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Anti-Money Laundering Policy

AdvantCrest Ltd.

AML & Counter-Terrorism Financing Compliance

AdvantCrest is committed to the highest standards of the Anti-Money Laundering (AML) compliance and Counter-Terrorism Financing (CTF). To help the government fight the funding of terrorism and money laundering activities, law requires all financial institutions to obtain, verify, and record information that identifies each person opening an account.

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 look legitimate to hide or distort the real source of funds.

The process of money laundering can be divided into three sequential stages:

1. Placement

At this stage, funds are converted into financial instruments, such as checks, bank accounts, and money transfers, or can be used for purchasing high-value goods that can be resold. They can also be physically deposited into banks and non-bank institutions (e.g., currency exchangers). To avoid suspicion by the company, the launderer may as well make several deposits instead of depositing the whole sum at once, this form of placement is called smurfing.

2. Layering

Funds are transferred or moved to other accounts and other financial instruments. It is performed to disguise the origin and disrupt the indication of the entity that made the multiple financial transactions. Moving funds around and changing in their form makes it complicated to trace the money being laundered.

3. Integration

Funds get back into circulation as legitimate to purchase goods and services.

Our Commitment

AdvantCrest adheres to the principles of Anti-Money Laundering and actively prevents any actions that aim or facilitate the process of legalizing of illegally gained funds. AML policy means preventing the use of the company's services by criminals, with the aim of money laundering, terrorist financing or other criminal activity.

To prevent money laundering, AdvantCrest neither accepts nor pays cash under any circumstances.

The company reserves the right to suspend any client's operation, which can be regarded as illegal or, may be related to money laundering in the opinion of the staff.

Company Procedures

AdvantCrest will make sure that it is dealing with a real person or legal entity. AdvantCrest also performs all the required measures in accordance with applicable law and regulations, issued by regulatory authorities.

The AML policy is fulfilled through:

  • •Know Your Customer policy and due diligence
  • •Monitoring of client activity
  • •Record keeping

Know Your Customer and Due Diligence

Because of the company's commitment to the AML and KYC policies, each client of the company has to finish a verification procedure. Before AdvantCrest starts any cooperation with the client, the company ensures that satisfactory evidence is produced or such other measures that will produce satisfactory evidence of the identity of any customer or counterparty are taken.

The company applies heightened scrutiny to clients who are residents of countries identified by credible sources as having inadequate AML standards or that may represent a high risk for crime and corruption.

Individual Clients

Required Personal Information:

  • •Full name
  • •Date of birth
  • •Country of origin
  • •Complete residential address

Required Documents:

(For documents in non-Latin characters, provide notarized English translation)

  • •Current valid passport (showing photo and signature clearly); or
  • •Driving licence with photograph; or
  • •National identity card (front and back pages)
  • •Proof of current address (utility bills, bank statements, etc.) - not older than 3 months

Corporate Clients

Listed companies on recognized stock exchanges or wholly owned subsidiaries may require minimal additional verification. For unquoted companies, the following documentation is required:

  • •Certificate of Incorporation or national equivalent
  • •Memorandum and Articles of Association
  • •Certificate of good standing or proof of registered address
  • •Board resolution to open account and confer authority
  • •Copies of powers of attorney or other authorities
  • •Proof of identity of directors and beneficial owners

Monitoring of Client Activity

In addition to gathering information from clients, AdvantCrest continues to monitor the activity of every client to identify and prevent any suspicious transactions.

Suspicious Transaction Definition:

A suspicious transaction is known as a transaction that is inconsistent with the client's legitimate business or the usual client's transaction history known from client activity monitoring.

AdvantCrest has implemented a system of monitoring transactions (both automatic and manual) to prevent the use of the company's services by criminals.

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 topics (e.g., suspicious activity reports, AML account monitoring documentation, etc.). These records are maintained for a minimum of 7 years after the account is closed.

Deposit and Withdrawal Requirements

All deposits and withdrawals on trading accounts held with AdvantCrest must meet the following strict requirements:

  • •Due to AML/CTF laws, AdvantCrest cannot receive or deposit funds to third parties
  • •Funds sent to AdvantCrest must be provided on AdvantCrest platform only
  • •All funds withdrawn must go to a bank account, Credit/Debit card, or Alternative Payment Method (Crypto) on AdvantCrest platform
  • •All withdrawal requests are processed on a First-in-First-Out (FIFO) basis according to funding source

Important Note:

When withdrawing to the original deposit method, the amount may not exceed the original deposit. Any profits in excess will be transferred to a nominated bank account in the same name as your trading account.

Measures Taken

In cases of an attempt to execute transactions which AdvantCrest suspects are related to money laundering or other criminal activity, we will proceed in accordance with applicable law and report suspicious activity to the regulating authority.

AdvantCrest reserves the right to suspend any client's operation which can be regarded as illegal or may be related to money laundering. AdvantCrest has complete discretion to temporarily block suspicious client accounts or terminate existing client relationships.

Anti-Money Laundering Policy | AdvantCrest Ltd.