assessments and provide ongoing training to our employees to ensure they are aware of the latest AML regulations and best practices.
Customer Due Diligence
Upon registration, the client should enter their full name, date of birth,Country of residence/location of customer, email and mobile phone number.
In order to start using our service, the client must complete Know Your Customer (KYC) procedures, which may include providing the following documents:
- Current valid passport: (showing the first page of the local or international passport, where the photo and the signature are clearly visible) or driving licence which bears a photograph or national identity card (showing both front and back pages)
- Address verification: documents, such as a high-resolution copy of a utility bill issued within the last 3 months, a tax or rates bill from a local authority, or a bank statement.
- A bank reference letter: To process a credit/debit card deposit or withdrawal, customers must submit a scanned copy or photo of their card (front and back). The front of the card must display the cardholder’s full name, expiry date, and the first six and last four digits of the card number (with the remaining digits concealed). The back of the card must display the cardholder’s signature, but the CVC2/CVV2 code must be obscured.
- All of the information and documents provided by the client will be monitored and verified by our staff. The information provided must match the registered information, and any discrepancies or red flags will be investigated further.
- If a client refuses to provide the necessary information and documentation for KYC procedures, or intentionally provides misleading information, we reserve the right to suspend or close their account. We take our obligations under applicable laws and regulations related to anti-money laundering and counter-terrorism financing very seriously, and we cannot allow our platform to be used for fraudulent or illegal activities.
We understand that providing personal information can be sensitive, and we take the privacy and security of our clients’ information very seriously. However, KYC procedures are a necessary step to ensure that our platform is not used for financial crime, and we appreciate our clients’ cooperation in providing the necessary information and documentation.
If a client’s account is suspended or closed due to a failure to comply with KYC procedures, they will have the opportunity to provide the necessary information and documentation to have their account reinstated, provided that it is consistent with applicable laws and regulations. We will work with the client to resolve any issues or concerns related to KYC procedures in a timely and efficient manner.
Overall, our Customer Due Diligence procedures are designed to ensure that our platform is not used for fraudulent or illegal activities, and to comply with applicable laws and regulations related to anti-money laundering and counter-terrorism financing. We take our responsibility to prevent financial crime very seriously, and we appreciate our clients’ cooperation in providing the necessary information and documentation to help us maintain a safe and compliant platform.
Deposit and withdrawal requirements
All customer transactions involving deposits and withdrawals from their personal trading account must adhere to the following guidelines:
- The name specified during the customer’s account registration must match the name of the bank account or plastic card owner for all bank wire or plastic card transfers.
- If an unacceptable payment method is used for funding the account, the money will be withdrawn to the customer’s bank account or via another agreed-upon method that allows for the reliable identification of the account owner.
- If an account is funded using multiple payment methods, the withdrawals will be made proportionately by the same methods used for deposit.for example you deposited $100 via Skrill and $50 via Credit Card. Requesting a Skrill withdrawal of $120, you will get $100 to Skrill and $20 to the card.
- In the case of funding an account with cryptocurrency, the company may only allow withdrawals to the same crypto wallet used for the deposit. If the account was funded via a crypto exchange wallet such as Binance, a screenshot of the transaction/transaction hash including the personal wallet address and QR code may be required. When funding via an exchanger, a screenshot of the transaction/transaction hash or automatic confirmation email may also be requested.
Employee Training Program
Zenita Finance LTD provides regular training programs to ensure that all employees are aware of the latest AML regulations and best practices. Our training programs are designed to keep our employees up-to-date on the latest changes in the regulatory environment and to help them understand their role in preventing financial crime.
Our training programs cover the following topics:
- AML regulations and best practices: We provide comprehensive training on the latest AML regulations and best practices to ensure that all employees understand their obligations and responsibilities under applicable laws and regulations.
- Customer Due Diligence (CDD): We provide training on our CDD procedures to ensure that all employees understand the importance of collecting and verifying customer information and documentation.
- Transaction monitoring: We provide training on how to identify and monitor transactions for suspicious activity, including large or unusual transactions, or transactions with high-risk customers or countries.
- Reporting suspicious activity: We provide training on how to report suspicious activity to the appropriate authorities, including law enforcement agencies and regulatory bodies.
- Risk assessments: We provide training on how to conduct risk assessments to identify potential risks or threats associated with our business activities, and how to adjust our policies and procedures accordingly.
We also provide ongoing updates and refresher training to ensure that our employees stay up-to-date on the latest regulatory developments and best practices.
In addition, we provide specialized training for employees in roles that require specific AML knowledge or expertise, such as compliance officers or customer support staff.
By providing comprehensive and ongoing training programs, we ensure that all employees are equipped with the knowledge and skills necessary to maintain the highest standards of compliance and transparency in all our activities.