Anti-Money Laundering (AML) and Counter-Terrorism Financing (CFT) Policy

CedarFX is fully committed to compliance with the legal and regulatory framework of the Republic of Mauritius, including but not limited to the Financial Intelligence and Anti-Money Laundering Act 2002 (FIAMLA), as amended, and guidelines issued by the Financial Services Commission (FSC). This policy establishes the measures CedarFX employs to prevent, detect, and report activities related to money laundering and the financing of terrorism.

Img Aml

angles

  1. Definitions

    • Money Laundering: The act of concealing or disguising the origins of illicit funds to make them appear legitimate
    • Terrorism Financing: The direct or indirect provision of funds intended for terrorist activities.
    • Client Due Diligence (CDD): Processes undertaken to identify and verify clients, as well as to ascertain the purpose and nature of the business relationship.
    • Politically Exposed Person (PEP): An individual entrusted with prominent public functions, including their immediate family members and close associates. ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

  2. Policy and Procedures

    1. Client Due Diligence (CDD)

      CedarFX conducts robust CDD procedures in compliance with legal requirements:‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

      1. Identification and Verification:

        1. Natural Persons: Obtain and verify full name, residential address, and identification documents (e.g., passport, national ID).

        2. Legal Entities: Identify beneficial owners, directors, and control structures; verify legal status and principal place of business.

      2. Risk Assessment:

        1. Assess each client’s risk level based on factors such as geographic location, business activity, and transaction patterns.

        2. Classify clients into risk categories (low, medium, or high) to apply appropriate levels of due diligence.

    2. Risk-Based Approach

      1. Simplified Due Diligence (SDD): Applied to clients categorized as low risk, involving basic identification and verification measures.

      2. Enhanced Due Diligence (EDD): Applied to high-risk clients, including additional scrutiny of identification documents, detailed reviews of activities, and senior management approval before entering or continuing the relationship.

    3. Source of Funds and Wealth

      CedarFX requires clients to provide documentation on the source of funds and wealth to ensure legitimacy. Verification may involve independent third-party checks. ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

    4. Ongoing Monitoring and Reporting

      1. Conduct continuous monitoring of client transactions to identify and flag unusual or suspicious activity.

      2. Promptly report suspicious activities to the Financial Intelligence Unit (FIU) in accordance with FIAMLA requirements.

    5. Record-Keeping

      CedarFX maintains detailed records of all client identification documents, risk assessments, transaction records, and suspicious activity reports as stipulated by FIAMLA.‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

    6. Compliance and Governance

      CedarFX ensures adherence to all applicable AML and CFT laws, regulations, and international standards, including directives issued by the FSC. ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎ ‎

    7. Commitment to Compliance

      CedarFX is resolutely committed to maintaining the highest standards of compliance with AML and CFT obligations. This policy reflects CedarFX’s dedication to safeguarding the integrity of its operations and the broader financial system.

Reach the Top of the Trading Tree with a CedarFX Account
Benefit from 0% commission, ultra-low spreads and free transactions today
angles