AML & KYC Policy

Effective Date: December 2024

1. The Company

FxCash OÜ is a financial services company incorporated under the laws of Estonia under registration number 14563008, with its registered office at Roseni tn 13, Kesklinna linnaosa, Tallinn, Harju maakond, 10111, Estonia. The Company complies with all applicable local and international legislation, including directives from the Estonian Financial Intelligence Unit (FIU).

2. Scope

FxCash OÜ (hereafter the "Company") has established and implemented appropriate policies and procedures, in order to achieve the timely and continued compliance of the Company with the current Anti-Money Laundering ("AML") and Combating the Financing of Terrorism ("CFT") regulatory framework.

The primary objective of this document is to lay down the Company's internal policies, practices, measures, procedures and controls relevant to the prevention of Money Laundering and Terrorist Company to comply with its obligations under the various laws, regulations and industry best practices. Moreover, the procedures are designed to:

a. Identify and/or assess the potential money laundering and terrorist financing ("ML/TF") risks to which it may be exposed from the provision of a designated service i.e. that the provision of a designated service by FxCash OÜ might (whether inadvertently or otherwise) involve or facilitate money laundering or the financing of terrorism; and

b. Manage and/or mitigate those risks within the applicable legislative framework.

4. Compliance with the AML/CFT Legislation

The Company has developed and implemented a compliance program consisting of policies, procedures, transaction monitoring systems, internal controls and personnel training in line with applicable laws and regulations, as well as with international best practices. The AML/CFT Program, which employs a risk-based approach to managing the Company's AML risk, includes, but is not limited to:

a. Customer On-boarding Policy:

  • Ensures thorough due diligence during account creation, including verification of client identity and beneficial ownership.

b. Risk-based Approach:

  • AML/CFT Risk Assessment and Risk Management: the establishment of a Firm Wide Risk Management Framework to identify all quantifiable AML risks (inherent risk and residual risk) and to assist the Board of Directors in defining the Company's risk appetite.
  • Customer Due Diligence, which incorporates "Know Your Customer" or "KYC" procedures for the identification and verification of the identity of our customers, including, where applicable, their respective beneficial owners.
  • Identification and execution of enhanced due diligence measures for monitoring high-risk clients, including Politically Exposed Persons (PEPs), their relatives and close associates.
  • Senior management review and approval of high-risk customers, including Politically Exposed Persons.

c. Customers Screening:

  • Employs automated systems to screen against sanctions lists (EU, UN, OFAC) and monitor adverse media.

d. Ongoing Monitoring:

  • Continuously monitors account activity and transactions for suspicious behavior, leveraging automated and manual tools.

e. Reporting and Record Retention:

  • Files Suspicious Activity Reports (SARs) and Suspicious Transactions Reports (STRs) with the FIU as required.
  • Retains customer and transaction records for at least five years post-termination of business relationships or transaction dates.

f. Employee Training:

  • The provision of adequate and frequent AML/CFT training for Company employees, relevant to the role they undertake, for the purpose of prevention of money laundering and terrorist financing.

g. Independent Assessment:

  • Engages external auditors annually to evaluate the effectiveness of AML/CFT controls.

5. AML Compliance Vigilance

The Company is fully committed to remaining vigilant to prevent the use of its products and services by those who seek to abuse them. It continually seeks to combat money laundering and terrorist financing through the prevention, detection and reporting of unusual or suspicious behavior.

In addition, the Company constantly assesses the effectiveness of its existing policies, procedures and technologies and updates them as needed to address the changing environment. The Company also established an employee training program to ensure that the staff is well-informed about the evolving technique used by criminals to penetrate the system and employees are well-equipped to combat money laundering and other financial crimes.

The fight against money laundering is a never-ending and ever-changing process. At FxCash OÜ, we recognise that preventing money laundering and identifying potential terrorist financing activities involves constant vigilance and the ability to keep up with criminals' sophisticated schemes. We acknowledge that we must constantly work to identify and understand the potential risks of money laundering and terrorist financing and implement appropriate processes to mitigate and eliminate such risks.

Before opening an account, the Company shall see to it that satisfactory and competent evidence is properly obtained on the identity of their clients and that effective procedures have been followed for such verifications especially on new clients.

The Company might refuse to execute a particular transfer of funds if it believes these to be related in any way to money laundering.

Based on the risk, the Company analyzes any logical inconsistencies in the information or behavior of its clients. If a potential or existing client either refuses to provide the information described in our Terms of Use, or appears to have intentionally provided false information, a new account will not be opened and, after evaluating the risks involved, will consider closing any existing account.

6. Monitoring Clients' Activity

The Company monitors suspicious and revenue-intensive transactions closely, takes timely, appropriate actions on said transactions and informs the appropriate bodies without undue delay.

The system of monitoring implemented by the Company relies both on automated monitoring and, where appropriate, manual monitoring by the staff.

7. Withdrawal Requirements

The withdrawal process detailed below is structured around strict guidelines to make sure that funds are securely sent to their beneficiary:

  • Our customers must submit a withdrawal request containing their correct account information.
  • All withdrawal forms are submitted to our accounts department for processing. Our Accounts department confirms the account balance, verifies that there are no holds or withdrawal restrictions on the account, and then approves the withdrawal request, pending compliance approval.
  • Withdrawal requests approved are processed by the accounts department and the funds are released to the client.
  • In the event that a withdrawal is flagged for suspicious activity, the withdrawal is placed on hold, pending further investigation by our compliance department; and
  • Our Management will work with the Compliance department to see if further action is needed and if any relevant regulatory bodies need to be contacted.

8. Disclaimers

The Money Laundering Prevention Policy is a policy only and it is not intended to be contractually binding or impose or seek to impose any obligations on us which we would not otherwise have.

The Company reserves the right to refuse to process a transfer of funds at any stage if it believes it to be connected in any way to criminal activities or money laundering. The Company reserves the right to review and/or amend its Money Laundering Prevention Policy, at its sole discretion, whenever it deems fit appropriate.

9. Contact Details

For further information about our AML & KYC Policy, please contact our Compliance Department:

Email: support@fxcash.net