Our Commitment
As an international broker offering contracts for difference and cryptocurrency-related products, GLStock is required to apply anti-money laundering ("AML") and counter-terrorist financing measures with due diligence. GLStock complies with applicable international anti-money laundering laws and regulations and maintains a firm and proactive stance against the misuse of its services for illicit purposes. Our policies and procedures are designed to detect, prevent, record and report money laundering, terrorist financing and any other suspicious activity.
This policy applies to all clients and to all products and services offered by GLStock, and should be read together with our Know Your Client policy, our Privacy Policy and our Terms of Service Agreement.
How Is Money Laundering Defined?
Money laundering occurs when criminals attempt to move the proceeds of unlawful activity into a legitimate financial system in a way that conceals the origin of those funds and avoids legal scrutiny.
Once illicit funds have entered a legitimate financial system, they can be moved between institutions or financial products and then used to acquire goods and services, to finance further criminal conduct, or to fund terrorism.
GLStock will report any attempt by an individual or a business to conceal the origin or the ownership of the proceeds of illegal activity, including fraud, theft, illegal gambling, drug trafficking, corruption, tax evasion, sanctions evasion and comparable offences.
Do I Need to Prove My Identity Before Opening a Trading Account?
Yes. To prevent money laundering, GLStock requires every client to provide supporting documentation evidencing both their identity and the origin of their funds before trading. We place significant emphasis on verifying the identity of our clients and on establishing that their funds derive from a lawful source before an account is opened or a deposit is accepted. As part of this policy you will be asked to provide legal documentation confirming your name, personal details and place of residence.
GLStock Requires the Following Documentation as Proof of Identity:
- A copy of your passport or national identity card (front and back).
- A copy of every credit or debit card used to make a deposit (front and back). Only the first six and the last four digits on the front of the card need be visible, together with the expiry date and the full name of the cardholder; you may cover the remaining digits and the CVV code on the reverse.
- A bank statement or equivalent bank identity document.
- A complete utility bill showing your first and last name together with your residential address. Please provide the entire document.
- A customer agreement clearly identifying the beneficiary. The account beneficiary must match the name on your customer agreement form, and any funds you wish to withdraw must be returned to the same account number and beneficiary name.
Client Due Diligence and Risk Assessment
GLStock applies a risk-based approach. Each client is assessed at onboarding and thereafter on an ongoing basis, taking into account the client's country of residence, occupation, expected account activity, source of funds and any exposure to sanctions or to politically exposed person status. Where a relationship is assessed as higher risk, enhanced due diligence measures are applied, which may include additional documentation, senior management approval and more frequent review.
Transaction Monitoring and Reporting
Account and transaction activity is monitored for patterns that are inconsistent with the client profile on record. Where activity gives rise to a suspicion of money laundering or terrorist financing, GLStock will file a report with the competent authority. Where the law so requires, GLStock will not, and may not, inform the client that such a report has been made. GLStock may suspend or terminate a relationship, decline a transaction or freeze funds where this is necessary to comply with its legal obligations.
Prohibited Practices
- Deposits made from, or withdrawals requested to, an account or payment instrument that does not belong to the client.
- Third-party funding of any kind.
- Deposits followed by a withdrawal request without genuine trading activity.
- Providing false, incomplete or misleading information or documentation.
- Any attempt to use the services of GLStock in breach of applicable sanctions.
Record Keeping and Training
Identification records, account files and transaction records are retained for the period prescribed by the applicable anti-money laundering legislation and are processed in accordance with our Privacy Policy. Staff receive training appropriate to their role so that suspicious activity can be recognised and escalated promptly.
Contact
Questions concerning this policy or requests for information about your verification status may be sent to our compliance department at [email protected].