Anti-Money Laundering Regulations
GWFX Global (the “Company”) strictly abides by the "Anti-Money Laundering" Regulations
As a financial institution registered in Hong Kong and with important sense of corporate responsibility, the Company strictly abides by the guidelines and requirements of the Anti-Money Laundering and Terrorist Financing (Financing Agency) Regulations, but also rigorously formulates an Anti-Money Laundering program like other large international financial institutions. The internal measures and systems, as well as a series of arrangements for customers to open accounts and access funds, are in place to prevent the use of money-laundering activities and to protect the interests of all customers.
"Know Your Customer" Arrangement for account opening
In order to prevent criminals from opening accounts and using the Company for "money laundering" activities, the company strictly implements the "Know your customer" (KYC) arrangement throughout the account opening process. The arrangement will not only prevent the criminals from opening accounts, but also protect the interests of all new customers.
- New customers are required to fill out an account opening form for initial identification purpose;
- In order to protect the security and authenticity of the customer's identity, the Company requires all new customers to provide a copy of their ID card or passport, bank card or bank statement, valid address proof after opening an account;
- Conduct verification procedures and call new customers to confirm identity when needed;
- If the customer fails to pass the relevant review process, the Company will reject the customer's account opening application.
Customer's arrangements for deposits/withdrawals and transactions
- The Company does not accept third party bank accounts and cash payments;
- All customer withdrawals must be credited to the bank account under the customer's name to ensure the security of each withdrawal.
- If the Company finds that the customer has used a third party account for deposit but has not made any transaction, the Company has the right to deduct 10% of all third party deposits as relevant expenses and return the balance to the deposit bank account;
- If the Company finds that the customer has made a deposit to a third party account and has already made a transaction, the Company has the right to cancel all transactions from the third party account, and to deduct 10% of the third party deposit as expenses, the balance is returned to the deposit bank account.
- At the same time, the company has the right to immediately freeze the client's account for investigation, prohibit its account from conducting all transactions, and report the incident to any relevant regulatory agency or law enforcement agency at its discretion.
- If the Company suspects that any account uses any means to control price, execution and platform (including but not limited to third party transactions that have not approved by the Company), the Company reserves the right to keep the account under investigation and audit and reserves the right to deduct the profit earned from the relevant activity from the suspected account.
The Company understands that the above arrangement will cause a certain degree of inconvenience to customers in opening accounts and deposit/withdrawal arrangements. However, all the above arrangements are not only legal requirements, but also help the Company to protect the interests of all customers more effectively. By reducing the chances of customers' accounts being illegally stolen, so that all customers can enjoy the international investment services provided by the Company in the safest situation in the future.