1. Purpose
RakizFx is committed to preventing money laundering, terrorist financing, and other financial crimes. This Anti-Money Laundering (AML) and Know-Your-Customer (KYC) Policy outlines the procedures used to identify clients, monitor transactions, and report suspicious activity.
2. Regulatory Framework
RakizFx aligns its AML controls with internationally recognised standards including the Financial Action Task Force (FATF) recommendations and equivalent local requirements applicable to its registered jurisdiction.
3. Customer Due Diligence (CDD)
Before opening an account and at periodic intervals thereafter, RakizFx will collect and verify identification information including:
- Full legal name, date of birth, nationality and country of residence.
- Government-issued photo identification (passport, national ID or driving licence).
- Proof of residential address dated within the last three months.
- Source of funds and source of wealth where relevant.
- For corporate clients: certificate of incorporation, shareholding structure and identification of ultimate beneficial owners.
4. Enhanced Due Diligence (EDD)
Additional verification, including source-of-funds documentation, banking references, or interviews may be required for clients identified as higher-risk, including politically exposed persons (PEPs), residents of high-risk jurisdictions, or accounts with unusually large deposit volumes.
5. Ongoing Monitoring
Account activity is monitored on a continuous basis to detect transactions that are inconsistent with the client’s profile or that exhibit patterns associated with money laundering, market abuse, or fraud. RakizFx reserves the right to request supporting documentation at any time.
6. Prohibited Activity
- Use of third-party funds or payment methods not belonging to the account holder.
- Structuring transactions to avoid reporting thresholds.
- Account use for the transfer of funds rather than genuine trading.
- Any activity reasonably believed to be connected with criminal proceeds, terrorism, or sanctions evasion.
7. Reporting Suspicious Activity
RakizFx is required to report suspicious transactions to the relevant authorities. Such reports are made confidentially and clients will not be informed if their account is the subject of a report.
8. Record Keeping
Identification documents, transaction records, and correspondence are retained for a minimum period required by applicable law, typically seven years from account closure or the date of the relevant transaction.
9. Sanctions Compliance
RakizFx screens clients and counterparties against international sanctions lists. Accounts of persons or entities subject to sanctions will be frozen and reported as required.
10. Client Cooperation
Clients are expected to cooperate fully with verification and information requests. Failure to provide required documentation may result in account suspension, refusal of withdrawals, or termination of the relationship.
11. Contact
AML enquiries may be directed to the Compliance Department at support@rakizfx.com.
