ZeonFX Limited is committed to the highest standards of compliance against money laundering (AML) and anti-terrorist financing (ATF). The objective of the Company's Policy against Money Laundering and Terrorism Financing is to actively prevent the risks of these matters.
To help governments combat the financing of terrorism and money laundering activities, the law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. We have an obligation to report suspicious client activity relevant to money laundering.
What is Money Laundering?
Money laundering is the process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear legitimate, in order to hide or distort the actual source of funds. The process can be divided into three sequential stages:
- Placement — Illegally obtained funds are introduced into the financial system. Any withdrawal of funds from your ZeonFX account can only be returned to the same source or to an account under the client's individual name.
- Layering — Funds are transferred or moved to other accounts and financial instruments to disguise their origin and interrupt the trail of the entity that carried out the transactions.
- Integration — Funds are re-circulated as legitimate to purchase goods and services.
ZeonFX AML Commitment
ZeonFX adheres to the principles of Anti-Money Laundering and actively prevents any action that targets or facilitates the legalisation process of illegally obtained funds. The AML policy means preventing the use of the company's services by criminals, with the objective of money laundering, terrorist financing, or other criminal activity.
To prevent money laundering, ZeonFX does not accept or pay in cash under any circumstances. The company reserves the right to suspend the operation of any client whose activity may be considered illegal or related to money laundering.
Know Your Customer (KYC)
Due to the company's commitment to AML and KYC policies, each customer must complete a verification procedure before ZeonFX initiates any cooperation. The company ensures that satisfactory evidence is presented or other measures are taken that produce satisfactory proof of identity of any client or counterparty.
During registration, each client provides personal information including:
- Full legal name
- Date of birth
- Country of origin
- Full residential address
Required Verification Documents
To verify personal information, clients must submit the following documents:
- Valid passport (first page clearly showing photo and signature); or
- Driving licence with photograph; or
- National identity card (front and back)
- Proof of current address (utility bill, bank statement, etc.) — not older than 3 months, showing full name and address
Transaction Monitoring
In addition to collecting customer information, ZeonFX continuously monitors account activity to identify and prevent suspicious transactions. A suspicious transaction is one that is not consistent with the legitimate business or transaction history of the customer. ZeonFX has implemented an automated and manual transaction monitoring system to prevent criminals from using the company's services.
Record Keeping
Records must be kept of all transaction data and data obtained for identification purposes, as well as all documents related to money laundering issues. Those records are kept for a minimum of 7 years after the account is closed.
Reporting and Enforcement
In cases of an attempt to execute transactions that ZeonFX suspects are related to money laundering or other criminal activity, ZeonFX will proceed in accordance with applicable law and report the suspicious activity to the relevant regulatory authority. ZeonFX has full discretion to temporarily block a suspicious customer's account or terminate the relationship with an existing customer.
Contact
For more information, please contact us at support@zeonfx.com.