Here’s an elaborated AML policy for Trade FX Pte Ltd, a Forex broker registered in Saint Lucia:
Anti-Money Laundering Policy
1. Introduction
Trade FX Pte Ltd (hereinafter referred to as “Trade FX” or “the Company”) is committed to preventing money laundering and terrorist financing. This policy outlines our procedures for detecting and preventing suspicious activity.
2. Scope
This policy applies to all employees, agents, and customers of Trade FX.
3. Customer Due Diligence
- Verify customer identity through government-issued ID and proof of address.
- Assess customer risk profiles and monitor high-risk accounts.
- Maintain accurate and up-to-date customer records.
4. Transaction Monitoring
- Monitor transactions for suspicious activity, including large or unusual transactions.
- Report suspicious activity to the Financial Intelligence Unit (FIU) of Saint Lucia.
5. Reporting
- File Suspicious Activity Reports (SARs) with the FIU as required.
- Maintain records of SARs and related documentation for at least 5 years.
6. Training
- Provide regular AML training to employees and agents.
- Ensure employees understand AML policies and procedures.
7. Compliance
- Comply with the Anti-Money Laundering Act of Saint Lucia (No. 12 of 2018).
- Regularly review and update this policy to ensure compliance with changing regulations.
8. Confidentiality
- Maintain confidentiality of customer information and SARs.
9. Designated AML Officer
- Appoint a Designated AML Officer to oversee AML compliance.
- Ensure the Designated AML Officer reports directly to the Board of Directors.
10. Review and Update
- Review this policy annually or as required by regulatory changes.
- Update this policy as necessary to ensure compliance with AML regulations.
