Anti Money Laundering (AML)
AML vs. KYC
The difference between AML and KYC (Know Your Customer). In banking, KYC is the process that institutions must take in order to verify their customer’s identities before providing services. AML operates on a much broader level and are the measures that institutions take to prevent and combat money laundering, terrorism financing, and other financial crimes. Banks use AML/KYC compliance to maintain secure financial institutions.
AML Holding Period
One anti-money laundering method is the AML holding period which requires deposits to remain in an account for a minimum of five trading days. This holding period is intended to help in anti-money laundering and risk management.
Short History of Anti Money Laundering (AML)
Anti-money-laundering initiatives rose to global prominence in 1989, when a group of countries and organizations around the world formed the Financial Action Task Force (FATF). Its mission is to devise international standards to prevent money laundering and to promote the implementation of those standards. In October 2001, shortly after the 9/11 terrorist attacks on the United States, FATF expanded its mandate to include efforts to combat terrorist financing.
Another important organization involved in the fight against money laundering is the International Monetary Fund (IMF). Like the FATF, the IMF has also pressed its 189 member countries to comply with international standards to thwart terrorist financing.
GS Forex and its application of its AML policy
In order to serve your interest at its best, we apply the most strict AML policy on all our client’s fund. We guarantee to provide you with the most fair and correct procedure and result for this.
GS Forex AML Policy guarantees
- We apply the most strict AML policy in the marketplace
- We make sure that your funds are safe and sound based on the most strict AML policy
- We always provides you with the most fair and effective AML policy