Vantage is committed to the highest standards of the Anti-Money Laundering (AML) compliance and Counter-Terrorism Financing (CTF) and requires the management, and employees to follow the named standards.
Money laundering – the process of converting funds, received from illegal activities (such as fraud, corruption, terrorism, etc.), into other funds or investments that look legitimate to hide or distort the real source of funds.
The process of money laundering can be divided into three sequential stages:
Placement. At this stage, funds are converted into financial instruments, such as checks, bank accounts, and money transfers, or can be used for purchasing high-value goods that can be resold. They can also be physically deposited into banks and non-bank institutions (e.g., currency exchangers). To avoid suspicion by the company, the launderer may as well make several deposits instead of depositing the whole sum at once, this form of placement is called smurfing.
Layering. Funds are transferred or moved to other accounts and other financial instruments. It is performed to disguise the origin and disrupt the indication of the entity that made the multiple financial transactions. Moving funds around and changing in their form makes it complicated to trace the money being laundered.
Integration. Funds get back into circulation as legitimate to purchase goods and services.
Vantage, like most companies providing services on the financial market, adheres to the principles of Anti-Money Laundering and actively prevents any actions that aim or facilitate the process of legalizing of illegally gained funds. AML policy means preventing the use of the company's services by criminals, with the aim of money laundering, terrorist financing or other criminal activity.
To prevent money laundering, Vantage neither accepts nor pays cash under any circumstances. The company reserves the right to suspend any client's operation, which can be regarded as illegal or, may be related to money laundering in the opinion of the staff.
Vantage will make sure that it is dealing with a real person or legal entity. Vantage also performs all the required measures in accordance with applicable law and regulations, issued by monetary authorities. The AML policy is being fulfilled within Vantage by means of the following:
know your customer policy and due diligence
monitoring of client activity
Know Your Customer and Due Diligence
Because of the company's commitment to the AML and KYC policies, each client of the company has to finish a verification procedure. Before Vantage starts any cooperation with the client, the company ensures that satisfactory evidence is produced or such other measures that will produce satisfactory evidence of the identity of any customer or counterparty are taken. The company as well applies heightened scrutiny to clients, who are residents of other countries, identified by credible sources as countries, having inadequate AML standards or that may represent a high risk for crime and corruption and to beneficial owners who resides in and whose funds are sourced from named countries.
During the process of registration, each client provides personal information, specifically: full name; date of birth; country of origin; complete residential address, including phone number and city code. A client sends the following documents (in case the documents are written in non-Latin characters: to avoid any delays in the verification process, it is necessary to provide a notarized translation of the document in English) because of the requirements of KYC and to confirm the indicated information:
A high-resolution copy of the first page of the local or international passport, where the photo and the signature are clearly seen, or a copy of driver's license with the same requirements. The indicated documents must be valid at least 6 months from the filing date.
A high-resolution copy of a receipt of utility services payment or bank statement, containing the full client's name and the actual place of residence. These documents should not be older than 3 months from the date of filing.
You acknowledge you are fully responsible for all activities that occur through the use of any password, user ID or other access methods (each, an “Access Method“) you may be granted as a registered user of VANTAGE FX, whether or not such use is authorised by you. You agree not to access or attempt to access any password-protected portions of the Site without an authorised Access Method or through any means other than by utilizing your authorised Access Method on the appropriate web page or web tools. It is your sole responsibility to monitor and control use of these Access Methods for all purposes. You accept all responsibility for the security of your Access Method, and utilization of the Site via the Access Methods. You agree that you shall be solely liable for all authorised and unauthorised access using the Access Methods. Do not disclose your Access Methods to anyone not authorised to act on your behalf. VANTAGE FX cannot and will not be liable for any loss or damage arising from your failure to comply with this Section.
In case the applicant company is listed on a recognised or approved stock exchange or when there is independent evidence to show that the applicant is a wholly owned subsidiary or a subsidiary under the control of such a company, no further steps to verify identity will normally be required. In case the company is unquoted and none of the principal directors or shareholders already has an account with Vantage, the official provides the following documents because of the requirements of KYC:
a high-resolution copy of the certificate of incorporation/certificate;
an extract from the Commercial Register, or equivalent document, evidencing the registration of corporate acts and amendments;
names and addresses of all officers, directors and beneficial owners of the corporate entity;
a high-resolution copy of Memorandum and Articles of Association or equivalent documents duly recorded with the competent registry;
evidence of the company’s registered address and the list of shareholders and directors;
the location of principal business.
This procedure is performed to establish the identity of the client and to help Vantage know/understand the clients and their financial dealings to be able to provide the best services of online trading.
Monitoring of client activity
In addition to gathering information from the clients, Vantage continues to monitor the activity of every client to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is inconsistent with the client's legitimate business or the usual client's transaction history known from client activity monitoring. Vantage has implemented the system of monitoring the named transactions (both automatic and, if needed, manual) to prevent using the company's services by criminals.
Records must be kept of all transaction data and data obtained for the purpose of identification, as well as of all documents related to money laundering topics (e.g. files on suspicious activity reports, documentation of AML account monitoring, etc.). Those records are kept for a minimum of 7 years after the account is closed.
Deposit and withdrawal requirements
All the clients' operations to deposit and withdraw funds have the following requirements:
Due to AML / CTF laws, Vantage cannot deposit funds to third parties. All money withdrawn from your account must go to a bank account in the same name as your Vantage trading account.
Withdrawing funds from the trading account via the method, which is different from the depositing method, is possible solely after withdrawing the sum, which is equal to the sum of client's deposits via the method and to the same account used for depositing.
If the account was credited in the way that cannot be used for funds withdrawal, the funds may be withdrawn to a bank account of the client or any other way may be used, as long as the client provides satisfactory evidence of the ownership of the bank account.
In case of depositing via Visa/MasterCard, Wire Transfer, Moneybookers, E-wallets, the withdrawal of funds, which exceed the sum of the client's deposits, is possible via any of the following methods: Visa/MasterCard, Wire Transfer, Moneybookers, E-wallets, as long as our system permits and we have sufficient evidence that the destination account is under the same name as the trading account holder.
More information about our withdrawal process can be found here.