AML Policy

•   WOHLSTAND MARKETS LIMITED is required to act accordingly with the Anti-Money Laundering and Countering Financing of Terrorism Legislation (AML/CFT Laws). To help the government fight the funding of terrorism and money laundering activities, the law requires all financial institutions to collect, verify, and record information that identifies each person opening an account. WOHLSTAND MARKETS LIMITED has formulated an internal Anti-Money laundering and Counter-Terrorism Policy (hereinafter – AML Policy) based on the risk assessment, so the objectives of the AML/CTF Laws can be achieved. 

These are:

•To discover and prevent money laundering and financing of terrorism.

•To maintain and amplify WOHLSTAND MARKETS LIMITED international reputation by accepting, where appropriate, recommendations issued by the Financial Action Task Force.

•To build more confidence in the financial system among the public.  

To open an account with WOHLSTAND MARKETS LIMITED you accept to agree to the following terms: 

 a) you warrant that you comply with all applicable anti-money laundering laws and regulations, including but not limited to the AML/CTF Laws and associated rules and regulations (in force from time to time).

 b) you are not aware and have no reason to suspect that 

• the money used to fund your deposit in your account has been or will be derived from or related to any money laundering or other activities deemed illegal under applicable laws or regulations or otherwise prohibited under any international convention or agreement (“illegal activities”); or 

• the proceeds of your investment in the fund will be used to finance illegal activities; and

• you agree to promptly provide us with all information that we reasonably request in order to comply with all applicable laws and regulations relating to anti-money laundering.   

   As per the AML Policy WOHLSTAND MARKETS LIMITED will perform initial and ongoing due diligence for each client according to risk level provided by the client. 

 What this means for you:In compliance with the AML/CFT legislation and WOHLSTAND MARKETS LIMITED AML Policy, WOHLSTAND MARKETS LIMITED will ask for certain minimum identification information from each client who opens an account, record client identification information and the verification methods and results, provide notice to clients that we will seek identification information and compare client identification information with government-provided lists of suspected terrorists. 

  This minimum information may include:  

For an Individual Client: 

a) Full name of the client, date of birth, current permanent address , nationality,   

b) If the person is not the client, the person's relationship to the client,  

c) The origin of the funds to be used for trading,

d) Occupation and name of employer (if self-employed, the nature of the self-employment). 

For Corporate Clients: 

a) Full legal name, identifier or registration number, current permanent address and/or registered office, 

b) Full list of shareholders and beneficiaries, their names, registration numbers, addresses, 

c) List of beneficial owners and their details as requested by WOHLSTAND MARKETS LIMITED for natural persons,

d) The origin of the funds to be used for trading, 

e) Purpose of opening accounts.    

 In order to verify the above mentioned information WOHLSTAND MARKETS LIMITED will require submitting the following documents: 

 A. For an Individuals Clients:  

a) Current valid passport.  

b) National identity card.

c) Driving license which carries a photograph.  

d) Document confirming current permanent address (such as utility bills, bank statements, etc.).   

B. For Corporate Clients: 

 a) Certificate of Incorporation or any national equivalent.

 b) Memorandum and Articles of Association and statutory statement or any national equivalent.

 c) Certificate of good standing or other proof of registered address of the company.

 d) Resolution of the board of directors to open an account and confer authority on those who will operate it; 

 e) Copies of power of attorney or other authorities given by the directors in relation to the company. 

 f) Proof of identity of directors in case he/she will deal with WOHLSTAND MARKETS LIMITED on behalf of the Client (according to the Individual identity verification rules described above). 

 g)Proof of identity of the beneficial owner(s) and/or the person(s) on whose instructions the signatories on the account are empowered to act (according to the Individual identity verification rules described above). 

 To verify the above mentioned information, WOHLSTAND MARKETS LIMITED will require a minimum of submitting the documents specified above for corporate clients. WOHLSTAND MARKETS LIMITED may also request you to provide additional information accompanied with respective documents. 

 WOHLSTAND MARKETS LIMITED may at its sole discretion perform periodic clients due diligence and request them to update the information and documents needed by WOHLSTAND MARKETS LIMITED to comply with applicable AML/CTF regulations and internal AML Policy. WOHLSTAND MARKETS LIMITED may monitor the trading activity in Accounts to investigate or identify potential money laundering.

We expect that you provide us with the information and documents requested within 20 business days from the moment of respective request receipt. Once you provided us with all information and documents requested WOHLSTAND MARKETS LIMITED will perform KYC and CDD procedures within 20 business days and approve (verify) your account. If you failed to comply with the KYC CDD obligations WOHLSTAND MARKETS LIMITED may reject opening of an account for you or limit an access to your account.