Money laundering is the act of converting money or other valuable materials gained from illegal activities (e.g. terrorism, drug dealing, illegal arms trade, corruption and human trafficking) into money or investments that appear to be legitimate. Such activity is used so that the illegal sources of ill-gotten wealth cannot be traced.
EssenceFX has adopted a programme that complies with the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act. As part of this programme, all applicable persons would need to provide evidence of identification to facilitate the above-mentioned need for compliance.
EssenceFX actively pursues the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.
EssenceFX is committed to AML compliance in accordance with all applicable laws and requires its officers, employees and appointed producers to adhere to these standards in preventing the use of its products and services for money laundering purposes.
EssenceFX will notify customers that it is requesting information from them as required by applicable laws to verify their identities. Customers are required to supply clear and verifiable identification and to provide full and frank disclosures upon further inquiries by the Company.
In verifying customer identity, appointed producers shall review all photo identification supplied. EssenceFX relies on government-issued identification documents to establish a customer's identity, but is under no obligation to determine the veracity of the identification documents supplied. The Company will, however, scrutinise the information provided to ensure logical consistency. The Company maintains records of this verification process, including all identifying information provided by the customer, verification methods used, and results of the verification.
EssenceFX reserves the right to request for further particulars from customers should their initial provision of government-issued identification be insufficient. The Company also reserves the right to suspend or close any account that had been approved if misleading or fraudulent identification information was discovered.
If a customer either refuses to provide the information described above or appears to have intentionally provided misleading information, the appointed agent shall notify their New Business team. EssenceFX will decline the application and notify the AML Compliance Committee.
Besides collecting and verifying identification data of the Client, EssenceFX also logs and tracks the itemised statements of all transactions carried out by the Client.
If EssenceFX detects suspicious transactions or transactions executed under non-standard conditions, the Company has the obligation to undertake measures associated with its AML compliance, on the basis of the AML Financial Action Task Force's recommendations.
EssenceFX neither accepts cash deposits nor disburses cash under any circumstances.
EssenceFX reserves the right to refuse the processing of a transaction at any stage if it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international laws, EssenceFX is not obligated to inform the Client when reports are made to the relevant authorities.
EssenceFX reserves the right to categorise or deem any transaction or activity as suspicious. The following is a non-exhaustive list of suspicious activities:
The appointed producer:
As required by laws regulating financial institutions, EssenceFX has in place a compliance regime that entails the appointment of a full-time compliance officer, preparation of compliance policies and procedures and periodic reviews of their effectiveness, as well as ongoing mandatory compliance training for all staff.
EssenceFX is committed to updating our systems as and when new regulations are introduced, to ensure sustained effectiveness in our determination of suspicious transactions and verification of Client identification records. We are also steadfast about providing training for our employees whenever enhancements to AML procedures are required by new regulations.