CIBfx Limited does not tolerate money laundering and supports the fight against money launderers.
CIBFX LIMITED has policies in place to deter people from laundering money. These policies include:
- Ensuring clients have valid proof of identification;
- 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 clients that the information they provide may be used to verify their identity;
- Closely following clients' money transactions;
- Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers.
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
Money laundering usually follows three stages:
- Firstly, cash or cash equivalents are placed into the financial system;
- Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts);
- Finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account);
- Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds. CIBFX LIMITED direct funds withdrawals back to the original source of remittance, as a preventative measure;
- International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.