IQ Option is a binary trading platform that involves money so many people use it for the purpose of “money laundering”. Therefore, IQ Option offers an anti-money laundering and Know your Customer policy to prevent Money laundering at IQ Option.
Anti Money Laundering & Know Your Customer Policy IQ Option
- This is the Policy of IQ Option and its affiliates to prohibit and actively pursue the prevention of money laundering as well as any activity that facilitates money laundering or the funding of terrorist or criminal activities. IQ Option requires its officers, employees to adhere to these standards in preventing the use of its products and services for money laundering purposes.
- Money laundering is defined as engaging in acts designed to conceal or disguise the true origins of the money, turn the funds illegal to legal.
- Money laundering occurs in three stages. Cash first enters the financial system, called the “placement” stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler’s checks, or deposited into accounts at financial institutions. At the “layering” stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin. At the “integration” stage, the funds are put into the economy and used to buy legal assets or to finance other criminal activities or legitimate business. Terrorist financing may not involve proceeds from illegal activities, but this is considered an act of concealment or intended use of funds, which will later be used for guilty.
- Each employee of IQ Option, obliged to provide the products and services of IQ Option and those directly or indirectly deals with the clients of IQ Option, is expected to know the requirements of the applicable laws and regulations which affect his or her job responsibilities. It shall be the affirmative duty of such employee to carry out these responsibilities at all times in a manner that complies with the requirements of the relevant laws and regulations.
- The laws and regulations include, but not limited to: “Customer Due Diligence (CDD) for Banks” (2001) and “General Guide to Account Opening and Customer Identification” (2003) of Basel Committee on Banking Supervision (BCBS), 40 + 9 Recommendations for Money Laundering of FATF, USA Patriot Act (2001), Prevention and Suppression of Money Laundering Activities Law (1996).
- To ensure that this general policy is carried out, the Board of directors of IQ Option has established and maintained a program for the purpose of assuring compliance with the relevant laws and regulations and the prevention of money laundering. This program seeks to coordinate the specific regulatory requirements throughout the group within a consolidated framework in order to effectively manage the group’s risk of exposure to money laundering and terrorist financing across all business units, functions, and legal entities.
- Each of the affiliates is required to comply with the Anti Money Laundering (AML) and Know Your Customer (KYC) Policy
- All identification documents and services records shall be kept for the minimum period of time required by local law.
- All new employees will receive anti money laundering training as part of the mandatory new-hire training program. All applicable employees are also required to complete AML and KYC training annually. Participation in additional targeted training programs is required for all employees with day-to-day AML and KYC responsibilities.