As a responsible corporate citizen, CyberFX is intent on preventing itself from being used for money laundering purposes and to this end subscribes to and complies with the provisions of the Financial Intelligence Centre Act of 2001 to the extent applicable to accountable institutions. As a business, CyberFX provides an online trading platform which by its operational nature excludes the receipt and handling of money in cash by CyberFX. To this end, CyberFX poses a low risk of being used for money laundering although this does not imply that there may not be attempts to use CyberFX for money laundering purposes. Further, although CyberFX does not accept money in cash from clients or the public, certain instances do arise wherein a client may require money to be paid back to them in the form of a refund/reversal of money the client will have deposited into a CyberFX bank account and therefore the purpose of this policy is to regulate the payment of such refunds/reversal to clients.
The sophistication of criminals who seek to launder money has grown over the years and as such, even low-risk entities such as CyberFX still run the risk of being targeted for money laundering purposes. Depositing “dirty” money into a company bank account on the pretence of entering into a legitimate commercial transaction and thereafter requesting a refund of the money on the pretence of a change of mind or circumstances, is one of the most basic forms of money laundering and hence the payment of refunds/reversals under this policy has to take into account the possibility of money laundering.
A money laundering offence may be described as the performing of any act in connection with property by a person who knows or ought reasonably to have known that the property is or forms part of the proceeds of unlawful activities and that may result in concealing or disguising the nature, source, location, disposition or movement of the proceeds of the crime, the ownership thereof or any interest anyone may have in respect thereof or enabling or assisting a person to avoid prosecution or to remove or diminish the proceeds of crime.2 PROVISIONS OF THE POLICY
2.1.1 CyberFX only accepts deposits by means of credit cards via various payment gateways, namely, MyGate, Payfast and Skrill.
2.1.2 CyberFX does not accept cash deposits.
2.1.3 Any suspicious deposits must be dealt with in terms of CyberFX’s Anti-Money Laundering Policy.
2.2 Withdrawals and Refunds/Reversals
2.2.1 Any funds deposited via credit card will only be first reversed in case of withdrawal.
2.2.2 Funds deposited via credit card cannot be withdrawn to a nominated bank account.
2.2.3 Under no circumstances will cash payments be made to clients.
2.2.4 Payments to third-party bank accounts are not permitted.
2.2.5 Where a client has been issued by its bank with a new credit card after making a deposit and now requires a refund/reversal into the new credit card, proof of cancellation of the credit card from where the deposit originated, must be provided together with proof of the new credit card in the name of the client.
2.2.6 Unused funds can or must only be reversed to the credit card from which they came.3. ADHERENCE
Failure to adhere to the Policy could result in CyberFX breaching legal and/or regulatory commitments, potentially resulting in criminal sanctions, monetary fines and/or reputational damage. Any breaches of this Policy must be reported to the Compliance Officer, who must maintain a record of all failures.