Anti-Money Laundering Policy
To create a trusted and safe trading space, WorldStocks uses strict anti-money laundering policies that strongly prohibit any illegal activities or attempt to use our services for such purposes.
1.1 WorldStocks abide by strict regulations under the Anti-Money Laundering (AML) compliance. Under this policy, we are able to filter illegal activities such as security frauds, terrorist financing or any other unlawful acts related to concealing the origin of illegally obtained money.
1.2 As prescribed by the Anti Money Laundering Regulations 2012 and Guidelines on Anti-Money Laundering and the Financing of Terrorism Procedures for Reporting Entities in Seychelles, WorldStocks is required to carry out authentication and verification for each and every client. As such, the client is required to provide documents to be fully compliant to use our services. For security purposes, WorldStocks is required to keep a record of the client’s compliance documents as well as transactions.
2. Policy Scope
2.1 Employees, executives and clients of WorldStocks, adhere to the Anti-Money Laundering policy of the Company by submitting necessary documents as and when required.
2.2 To be in line with the AML Policy, the MLRO executes Suspicious Activity Reports (SARs) and other mandatory disclosure in writing to the Financial Services Authority (Seychelles) and to the Financial Intelligence Unit. As such all transactions on the Company’s official website through its corresponding banks and financial institutions are correlatively documented and recorded for security purposes.
2.3 Our commitment to the prevention of money laundering and all other unlawful activities is unbounded. Using risk-based methods judiciously to filter and identify the foregoing reporting and/or writing under the International Anti-Money Laundering Acts, Regulations and Guidelines.
3.1 WorldStocks firmly stand by its responsibility to protect the public against illegal misconducts. WorldStocks, as well as its employees, follow stern corroboration practices that ensure the prevention and control of risks that can negatively influence the company’s operations. The Seychelles AML Act 2006 (as Amended), Seychelles AML Regulations 2012 and Guidelines on Anti-Money Laundering and Combating the Financing of Terrorism Procedures for Reporting Entities in Seychelles are the legal framework on which the company’s Anti-Money Laundering and Customer Due Diligence procedures are founded upon.
3.2 To further prevent terrorism funding, money laundering, tax evasion and any other illegal financing activities, the company carries its due diligence in order to be informed about any national or international threats. The Company justifies the protection of its managerial operations, personal records of employees and that of the Clients, and all forms of documents confidential in nature. Any form of threat in relation to illegal financing activities is dealt with legal proceedings.
4. Customer Due Diligence
4.1 In an attempt to alleviate the risks of money laundering, WorldStocks impose rigid Customer Due Diligence (CDD) procedures. We collect a wide range of information that allows us to analyse and assess the potential risks a client represents. CDD procedures are applied during the on-boarding of a client and recurrent reviews are carried out as long as the client uses the services we provide. To create a trusted environment, it is empirical to us to know our clients but also the Ultimate Beneficial Owners (UBOs) and Authorised Signatories as appropriate. Special measures are used for the benefit of our relationship with politically exposed persons (PEPs) or clients from countries or industries deemed high risk.
4.2 In the event where the client is suspected to provide fake/false information or information proven to be linked with money-laundering activities, he/she will be face penalties as deemed correct by WorldStocks.
4.3 Identity verification includes but is not limited to the provision of the clients’ complete name and address, date of birth, passport number, country of origin, and other personal information that the Company may deem important.
4.4 We rely on the trust of our clients to provide 100% true and accurate information. We reserve the right to reject, cancel, and/ or suspend any transaction if any form of information discrepancy occurs. Transactions by third parties in lieu of the Client need a power of attorney (POA) which will be subject for approval by the Company. If the third-party transaction is not approved, the Company reserves the right to consider the transaction invalid without providing an explanation.