Money laundering is the process of converting money or other financial instruments earned from illegal activities into legal tender or performing investments that appear legitimate. Local and international laws apply to companies that allow customers to deposit and withdraw money from their accounts.
Demo Forex strictly adheres to the provisions of the Anti-Money Laundering and Counter-Terrorism Financing Policy and requires its employees to fully comply with these standards. Therefore, the Company takes all necessary measures to detect and combat money laundering and terrorist financing. Internal rules are monitored in accordance with relevant international requirements.
Demo Forex Anti-Money Laundering Procedures
Transactions Performed
The aim of the Anti-Money Laundering procedures we apply is to ensure that customers engaged in specific activities are reasonably identified, while minimizing the compliance burden and impact on legitimate customers. Demo Forex is committed to helping governments combat the threats of terrorist financing and money laundering worldwide. For this purpose, Demo Forex has established a highly sophisticated electronic system. This system documents and verifies customer identity records, tracks and maintains detailed records of all transactions.
Demo Forex carefully monitors suspicious and significant transaction activities and reports such activities to law enforcement agencies that provide "timely and comprehensive information." The legal framework provides legal protection to these information providers in order to maintain the integrity of the reporting systems and protect businesses.
To minimize the risk of money laundering and terrorist financing, Demo Forex does not accept cash deposits or make cash payments in any form. Demo Forex reserves the right to refuse transactions at any stage if it believes that the transfer is connected to money laundering or criminal activities. It is prohibited for Demo Forex to notify customers that suspicious activity has been reported.
Customer Identification and Verification
In compliance with anti-money laundering laws, Demo Forex requires two different documents to verify the customer's identity. The first document we need is an official government-issued document that includes the customer's photo. This could be a passport issued by the government, a driver’s license (for countries where a driver’s license is the primary identity document), or a local identity card. The second document we need is a bill showing the customer's name and their real address, issued no later than 3 months ago. This bill can be a bank statement, a utility bill, or another document from an internationally recognized institution that includes the customer's name and address.
To change the phone number related to the customer profile, customers must provide a document confirming that a photo of the customer's ID is held next to the customer's face, along with a new phone number (with an agreement with a mobile service provider). The customer's personal information will be the same on both documents.
Customers are required to submit updated identity and contact information in a timely manner as changes occur.
Documents in non-Western languages must be translated into English by an official translator; the translation must be stamped and signed by the translator and sent along with the original document and a clear photo of the customer.
Payment Policy: Deposits and Withdrawals
Please note that refunds to Skrill payment systems and bank cards are prohibited. In order to withdraw funds to one of these systems from a trading account, the funds will be credited to your wallet within 3 business days. If money is lost during the transaction, no refund will be made. Please read the risk disclosures before starting trading.
Demo Forex requires that all deposits, bearing the name of the withdrawing customer, match the name of the customer in our records. Third-party payments are not accepted.
For withdrawals, funds can only be withdrawn from the same account and in the same manner they were received. For withdrawal transactions that list the name of the recipient, the name must exactly match the customer’s name in our records. If the deposit was made via bank transfer, funds can only be withdrawn via bank transfer to the same bank and account of origin. If the deposit was made via electronic money transfer, funds can only be withdrawn via electronic money transfer from the same system and the originating account.
The company accepts deposits in the following currencies: USD, EUR, CHF, AED, RUB, INR, MYR, IDR, BRL, ARS. To comply with AML and TRY procedures, withdrawals must be made in the same currency that was used for the deposit.
If you have any questions, please reach out to us via email: info@supercapitals.com
