KYC (Know Your Customer) Policy

KYC (Know Your Customer) Policy

The importance of KYC policy has grown significantly worldwide, particularly among banks and financial institutions. It is a crucial measure to prevent identity theft, money laundering, financial fraud, and terrorist activities. Horuz Markets recognizes the significance of an effective anti-money laundering compliance program, which includes robust KYC procedures. Our company utilizes cutting-edge automated global screening solutions to ensure that our customers meet the required KYC and AML (Anti-Money Laundering) criteria.

As an Horuz Markets broker, our responsibilities include:

  • Providing the account application process
  • Conducting thorough KYC procedures
  • Clearing and monitoring all trades
  • Acting as the custodian of accounts, funds, and paperwork

Every applicant for a trading account, Introducing Broker, or Money Manager must submit a complete set of necessary KYC documentation, which will be reviewed and approved by Horuz Markets before processing any withdrawal requests. Please note that we do not accept third-party deposit and withdrawal requests.

Account Registration

New customers are required to provide their personal information and relevant documents. Horuz Markets assures you that this information will be kept confidential and securely stored in our protected database. The following details are needed for registration:

  • Full Name (including any previous names)
  • Date of Birth
  • Place of Birth
  • Nationality
  • Contact Information
  • A copy of a valid passport (photo page) or a government-issued photo ID from your current country of residence
  • Utility bill displaying your permanent residential address (issued within the last 6 months)
  • KYC questionnaire

Primary Verification (government-issued photo IDs)

To verify identity, we require one of the following valid documents:

  1. A current copy of a valid passport
  2. National Identity card
  3. Current valid driving license
  4. Armed Forces identity card

Primary identity documentation must be obtained and retained for these clients. Acceptable primary identity documents include:

Additional Verification

In addition to primary identity documentation, we also require secondary identity verification. The following documents are acceptable:

  • Recent utility bill (dated within the last 6 months)
  • Current bank or credit card statement
  • Current bank reference (dated within the last 6 months)

Alternative verification documentation may also be considered:

  1. Valid Driver's License
  2. Original Utility Bill (Electricity, Water, or Gas Bill)
  3. Bank Statements (online or offline)
  4. Bank Statement Detalization (first page and last transactions)
  5. Professional reference letters
  6. Bank reference letters
  7. Credit Card Statements
  8. Council Tax Bill
  9. Tax letter or Bill
  10. House Rental Official Agreement – Issued by a Rental Agent
  11. Letter from your local municipality
  12. Phone bill
  13. Internet bill
  14. Insurance statement
  15. Any valid government-issued document with an address

Furthermore, we may take the following actions to verify the applicant's address if necessary:

  1. Conducting a credit reference agency search
  2. Utilizing an address verification service
  3. Visiting the principal at their permanent residential address

If the client is not an individual but a legal entity or arrangement, specific documentation is required based on the following categories:

Being a Private Company:

  1. Certificate of incorporation or registration
  2. Valid and current Certificate of Good Standing
  3. Proof of registered office and place of business
  4. Valid government-issued photo IDs of the principals of the company
  5. Letter of Appointment or Authorization for anyone representing the company, along with valid proof of ID
  6. Proof of ID for significant Ultimate Beneficiary Owners (with 20% or more interest)

Being a Trust:

  1. Copy of a trust deed or relevant extracts
  2. Certificate of Good Standing from the Trust registry
  3. Proof of address for the registered office and place of business of the trustee
  4. Valid government-issued photo IDs of the principals of the trustee
  5. Valid government-issued photo ID of significant Ultimate Beneficiary Owners (with 20% or more interest)

Being a Partnership:

  1. Copy of the partnership deed
  2. Copy of the latest report and accounts
  3. Partnership Charter and bylaws stating the nature of the business
  4. Valid government-issued photo IDs of significant partners (with 20% or more interest)
  5. Letter of Appointment or Letter of Authorization for a person acting on behalf of the Partnership

Reduced or Simplified Customer Due Diligence (CDD)

In cases where the risk of money laundering or terrorist financing is lower, and where identity information is publicly available or adequately checked and controlled elsewhere, reduced or simplified due diligence measures may be applied. The entities to which this applies are:

  • Regulated financial services in reputable jurisdictions without nominee arrangements
  • Public companies listed on stock exchanges and recognized, designated, and approved stock exchanges or their subsidiaries
  • Government bodies
  • Pension, superannuation, or similar schemes providing retirement benefits to employees, as per AML Code requirements

Enhanced CDD Measures

Enhanced CDD measures will be implemented for all high-risk business relationships, customers, and transactions, particularly involving Politically Exposed Persons (PEPs), non-face-to-face business relationships, and jurisdictions classified as non-cooperative, non-transparent (NCCTs), or non-equivalent.

Execution of Our Client Agreement and Risk Disclosure Agreement

All applicants must complete and sign our Client Agreement, Terms of Service, Risk Disclosure Agreement, Privacy Disclosure, and Liquidity Guidelines. We also conduct checks against our screening service provider's list to identify any matches or suspected fraud alerts. Applications that trigger these alerts will be rejected.

Suspicious Transactions

Transactions that lack a legitimate business purpose, are unusual for the customer, or lack a reasonable explanation are considered suspicious. Any such transactions must be reported immediately to our compliance department.

Deposit and Withdrawal

We do not accept funds from third parties. Additionally, incoming and outgoing bank wires must be made to the same banking institution, with the customer's name on the account. Customers are required to use the Horuz Markets user portal for deposit and withdrawal processes. Our Customer Service Department will verify the information provided and approve the transaction.

Our anti-money laundering procedures mandate that individuals and entities unwilling to provide identity verification information cannot open accounts at Horuz Markets.

All new accounts undergo a rigorous approval process by our "COMPLIANCE" team. They ensure that the account form is complete, review the financial creditworthiness and trading suitability of the applicant, and conduct anti-money laundering checks. "COMPLIANCE" also verifies that the identifying information for all individuals listed on the account form does not match any names on screening service lists or other watch lists.

The purpose stated by our customers for depositing funds with us is explicitly defined in our customer agreement: speculation in foreign currencies. Any account activity that was inconsistent with the goal of profiting from trading foreign currencies should be considered suspicious and immediately reported to "COMPLIANCE," who will evaluate the situation and take appropriate action in accordance with our procedures.

We appreciate your cooperation in helping us maintain a secure trading environment at Horuz Markets. By checking the box, you acknowledge that you have read and agreed to our policy.

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