Anti-Money Laundering Policy

Finio24.com does not tolerate money laundering and supports the fight against money launderers. Finio24.com adheres to the guidelines of the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body for combating money laundering and terrorist financing.

Finio24.com now has policies in place to prevent money laundering. These policies include:
Ensuring that customers have valid proof of identity; 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; and closely monitoring customer money transactions.

Cash, money orders, third-party transactions, currency exchange transfers, 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 as to create the appearance that the funds originate from legitimate sources.

Money laundering typically proceeds in three stages:

First, cash or cash equivalents are introduced into the financial system.

Second, funds are transferred or moved through a series of financial transactions to other accounts (e.g., futures accounts) to disguise the origin of the funds (e.g., by executing low- or no-risk transactions or by transferring account balances to other accounts).

Finally, the funds are reintroduced into the economy, creating the appearance that they originate from legitimate sources (e.g., by closing a futures account and transferring the funds to a bank account).

Trading accounts, for example, 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 to disguise the origin of the funds.

Finio24.com returns withdrawals to the original source as a preventative measure.

International anti-money laundering legislation requires financial institutions to be aware of the potential misuse of money laundering funds that could occur in a customer account and to implement a compliance program to prevent, detect, and report potentially suspicious activity.

These policies have been implemented to protect Finio24.com and its customers.

For questions or comments regarding these policies, please contact us at support@finiomarkets24.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 even remotely engaging 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 a comprehensive Know Your Client (KYC) verification process. 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 official 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, that clearly shows your name and address as registered with Finio24.com. This can be a utility bill (electricity, water, or landline) or a bank statement. Please ensure that your copy includes the following:

• Your full, legally valid name
• Your full residential address
• Date of issue (within the last 3 months)
• Name of the issuing authority with its official logo or stamp
• 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 number 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 by country, 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 must match the KYC documents submitted. Due to anti-money laundering regulations, all withdrawn amounts must be funds will be refunded to the exact source from which they were received. This means that amounts originally deposited via bank transfer will be returned to the same account upon withdrawal request. Similarly, if you deposited via credit card, your funds will be returned to the same credit card upon withdrawal request.

We do not accept cash deposits under any circumstances, nor do we process cash withdrawals.

Reporting
Anti-money laundering regulations require us to monitor and investigate suspicious transactions and report such activity to the relevant law enforcement authorities. We also reserve the right to refuse any transfer at any time if we believe it is in any way connected to criminal activity or money laundering. The law prohibits us from informing customers about reports of suspicious activity to law enforcement.