AML Policy

ANTI-MONEY LAUNDERING

Option500 does not tolerate money laundering and supports the fight against money launderers. Option500 follows the guidelines set by the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing.

Option500 now has policies in place to deter people from laundering money. These policies include:

  • ensuring clients have valid proof of identification
  • maintaining records of identification information
  • determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
  • informing clients that the information they provide may be used to verify their identity
  • closely following clients’ money transactions
  • Not accepting cash, money orders, third party transactions, exchange houses transfers or Western Union transfers.

Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.

Money Laundering usually follows three stages:

  • firstly, cash or cash equivalents are placed into the financial system
  • secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts)
  • And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).

Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.

Option500 directs funds withdrawals back to the original source of remittance, as a preventative measure.

International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.

These guidelines have been implemented to protect Option500 and its clients.

For questions/comments regarding these guidelines, please contact us at support@option500.com.

ARTICLES

European markets are mixed, commodities go up

European markets are mixed, commodities go up

Bourses in Europe closed mixed on Wednesday with oil and mining stocks making gains, while auto stocks declined on weaker U.S. sales. The pan-European Stoxx 600 was little changed at the close, barely making it into positive territory, up just 0.02 percent,...
[Read More]
Stocks in Asia head down after Fed’s news wrap

Stocks in Asia head down after Fed’s news wrap

Stocks slid in Asia and futures in the U.S. ticked lower after minutes from the latest Federal Reserve meeting showed that officials favor shrinking the U.S. central bank’s balance sheet this year. Currencies  The yen rose 0.2 percent to 110.47...
[Read More]
Europe closes on the upper end as investors eye Trump meetings

Europe closes on the upper end as investors eye Trump meetings

Markets in Europe closed up higher on Tuesday as investors focused on an upcoming meeting between U.S. President Donald Trump and China's President Xi Jinping. The FTSE 100 finished the day up 0.54 percent, the German DAX was up 0.21 percent, and the French CAC finished the day higher...
[Read More]
Open Account
Enjoy the best trading experience
Live chat
Trading platform
Open account

Wait!