Money laundering” is the practice of engaging in a series of financial transactions to conceal the ownership, source, control or destination of illegally gained money.

Ultimately, it is the process by which the proceeds of crime are made to appear to have a legitimate origin. IB committed to preventing money laundering through its service and complies.

 

Implemented Procedures

IB aims at implementing strict anti-laundering policy to ensure that its customers will be identified for such suspicion up to a certain standard to minimize the procedural complications for genuine and legitimate customers. In order to fulfill its commitment to provide full assistance to government combating against such illegal financial transactions, IB has developed a technologically advanced and reliable electronic system which verifies its client identification and is able to store the detailed record of all previous financial transactions.

 

IB is obliged to report suspicious transactions. By misusing the service, you may face criminal prosecution as we are bound to automatically report such behavior to the authorities.

 

One of the main measures that we use to discourage money laundering and related illegal activities; IB doesn’t accept cash transaction whether you intended to deposit or withdraw the funds. The Company reserves the right to suspend or refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law the, Company is not obliged to inform the Client that it has reported to the corresponding bodies of the Client’s suspicious activity.

 

Compliance Regime

IB has set up a compliance regime in order to fulfill its formal legal requirements. It comprises the appointment of a compliance officer, policy making and regular review of their implementation.

 

IB is also committed to regularly update its electronic system for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.

 

Additional Disclosure Deposits and Withdrawals

In the event of money deposits, the sender name must match the name of customer present in IB records. No third party transfers are allowed in this case. Additionally, IB will not accept third party checks and/or an endorsed employer’s check unless approved by Management.

 

Similarly, in case of money withdrawal, recipient name must match the name of account holder who is withdrawing money. If money is withdrawn via wire transfer, it can be done only for the same bank and the same account name from where the money was originally deposited. If money is withdrawn via online payment system, it can be done only for the same account/e-wallet from where it was deposited.