The management and employees of FckForex LLC are required to adhere to the highest standards of Anti-Money Laundering (AML) (including adherence towards Know Your Customer (KYC) guidelines) and Counter-Terrorist Financing (CTF) compliance.
This Policy outlines the general unified standards of internal AML control which would be adhered to by Red Fox Forex in order to mitigate the legal, regulatory, reputational, operational, and, as a consequence, financial risks.
The main goal of the guidelines is to prevent the company from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities. The Policy also enables the company to know and understand the status of its investors/users and their financial dealings better, allowing it to manage risks including reputational ones.
Red Fox Forex, as a provider of financial market services, upholds the anti-money laundering principles and actively prevents any activities that encourage or intend to legalize illegally obtained funds. AML policies strive to stop criminals from using the company's services to finance terrorism, money laundering, or other illegal activities.
Therefore, FckForex LLC implemented a strict policy on the detection, prevention, and warning of any suspicious activity to the relevant bodies. Note, that FckForex LLC has no authority to notify users that law enforcement authorities were made aware of their activities. Additionally, a complex electronic system for identifying each user and executing a thorough audit of all operations was introduced.
The term "money laundering" refers to practices intended to cover up or hide the genuine sources of revenues from criminal activity so that they appear to have come from legitimate sources or to be lawful assets. The act of financing terrorism involves an effort to hide either the source of the money or its intended use, which may be for criminal purposes.
The United States of America and the European Union have implemented laws and directives aimed at combating money laundering and terrorism in reaction to the scope and impact of money laundering. Being the cornerstone of our AML/CTF commitments, these Acts define the offenses and sanctions for noncompliance, along with other rules, regulations, and industry guidelines.
To help fight the funding of terrorism and money laundering activities, the law requires all financial institutions to obtain, verify and record information that identifies each person or entity who opens an account. We are required by law to ask you to provide:
- - First Name and Last Name
- - Phone Number (optional)
- - Date of Birth (optional)
- - Gender
- - Telegram Username (optional)
- - Country
- - State
- - City
- - Address
- - Postal Code
- - Passport/National ID card/Driver’s License (any of the documents)
Unless you provide the requested information and documentation, we may not be able to open your account.
By applying for a Red Fox Forex account, you agree to provide the information and documentation requested by FckForex LLC and consent to FckForex LLC acquisition of credit and other consumer reports about you for the purposes described above.
Customer Identification Program Notice
To help fight the funding of terrorism and money laundering activities, the law requires all financial institutions to obtain, verify and record information that identifies each person or entity who opens an account. We are required by law to ask you to provide your name, address, date of birth and other information about you, your organization or persons related to your organization that will allow us to identify you before we approve your account. We also may ask you to provide certain identifying documents, such as your driver's license or passport or your organization's articles of incorporation and may obtain credit and other consumer reports to assist us in verifying your identity and in determining whether you satisfy our account criteria. Unless you provide the requested information and documentation, we may not be able to open your account.
By applying for an Interactive Brokers account, you agree to provide the information and documentation requested by IB and consent to IB's acquisition of credit and other consumer reports about you for the purposes described above.
As part of their Know Your Customer (KYC) obligations, businesses must identify and verify the identity of their customers, as well as their beneficial owners.
What does KYC mean?
Know Your Customer (KYC) is the process of identifying and verifying customers. Identification means gathering a customer’s personal data; verification means checking that this data is accurate.
To identify a customer, businesses usually need at least the following data:
- - name;
- - date of birth;
- - address.
To verify this data, businesses can follow a document-based verification approach. This involves checking the customer’s identity and proof of address (usually a utility bill) documents and confirming that they are authentic and valid.
Under Anti-Money Laundering (AML) obligations, businesses must also ensure that customers are trusted individuals—i.e., not fraudsters or under sanctions. This can be done by сhecking global sanctions lists, watchlists, blocklists, or adverse media. Check out other articles from our blog that go into these processes in detail: