BinaryBrokerZ
customer service

KNow Your Client Policy

Know your customer policies have become increasingly important worldwide lately, especially among banks and other financial institutions, in order to prevent identity theft, money laundering, financial fraud and terrorist activity.

Prevention:

Binary Brokerz holds a zero tolerance fraud policy, and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited. Binary Brokerz aims to ensure the integrity of any sensitive data it obtains, such as your account information and the transactions you make, using a variety of security measures and fraud controls. Securing your electronic transactions requires us to be provided with certain data from you, including your preferred deposit method.

When do I need to provide these documents?

We highly appreciate you taking the time to provide us with all the necessary documents as soon as you can, in order to avoid any delays in processing your transactions. We require the receipt of all the necessary documents prior to making any cash transactions to your benefit.Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits or trades.
Please note that if we will not receive the required documents on file, your pending withdrawals will be cancelled and credited back to your trading account. We will notify you on such event via our system.

The General Principles of the Clients’ Acceptance are the following:

(a) The Company shall classify Clients into various risk categories and based on the risk perception decide on the acceptance criteria for each category of Client;
(b) where the Client is a prospective Client, an account must be opened only after the relevant pre-account opening due diligence and identification measures and procedures have been conducted, according to the principles and procedures set below;
(c) All documents and data described below must be collected before accepting a new Client;
(d) No account shall be opened in anonymous or fictitious names(s);
(e) No account shall be opened unless the prospective Client is approved by the General Manager and/or the person who is responsible for the approval of the accounts’ opening.
(f) The Company shall request information in relation to the client’s economic profile.
The verification of the identity of the customer and the beneficial owner may be completed during the establishment of a business relationship if this is necessary not to interrupt the normal conduct of business and where there is little risk of money laundering or terrorist financing occurring. In such situations these procedures shall be completed as soon as practicable after the initial contact and before any transactions take place. If the verification of the customer’s identity will take place during the establishment of the business relationship the Company is required to apply at least one enhanced due diligence procedure as per the below.
i) Obtain additional documents, data or information for verifying customer’s identity;
(ii) Take supplementary measures to verify or certify the documents supplied, or requiring confirmatory certification by a credit or financial institution.
(iii) Ensure that the first payment of the operations is carried out through an account opened in the customer’s name with a credit institution which operates in a country within the European Economic Area or in a country with equivalent AML jurisdiction.

We require the following documents: Natural persons

1. In order to verify the Client’s identity/name the Company shall request the Client to present an original document or a notarized document which is issued by an independent and reliable source that carries the Client’s photo (e.g. Passport, National Identity cards, Driving License etc). After the Company is satisfied for the Client’s identity from the original identification document presented, it will keep copies. The MLCO or the person responsible for the accounts’ opening shall duly document and file the relevant data and information used for the evaluation, as applicable.
The document that will be retained in our records will be a color copy where we are able to see your name, photo, date of expiry, and date of birth.
2. The Client’s permanent address shall be verified using one of the following ways:
(a) Visit at the place of residence (in such a case, the Company employee who carries out the visit prepares a memo which is retained in the Client’s file), or
(b) The production of a recent utility bill, local authority tax bill or a bank statement or any other document same with the aforesaid (to protect against forged or counterfeit documents, the prospective Clients are required to produce original documents). The proof of address shall state your name, address, and a date no further than three months.
3. A color copy of the front and back of the credit card used to make your deposit. We must be able to see the last four digits and the first six on the front and back, your name, the expiry date, and your signature on the back hand side of the credit card in the designated area.
4. A signed Declaration of Deposits form, with your color ID placed attached to the top corner.

We require the following documents: Legal persons:

Accounts of legal persons
1. For Clients that are legal persons, the Company shall establish that the natural person appearing to act on their behalf, is appropriately authorized to do so and his identity is established and verified according to the procedures set in the above Section “Natural Persons”.
2. The Company shall take all necessary measures for the full ascertainment of the legal person’s control and ownership structure as well as the verification of the identity of the natural persons who are the Beneficial Owners and exercise control over the legal person.
3. The verification of the identification of a legal person that requests the establishment of a Business Relationship or the execution of an Occasional Transaction, comprises the ascertainment of the following:
(a) The registered number;
(b) The registered corporate name and trading name used;
(c) The full addresses of the registered office and the head offices;
(d) The telephone numbers, fax numbers and e-mail address;
(e) The members of the board of directors;
(f) The individuals that are duly authorized to operate the account and to act on behalf of the legal person;
(g) The Beneficial Owners of private companies and public companies that are not listed in a Regulated Market of an EEA country or a third country with equivalent disclosure and transparency requirements;
(h) The registered shareholders that act as nominees of the Beneficial Owners;
(i) The economic profile of the legal person.
4. For the verification of the identity of the legal person, the Company shall request and obtain, among others, original or certified true copies of the following documents:
(a) Certificate of incorporation and certificate of good standing (where available) of the legal person;
(b) Certificate of registered office;
(c) Certificate of directors and secretary;
(d) Certificate of registered shareholders in the case of private companies and public companies that are not listed in a Regulated Market of an EEA country or a third country with equivalent disclosure and transparency requirements;
(e) Memorandum and articles of association of the legal person;
(f) A resolution of the board of directors of the legal person for the opening of the account and granting authority to those who will operate it;
(g) in the cases where the registered shareholders act as nominees of the Beneficial Owners, a copy of the trust deed/agreement concluded between the nominee shareholder and the Beneficial Owner, by virtue of which the registration of the shares on the nominee shareholder’s name on behalf of the Beneficial Owner has been agreed;
(h) Documents and data for the verification, according to the procedures set in the above Section “Natural Persons”, of the identity of the persons that are authorized by the legal person to operate the account, as well as the registered shareholders and Beneficial Owners of the legal person.
5. Where deemed necessary for a better understanding of the activities, sources and uses of funds/assets of a legal person, the Company shall obtain copies of its latest audited financial statements (if available), and/or copies of its latest management accounts.
6. As an additional due diligence measure, on a risk-sensitive basis, the Company shall carry out (when deemed necessary) a search and obtain information from the records of the Registrar of Companies or from a corresponding authority in the company’s (legal person’s) country of incorporation and/or request information from other sources in order to establish that the applicant company (legal person) is not, nor is in the process of being dissolved or liquidated or struck off from the registry of the Registrar of Companies or from a corresponding authority and that it continues to be registered as an operating company in the records of the Registrar of Companies or by an appropriate authority outside the Republic.
It is pointed out that, if at any later stage any changes occur in the structure or the ownership status or to any details of the legal person, or any suspicions arise emanating from changes in the nature of the transactions performed by the legal person via its account, then it is imperative that further enquiries should be made for ascertaining the consequences of these changes on the documentation and information held by the Company for the legal person and all additional documentation and information for updating the economic profile of the legal person is collected.
7. In the case of a Client-legal person that requests the establishment of a Business Relationship or the execution of an Occasional Transaction and whose direct/immediate and principal shareholder is another legal person, registered any country, the Company, before establishing a Business Relationship or executing an Occasional Transaction, shall verify the ownership structure and the identity of the natural persons who are the Beneficial Owners and/or control the other legal person.
8. Apart from verifying the identity of the Beneficial Owners, the Company shall identify the persons who have the ultimate control over the legal person’s business and assets. In the cases that the ultimate control rests with the persons who have the power to manage the funds, accounts or investments of the legal person without requiring authorization and who would be in a position to override the internal procedures of the legal person, the Company, shall verify the identity of the natural persons who exercise ultimate control as described above even if those persons have no direct or indirect interest or an interest of less than 10% in the legal person’s ordinary share capital or voting rights.
9. In cases where the Beneficial Owner of a legal person, requesting the establishment of a Business Relationship or the execution of an Occasional Transaction, is a trust set up in any country, the Company shall implement the following procedure:
(a) The Company shall ascertain the legal substance, the name and the date of establishment of the trust and verify the identity of the trustor, trustee and Beneficial Owners, according to the procedures set in the above Section “Natural Persons”;
(b) Furthermore, the Company shall ascertain the nature of activities and the purpose of establishment of the trust as well as the source and origin of funds requesting the relevant extracts from the trust deed and any other relevant information from the trustees. All relevant data and information should be recorded and kept in the Client’s file.

How do I know my documents are safe with you?

Any documents provided to the Company are kept confidential and are highly secured in the Company’s records. Further information on the privacy, confidentiality and security of the clients’ documents can be found in the Company’s Privacy Policy.
The Company will have an on-going relationship with the client and it should establish appropriate procedures in order to maintain adequate and updated information about the client. Therefore, the Company has the right to request additional or updated information and/or documentation of the client so as to ensure that it keeps the client’s profile up-to-date.

How can I send you these documents?

Please scan your documents, or take a high quality digital camera picture, save the images as jpegs, then send it to us via mail to support@binarybrokerz.com

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