Money laundering is the act of converting illegal money/monetary instruments into
money/investments that appear legal to prevent the actual illegal source from getting
The company is committed to assisting governments to combat the threat of money
laundering. For that purpose, the company has a partnership with the global
information consulting company which has a highly specialized and sophisticated
electronic system that sets up the process of verifying customers transparently to
prevent money laundering and the movement of funds derived from criminal activities.
The company prohibits the movement of money derived from criminal activities
thoroughly to prevent money laundering. This will in turn restrict the availability of
funds used for illegal activities.
Money laundering is a serious criminal offense. The company has policies to prevent
money laundering based on Anti-Money Laundering Committee (AMLC) instructions.
1. Confirming the identity of our clients
2. Retaining transaction and identification records
3. Determining whether clients are known or suspected criminals by checking their
names on the list of known criminals
4. Following clients’ money transactions
5. Training staff in terms of anti-money laundering regulations
For security reasons, the company does not accept cash deposits and does not pay
out cash under any circumstances.
The company reserves the right to refuse a transaction at any stage, where it believes
the transfer to be connected in any way to money laundering or criminal activity. The
company is prohibited from informing the client that it has been reported for
suspicious activity. The company will be obliged to report this suspicious activity to
the relevant authorities.
These guidelines have been performed to protect GloviceFX and its clients.