KYC Policy
- Introduction Corex Financing Broker LLC (“the Company”) is committed to maintaining the highest standards of compliance and integrity in accordance with applicable laws and regulations. This Know Your Customer (KYC) policy outlines the procedures and requirements for identifying and verifying the identity of our clients. The policy aims to prevent money laundering, terrorist financing, fraud, and other illegal activities.
- Customer Identification Program (CIP) 2.1. Customer Identification: a. The Company will obtain accurate and up-to-date identification information from each client before establishing a business relationship or executing any transactions. b. Acceptable identification documents may include passports, national identity cards, driving licenses, or any other government-issued identification documents. c. For corporate clients, the Company will obtain identification documents for the company, its beneficial owners, and authorized signatories.
2.2. Verification Process: a. The Company will verify the authenticity of identification documents through reliable and independent sources, such as government databases or trusted third-party service providers. b. Additional verification measures, including checking against watchlists and sanction lists, will be conducted to ensure compliance with applicable regulations.
- Enhanced Due Diligence (EDD) 3.1. High-Risk Customers: a. The Company will subject high-risk customers, such as politically exposed persons (PEPs), to enhanced due diligence procedures. b. Additional information and documentation, such as the source of funds, will be obtained to mitigate risks associated with money laundering or terrorist financing.
3.2. Third-Party Relationships: a. The Company will conduct due diligence on any third parties, including introducers, agents, or financial institutions, with whom it establishes business relationships. b. The Company will ensure that such third parties adhere to similar KYC standards and comply with relevant laws and regulations.
- Ongoing Monitoring 4.1. Transaction Monitoring: a. The Company will monitor customer transactions on an ongoing basis to identify any suspicious activities, including unusual or large transactions. b. Any detected suspicious activities will be reported to the appropriate authorities as required by law.
4.2. Updating Customer Information: a. The Company will periodically update customer information to ensure its accuracy and currency. b. Clients will be requested to promptly provide updated information and documentation in case of any changes to their personal or corporate details.
- Record Keeping The Company will maintain comprehensive records of all customer identification and transaction-related documents in accordance with applicable laws and regulations. These records will be securely stored and retained for the required duration.
- Staff Training and Awareness The Company will provide regular training and awareness programs to its employees to ensure a thorough understanding of KYC policies and procedures. Employees will be encouraged to report any suspicious activities promptly.
- Regulatory Compliance The Company will regularly review and update its KYC policy to ensure compliance with applicable laws, regulations, and best industry practices. Changes to the policy will be communicated to clients as required.
- Non-Disclosure of Customer Information The Company recognizes the confidentiality of customer information and will not disclose any customer-related data to third parties without proper legal authorization, except as required by law or regulatory authorities.
This KYC policy serves as a foundation for customer due diligence procedures and sets the framework for ensuring compliance with relevant regulations while maintaining the integrity of Corex Financing Broker LLC’s operations. The policy will be subject to periodic review and updates as necessary.