KYC refers to 'know your customer.' Lately, it has become increasingly significant to understand the customers and their rights globally, especially among various financial institutions, including banks, to prevent money laundering, identity theft, terrorist activities, information breaches, and financial fraud.
At FinoMarkets, we have a zero-tolerance policy for any type of fraud, and we take all measures that we can to prevent and control it. We ensure to document any fraudulent activity and close down all accounts with us related to that activity in any way. And confiscate all the funds in any form in those accounts.
Maximum Security and Prevention
FinoMarkets ensure your sensitive and private data security and integrity, including your personal and account information, transactions that you do through your account and others. We use a range of advanced security measures, fraud prevention and control tools and processes. To secure your accounts and electronic transactions, we need some personal information and data from you, including your preferred fund deposit method.
Definition of Customer for Our KYC Policy
We define a customer for our KYC policy as an individual or an entity that holds an account or accounts and/or does business with FinoMarkets on whose behalf we maintain the account on our site. Transaction beneficiaries conduct transactions per law, such as professional intermediaries and any individual or entity linked with the financial transactions through our site.
There are eight following key components of our KYC policy:
1. Procedures that we adopt to identify customers
2. Transactions check and monitoring
3. Training program
4. Management of risks
5. Record keeping
6. Internal control system
7. KYC policy guidelines evaluation through the internal inspection and audit system
8. Responsibilities/ duties and accountability
FinoMarkets has developed an effective KYC program that establishes proper procedures, and we ensure their robust implementation. Our policy covers controls, systems, management oversights, training, division of duties, and other matters related to it. We explicitly allocate the responsibility of policies and procedures implementation within our company to ensure its proper and timely execution. We have an internal audit system in place which guarantees compliance with the KYC policy procedures.
Proposed KYC Procedures Manual of FinoMarkets
Following is the proposed KYC procedures manual of FinoMarkets:
Individual attributes like the name of the customer, birth date, residential address, email, phone number, etc., composes the identity of an individual. This information helps to identify a legal and natural person. You need to verify your identity through various means such as an ID card, passport number, or driver's license as evidence that you're not a fake and real individual opening an account or doing business with FinoMarkets.
We need verification of the identity of the following individuals:
• Client: you need to provide enough evidence to demonstrate that you are the same individual you claim to be.
• The individual who acts on behalf of another individual (like power of attorney given to someone else for management of account): In such a case, both need to provide evidence and demonstrate their identity.
The client and the person who acts on behalf of the client should provide verified documents for identification purposes. You need to verify all the following information along with identification documents as evidence.
• The account holder's name that is the owner and registered nominee of investment
• Any primary beneficiary funds owner (25% and above) who invests funds and not actually holds the account or named investor
• The primary account operator or controller(s)
• Any intermediary parties involved
• All the parties that are involved in the account management directly or indirectly.
• In case there is more than one account holder of a single account, then all individuals should provide identification evidence.
Suppose any of the people mentioned above fail to provide considerable and satisfactory evidence of their identities within a reasonable timeframe. In that case, we hold the right to immediately suspend their account(s) that we suspect is involved in any way with money laundering.
Procedures for Identification that We Follow
At FinoMarkets, we try our best to ensure that our customer is a genuine individual or company (corporate, natural, or legal entity). We do this by taking enough evidence from the stakeholders. FinoMarkets' responsibility is to confirm the applicant's identity and obtain satisfactory proof of identification from the customers and others involved. The purpose behind all this effort is to ensure that we are dealing with a natural person having a real name and lives at the provided address to prevent any fraudulent activities and money laundering.
Foreign clients or customers who cannot present themselves for physical verification at our headquarters or local office need to provide us with their international passport, or their national ID card verified copies.
The private individuals who are local residents should provide us with their complete name, address with postcode and contact number. You should confirm the information that you provide with some solid evidence like utility bills. In case the person recently moved from his previous address to a new one, he must validate his last address.
Documents that We Can Use for Verification
We may use a few or all the following documents to verify the identity of a person or entity.
• National ID card
• Current passport
• Immigration authorities permit
• Your existing driving license
• Tax clearance certificate
• Birth certificate
• Utility bills
• Electrical registrar confirmation that this individual resides at a particular address given to us
If the customer fails to provide this information or satisfies us due to lack of sufficient information, we may verify it by accessing electronic data sources.