Money laundering

Money laundering is a criminal activity where money is filtered in illegal methods acquired through a series of transactions, so that the money may appear to be clean and and acquired from legal activities.

It is a way to legitimize funds acquired from illegal activities.

 

Stages of money laundering :

  1. Placing Cash or cash equivalents in the financial system.
  2. Transferring money to other accounts (for example transfers  to  other accounts  through a series of financial transactions and deals with little or no financial risk).
  3. Returning the  funds which now  looks like funds from a  legitimate sources (for example, closing the account and transferring the  money to a  different bank account ).

 

Anti-money laundering mechanisms

Trading accounts were one of the places that could be used for illegal money laundering or hiding the real owner of funds, that’s why AiTrade has many policies for AML :

  • ID check - checking for clients' names in lists of known or suspected terrorists.
  • Informing our clients that the information they provide can be used to verify  their identity.
  • Close observation of cash transactions.
  • In the case of fund transfers using credit card , we ask for a copy of your credit card number  that contains only the last four digits.
  • Money withdraws are performed for the original investor himself and  not for no other party, as a precautionary measure.