Ornatefx Ltd. (“OrnateFX”) is committed to the highest standards of anti-money-laundering (AML) and counter-terrorist-financing (CTF) compliance. The objective of our AML/CTF programme is to actively prevent these risks.
Money laundering
Money laundering is the process of converting funds obtained from illegal activity into other funds or investments that appear legitimate. The process is typically described in three sequential stages:
Stage 1 — Placement. Illegally obtained funds are introduced into the financial system through cash deposits, the purchase of financial instruments, or the acquisition of assets.
Stage 2 — Layering. Funds are moved between accounts or financial instruments to disguise their origin and to break the trail.
Stage 3 — Integration. The funds are reintroduced into the economy as apparently legitimate, through real estate, business investments, or other lawful-appearing activity.
OrnateFX does not accept or pay funds in cash under any circumstances. The firm reserves the right to suspend the operation of any client account that is, in the view of compliance staff, related to money laundering or otherwise illegal.
How the AML programme is implemented
- Know Your Customer policy and customer due diligence
- Ongoing transaction monitoring
- Records management and retention
KYC — individual clients
Every client must complete a verification procedure. Documents required to verify identity:
- Valid passport (showing the photo page); or
- Driving licence with photograph; or
- National identity card (front and back); and
- A document evidencing current permanent address (utility bill, bank statement, etc.) showing full name and residential address, dated within the last three months.
Documents in non-Latin scripts must be accompanied by a notarised English translation.
KYC — corporate clients (additional documents)
- Certificate of incorporation or national equivalent
- Memorandum and Articles of Association or national equivalent
- Certificate of good standing
- Board resolution authorising the opening of the account
- Copies of powers of attorney or other authorities granted by the directors
- Proof of identity for each director and the ultimate beneficial owners
Record-keeping
Records of transaction data, identification information, and all documents relating to money-laundering matters are retained for a minimum of seven (7) years after account closure.
Action taken
Where transactions are suspected of being related to money laundering or other criminal activity, OrnateFX will act in accordance with applicable law and report the matter to the appropriate authority. The firm reserves the right to suspend or terminate any client account.
For AML-related queries, contact support@ornatefx.com.