KYC / AML Policy

1. Commitment to Compliance

In the fight against terrorism funding (ATF) and money laundering (AML), BillionDollarFX is dedicated to the highest standards. This policy's objective is to aggressively prevent and reduce the dangers associated with certain behaviors. All financial institutions are required by law to collect, confirm, and keep records of information identifying each individual or organization that opens an account. BillionDollarFX is required to notify the appropriate authorities of any suspected behavior pertaining to money laundering or the funding of terrorism.

2. Money Laundering Overview

Converting the proceeds of illicit actions (such fraud, corruption, or terrorism) into monies that appear legitimate in order to conceal their true source is known as money laundering. Three steps typically comprise the process:

• Placement: First, money is put into the customer's account. Withdrawals can only be made to another account in the client's name or to the same bank account that made the deposit. Usually taking two to seven business days, withdrawal timings vary based on the currency, bank location, and internal banking processes.
• Layering: To hide the source of funds, they are moved between accounts or transformed into other financial instruments.
• Integration: It is the process of reintroducing money into the economy as valid means of paying for goods and services.

BillionDollarFX makes sure that its services are not used to finance terrorists or launder illicit cash by closely adhering to AML guidelines. The business maintains the right to suspend accounts suspected of engaging in unlawful behavior, and cash transactions are not allowed.

3. Client Verification and KYC Procedures

BillionDollarFX follows rigorous Know Your Customer (KYC) and due diligence procedures to verify client identities before providing services.

Individual Clients:

During registration, clients must provide: full name, date of birth, country of origin, and residential address. Verification requires submission of:

• Valid passport (photo and signature visible), or
• Driver’s license with photograph, or
• National identity card (front and back), and
• Proof of address (utility bill, bank statement, etc., not older than 3 months).

Corporate Clients:

• Certificate of incorporation or national equivalent
• Memorandum and Articles of Association
• Certificate of good standing or proof of registered address
• Board resolution authorizing account operations
• Identification documents of directors and ultimate beneficial owners

4. Monitoring Customer Activity

In addition to gathering KYC data, BillionDollarFX keeps an eye on customer transactions to spot questionable activities. Transactions that don't fit the client's known profile or line of work are marked for examination. To stop abuse, the platform employs both automatic processes and human verification where needed.

5. Maintaining Documents

After an account is closed, all identification documents, transaction records, and AML-related files are kept for at least seven years.

6. Actions to Prevent Suspicious Behavior

In the case that money laundering is suspected or that the account is used for illegal activities, BillionDollarFX has the power to block or suspend such accounts. The guidelines are always adhered to in these cases, and the authorities are informed of any illegal activities that come to light.

7. Contact Details

If you have any questions or concerns about our KYC, AML, or BillionDollarFX policies, please send an email to info@billiondollarfx.com.