Anti-Money Laundering (AML)

The Binapex AML Policy is designed to prevent money laundering by meeting the local AML legislation obligations including the need to have adequate systems and controls in place to reduce the risk of the company being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:

  • Establishing and maintaining risk-based client due diligence, identification, verification and know your customer procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons.
  • Establishing and maintaining risk based systems and procedures to monitor on-going customer activity.
  • Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate.
  • The maintenance of appropriate records for the minimum prescribed periods.
  • Training and awareness for all relevant employees.

Know Your Client (KYC)

Due to international regulations on the prevention of criminal activities, money laundering and terrorism financing, Binapex implements KYC guidelines and procedures. While we respect and honor the privacy of our clients, corporate and individuals, we are committed to undertaking thorough due diligence of both our clients' identities and the nature of their businesses. Therefore customers have to provide the following mandatory documents to comply with “Know Your Client” policy:

For Individual Accounts:

  1. A high-resolution copy of the photo page of passport and other relevant pages, indicating full name, place and date of birth, issue and expiry dates, passport number, country of issue and signature or a copy of national identity card/driver's license including information mentioned above.
  2. Utility bill or bank statement dated within the last three months, showing registered name, permanent residential and mailing address.
  3. A high-resolution copy of the customer holding the photo ID aforementioned is required in some jurisdictions.

For Corporate Accounts:

  1. A high-resolution copy of the Certificate of Incorporation.
  2. Document detailing the address of the company's registered office.
  3. Certificate of Good Standing

 

Binapex is entitled, upon its sole discretion and grounding upon this policy, at any time during the service provision to its clients demand them present the documents to reinstate account functionality or justify any other action (or operation) performed (or about to be performed) by the client. Such requests will be made via e-mail. Simultaneously, Binapex reserves the exclusive right to unilaterally decline any clients' application and/or terminate further provision of services without any statements or explanations to the client.