At WealthTropics, we are fully committed to upholding the integrity of financial markets and complying with all applicable international regulations concerning Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations.
Our AML and KYC policies are designed to detect, prevent, and report illegal financial activities such as money laundering, terrorism financing, fraud, and identity theft.
By using the WealthTropics platform, you agree to comply with the provisions outlined below.
🛡️ AML Policy
1. AML Compliance Program
WealthTropics maintains a robust compliance framework, including documented policies, procedures, and internal controls that are reviewed and updated regularly to remain aligned with international best practices.
2. Appointed AML Compliance Officer
A dedicated AML Compliance Officer oversees all aspects of the AML program, including internal reviews, reporting, and coordination with regulatory agencies.
3. Risk-Based Client Assessment
Clients are assigned risk ratings based on various factors such as location, transaction types, funding methods, and account behavior.
4. Real-Time Transaction Monitoring
Our platform leverages automated systems to flag suspicious or abnormal activity for manual review, helping to identify red flags before potential abuse occurs.
5. Suspicious Activity Reporting (SAR)
When necessary, SARs are submitted to competent authorities. Clients are only notified if disclosure is legally permitted.
6. Sanctions List Screening
We routinely screen clients and transactions against global watchlists (OFAC, UN, EU, etc.). Matches are immediately restricted or rejected.
7. Enhanced Due Diligence (EDD)
High-risk clients undergo enhanced verification procedures and increased scrutiny of their trading behavior and funding sources.
8. Record Retention
All AML-related records — including client IDs, transaction logs, and communications — are stored securely for at least 5 years, in line with legal standards.
9. Employee AML Training
All employees receive periodic AML awareness training to stay current with regulatory developments and suspicious activity patterns.
10. Correspondent Banking Oversight
When dealing with financial institutions, we perform in-depth AML assessments to ensure mutual compliance and risk mitigation.
11. Prohibited Activities
WealthTropics strictly prohibits:
- Anonymous account use
- Shell company transactions
- Activity from blacklisted or sanctioned jurisdictions
Violations result in immediate account suspension and reporting.
12. Client Awareness
We provide educational resources to help clients understand AML obligations and encourage reporting of unusual activity via secure channels.
13. Transaction Thresholds
Large or unusual transactions are flagged and reviewed. Thresholds vary based on jurisdiction and regulatory requirements.
14. Independent Audits
We commission third-party audits of our AML program regularly to validate its effectiveness and address any gaps.
15. Cross-Border Transfers
International transactions — especially involving high-risk regions — are subject to additional due diligence and justification.
16. Internal Reporting Requirements
Staff must report suspected AML breaches or red flags internally, in strict confidence, to the Compliance Officer.
17. Politically Exposed Persons (PEPs)
PEP accounts are subject to additional EDD requirements and ongoing scrutiny due to their elevated risk profile.
18. Beneficial Ownership Disclosure
We require full identification of ultimate beneficial owners (UBOs), especially in corporate account setups, to prevent misuse.
19. Cooperation with Authorities
WealthTropics complies with all lawful requests from local or international enforcement agencies in AML investigations.
20. Zero Tolerance Policy
We operate under zero tolerance toward money laundering. Any confirmed activity results in permanent account closure and legal action.
🔐 KYC Policy
1. Purpose
Our KYC procedures are designed to verify client identities, establish legitimacy, and prevent illicit account usage.
2. Identity Verification
All clients must provide valid government-issued ID (passport, national ID, or driver’s license) during registration.
3. Proof of Address
Acceptable proof includes utility bills or bank statements dated within the last 3 months.
4. Document Authentication
WealthTropics verifies all submitted documents using automated and manual validation methods. Falsified documents result in suspension.
5. Periodic Data Reviews
Clients must keep information up to date. We conduct periodic checks to verify and refresh account data.
6. Corporate Account KYC
Corporate clients must provide incorporation documents, shareholder details, and authorized representative information.
7. High-Risk Client Screening
Clients flagged as high-risk (e.g. based on region or activity) are subject to enhanced KYC procedures and stricter monitoring.
8. Withdrawal Verification
Withdrawals may trigger additional verification steps to prevent unauthorized fund access.
9. Source of Funds Declaration
We may request documentation (e.g. payslips, bank transfers) to verify the origin of deposited funds.
10. Data Protection
All KYC data is handled securely in compliance with applicable privacy laws (e.g. GDPR) and used solely for verification purposes.
11. Non-Compliance Consequences
Accounts may be restricted or suspended if KYC is not completed or updated upon request.
12. PEP Screening
All clients are screened to identify PEP status. PEPs are reviewed under our EDD protocols.
13. Beneficiary Verification
Third-party beneficiaries must be disclosed and verified to ensure transparency in account use.
14. Multiple Accounts Policy
Clients must complete KYC verification for each account they open, even under the same name.
15. Reactivation of Dormant Accounts
Clients must resubmit identification and address documents to reactivate suspended or inactive accounts.
16. Jurisdictional Restrictions
We do not accept clients from high-risk or sanctioned jurisdictions. Our onboarding system automatically restricts such registrations.
17. Large Transaction Protocols
Large deposits or withdrawals may trigger additional identity and source-of-funds checks.
18. Staff Training
Our compliance and support staff receive regular KYC policy training to ensure consistency and compliance.
19. Automation and Efficiency
WealthTropics leverages secure automated verification tools to enhance accuracy and speed of onboarding.
20. Ongoing Policy Review
We continuously update our KYC framework in line with global standards and technological developments.
✅ Commitment to Compliance
WealthTropics is fully dedicated to regulatory compliance, financial transparency, and risk prevention.
Our AML and KYC frameworks are core pillars of our trust-first model and are essential to maintaining a safe, secure, and compliant trading environment for all clients.