AML rules

FX Choice Limited recognises the important role of the financial sector for the forestalling and effective prevention of money laundering and terrorist financing activities.

Money laundering is defined very widely and includes all forms of handling or possessing criminal property, including possessing the proceeds of one’s crime and facilitating any handling or possession of criminal property. Criminal property may take any form, including money, securities, tangible and intangible property.

FX Choice Limited is bound by the Money Laundering and Terrorism (Prevention) Act 2008 of Belize (the Law), which places strong administrative requirements on all financial institutions.

The law obliges the company to introduce and comply with The Anti-Money Laundering and prevention of terrorism financing manual (the AML Manual), which, together with all related internal policies and rules is the main pillar of the internal control systems established to monitor compliance with the procedures introduced by FX Choice Limited for the prevention and detection of money laundering.

The compliance function is responsible for confirming adherence to various anti-money laundering procedures through specifically designed audits and other functional audits.

Our AML Manual binds the members of the Board of Directors, Executives, Heads and Managers of the Company divisions, staff members, and any other person involved in the operations of the services offered. The procedures and recommendation contained in the AML Manual and the law must be followed strictly by the Company’s personnel. Employees are aware of the seriousness of money laundering, and terrorist financing activities, their statutory obligations, and are encouraged to co-operate and report suspicious transactions promptly.

Our AML Manual and the law require FX Choice Limited to establish and maintain specific policies and procedures to protect against its clients‘, its business and the financial system, being used for money laundering. These procedures are designed to achieve two main purposes:

  1. To facilitate the recognition and reporting of suspicious transactions;
  2. To ensure through the strict implementation of the ‘know-your-customer’ principle and the maintenance of adequate record-keeping procedures, should a customer come under investigation, that the financial institution can provide its part of the audit trail.

The AML Manual and all internal procedures provide the guidelines that should be followed throughout the Company to assist in the detection and prevention of money laundering and terrorist financing activities in accordance with the law.

All company employees should execute their duties as per the guidelines set out in the AML Manual and the relevant company internal regulations.

The company’s AML regulations are subject to an ongoing review and update by the Compliance Department to ensure full compliance with current legislation, regulations and the International Financial Services Commission directives.

 

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