Anti-Money Laundering (AML) Policy

Money laundering is the illicit process of converting the proceeds of illegal activities, such as terrorism, drug trafficking, arms smuggling, corruption, and human trafficking, into seemingly legitimate assets or investments. This strategy is employed to obfuscate the origins of unlawfully acquired funds, making it difficult to trace their source. The AML/CTF Act pertains to entities offering specific services, referred to as "designated services," with those providing such services termed "reporting entities." This Act adopts a risk-based approach, enabling reporting entities to determine the most effective means of identifying, mitigating, and managing the risk of money laundering and terrorism financing within their business operations.

In the global effort to combat the infiltration of criminal funds into the legitimate economy and thwart the expansion of terrorist activities, countries engage in the battle against money laundering and terrorism financing. Financial institutions are one of the primary channels used for legitimizing proceeds from unlawful activities. The increasing interconnectedness of financial markets and the ease of capital movement have further facilitated the infiltration of criminal funds into these markets. Therefore, MYFX Markets adheres to regulatory measures and implementation programs designed to assist international organisations in the global fight against money laundering and the financing of terrorist activities.

1. MYFX Markets diligently documents and verifies client identification data, maintaining comprehensive transaction records for all client activities.

2. MYFX Markets proactively monitors transactions, particularly those conducted under non-standard circumstances, and is guided by the recommendations of the Financial Action Task Force (FATF) in its AML efforts.

3. MYFX Markets does not accept or disburse cash deposits under any circumstances.

4. MYFX Markets retains the right to decline any transaction believed to be linked, in any way, to money laundering or criminal activities at any stage. In accordance with international law, MYFX Markets is not obligated to inform the client that their suspicious activities have been reported to the relevant authorities.

MYFX Markets is committed to regularly updating its electronic surveillance system for identifying suspicious transactions and verifying client identification records in compliance with new regulations as they are enacted. The company also provides ongoing training for its employees to ensure compliance with evolving anti-money laundering procedures mandated by new regulations.