AML Policy

The objective of Anti-Money laundering procedures that we implement is to ensure that our customers are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate customers who have no criminal history or intentions.

Money laundering is the illegal act of converting money or monetary instruments gained from illegal activities into money or investments that appear to be legitimate, so that its illegal source cannot be traced. Domestic and international laws that apply to companies, whose customers can deposit and withdraw funds from their accounts, make it illegal for TorexFX, or our employees and agents, to knowingly engage, or attempt to engage in a monetary transaction of criminally derived property.

Implemented procedures

The objective of Anti-Money laundering procedures that we implement is to ensure that our customers are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate customers who have no criminal history or intentions.

We are committed to assist any government in fighting the threat of money laundering in order to finance terrorist and other criminal activities around the world. For that purpose, we have set up a highly sophisticated electronic security system that documents and verifies client identification records as well as track and maintain detailed records of all transactions.

We carefully track all transactions and reports of suspicious trading activities and if needed provide timely and comprehensive information to law enforcement bodies. To uphold the integrity of reporting systems and to safeguard businesses, the legislative framework provides legal protection to providers of such information.

In order to minimize the risk of money laundering and financing terrorist activities, we neither accept cash deposits nor disburse cash under any circumstances. We reserve the right to refuse to process a transfer at any stage, where we believe the transfer to be connected in any way to money laundering or criminal activity. For the avoidance of any doubt, we may detain or postpone payments for a set period of time at our own discretion. It is forbidden for us to inform customers that they have been reported for suspicious activity.

Additional disclosures

For the purpose of complying with Anti-Money laundering laws, www.torexfx.com requires two different documents to verify the identity of the customer.

The first document we require is a legal government-issued, ID with the picture of the customer on it. It may be a government-issued passport, driver’s license (for countries where the driver’s license is a primary identification document) or local ID card (no company access cards).

The second document we require is a bill with the customer’s own name and actual address on it issued at the earliest 3 months prior to our request. It may be a utility bill, a bank statement or any other document with the customer’s name and address from an internationally recognized organization.

We also require a completed and physically-signed account application form to be submitted to the company. Customers are required to submit up to date identification and contact information in a timely manner, as soon as changes occur. Documents in non-western letters must be translated into English by an official interpreter; the translation must be stamped and signed by the interpreter and sent together with the original document with a clear picture of the customer on it.

Deposits and withdrawals

We require all deposits, where the name of the originating customer is present, to come with the name matching the name of the customer in our records.

Third party payments are not accepted.

As for withdrawals, money may be withdrawn from the same account and by the same way it was received. For withdrawals where the name of the recipient is present, the name must exactly match the name of the customer in our records.

If the deposit was made by wire transfer, funds may be withdrawn only by wire transfer to the same bank and to the same account from which it originated.

If the deposit was made by means of electronic currency transfer, funds may be withdrawn only by the means of electronic currency transfer through the same system and to the same account from which it originated.