PROCEDURES FOR OPENING A NEW ACCOUNT
To help the government combat the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means to you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also request for a copy of your driver's license or other identifying documents as follows:
- FOR US CITIZENS:
A copy of your driver's license, passport, utility bill or similar documents.
- FOR NON-US PERSON:
A copy of your passport, driver's license, valid government issued ID card or similar documents.
- FOR ENTITIES SUCH AS CORPORATIONS OR PARTNERSHIPS:
Articles of incorporation, partnership agreements, business licenses or similar documents.
We will also ask for information about the nature of the business, income source of assets, and investment objectives of each prospective customer.
ANTI-MONEY LAUNDERING POLICY
Velocity Futures, LLC. is committed to complying with U.S statutory and regulatory requirements designed to assist the Federal Government in combating money laundering and any activity that facilitates the funding of terrorist or criminal activities, including those activities set forth in the USA Patriot Act, as amended from time to time (the "Act"). Under the Act money laundering is defined as any financial transaction using income derived from criminal activity including but not limited to, drug trafficking, fraud, illegal gambling and terrorism. Velocity Futures has implemented the following money laundering prevention policies and procedures.
Prior to the opening of any new account, Velocity Futures shall document the identity of each prospective customer. Accounts for persons or entities from countries that do not cooperate with the Financial Action TASK Force (FATF) guidelines on money laundering will be subject to a heightened level of scrutiny. Accounts in the name of, or related to, any person or entity on the Office of Foreign Asset Control (OFAC), Specially Designated Nationals and Blocked Person list shall not be permitted to establish an account at Velocity Futures. Additionally, no current or former senior official of a foreign government or political party, senior executive of a foreign government-owned commercial enterprise, entity, or business formed for the benefit of such person, known family members or close associates of such person, or "foreign shell banks" shall be permitted to establish an account at Velocity Futures.
Velocity Futures shall perform reviews on account activity for evidence of suspicious transactions that may be indicative of money laundering activities. This review may for example include surveillance of: 1) money flows into and out of accounts 2) the origin and destinations of wire transfers and 3) other activity outside the normal course of business.
Velocity Futures employees shall be responsible for assisting in the efforts to uncover and report any activity that might constitute, indicate or raise suspicions of money laundering. Velocity Futures will therefore provide continuing education and training in this area to its employees.
Should any officer, employee or associated person of Velocity Futures have any knowledge, suspicions or information regarding potential money laundering activities, that individual shall immediately notify the Compliance Department. The Compliance Officer shall document the reported activity, investigate fully, and, if warranted, report such activity to senior management.
Velocity Futures shall comply with all trade and economic sanctions imposed by OFAC against targeted foreign countries and shall cooperate fully with government agencies, self-regulatory organizations, and law enforcement officials. As stated in the Act, Velocity Futures may supply information about former, current or prospective customers to such bodies.
Any officer, employee or associated person who fails to comply with Velocity Futures's Anti-Money Laundering policies and procedures may be subject to disciplinary action, including termination of employment. Failure to comply may also expose the individual to civil and criminal penalties under the Act.
