For KYC policy purposes, a customer can be defined as:
An individual or organization (ie beneficial owner) who is the account holder and/or has a business relationship with idealfx.com for which the account is maintained
Idealfx.com stock, contract accountants, lawyers, etc. beneficiaries of transactions permitted under the Law by professional intermediaries such as
Any person or entity in connection with a financial transaction that could pose a significant reputational or other risk to idealfx.com, such as the issue of a wire transfer or high-value claims policy as a single transaction.
KYC policy includes the following eight key elements – client identification procedures, monitoring of transactions, risk management, training program, internal control system, record keeping and evaluation of KYC guidelines by the internal audit and inspection system, roles / responsibilities and accountability.
Idealfx.com implements an effective KYC program, establishes appropriate procedures and ensures that they are implemented emotionally. It covers appropriate management oversight, systems and controls, segregation of duties, training and other related issues. Responsibility is clearly shared within the company to ensure that company policies and procedures are implemented effectively.
The nature and extent of due diligence depends on the perceived risk by the idealfx.com customer profile. idealfx.com has an important role in evaluating and adhering to internal audit and compliance, KYC policies and procedures. The compliance function independently evaluates idealfx.com’s own policies and procedures, including legal and regulatory requirements. Ensures the inspection machine is adequately staffed by people knowledgeable in such policies and procedures. Internal auditors specifically check and verify the implementation of KYC procedures at branches / offices and comment on observed errors in this context.