About Us >> AML Policy
AOS wishes to inform its customers that it must be compliant with Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (hereinafter – AML/CFT Act) effective from June 30, 2013. 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. Therefore AOS has developed internal Anti-Money laundering and Counter-Terrorism Programme (hereinafter – AML Programme) based on the risk assessment, so the objectives of the AML/CFT Act can be achieved. These are:
By applying for an account with AOS you are taken to agree to the following terms:
As per the AML Programme AOS will conduct initial and ongoing due diligence for each customer according to risk level posed by the customer.
What this means for you: In compliance with the Privacy Act of 1988, AOS will ask for certain minimum identification information from each customer which opens an account; record customer identification information and the verification methods and results; provide notice to customers that we will seek identification information and compare customer identification information with government-provided lists of suspected terrorists.
This minimum information may include:
In order to verify the abovementioned information AOS will require to submit the following documents:
AOS may request you to provide additional information accompanied with respective documents. In certain cases AOS may be obliged to verify the identity of the customer by the mean of copies of documents provided that they are certified by a trusted referee.
This is to inform AOS customers regarding prohibited transactions commonly known or referred to as “wash trades”. This prohibition is issued in compliance with AML/CFT Act in order to detect, mitigate and manage the potential ML/TF risks faced by FXOpen.
his rule requires that all orders be entered in good faith for the purpose of obtaining exposure to and gaining profit from movements in quotes on financial instruments.
No Customer shall open opposite positions (i.e. place buy and sell orders), either directly or indirectly, in the same financial instrument, where the intention of the Customer is to avoid taking a bona fide market position exposed to market risk, rather than to generate profit arising out of speculative activity.
It is also impermissible to open opposite positions in the same financial instrument for different eWallets with common beneficial ownership (which includes accounts with less than 100% common ownership) as well as for eWallets held by affiliated or related in any possible way Customers, that are entered with the intent to negate market risk or price competition. Such activity shall also be deemed to violate the prohibition on wash trades.
The fact that there is a delay between the entries of opposite positions does not eliminate this prohibition exposure if the execution achieves a wash result. Simply ensuring that there is a delay between the entry of the buy and sell orders may not, depending on the terms of the orders, preclude the orders from trading in whole or in part against each other. To the extent that the orders match with each other, the result may be deemed an illegal wash trade irrespective of the fact that the orders were entered at different times.
In all cases where any of the mentioned is detected AOS may execute any of its rights as per the respective Customer Agreement which was expressly accepted by the Customer as part of the account opening procedure including but not limited to: cancel or adjust the respective transactions of the Customer.