Welcome to IST Markets. This Anti-Money Laundering (AML), Counter-Terrorism Financing (CTF/CFT) and Know Your Client (KYC) Policy explains why we verify clients, what documents we may request, how we apply a risk-based approach, and how suspicious activity may be identified and reported.
Official PDF : Download
Important: This page is written to be clear and easy to read. If there is any discrepancy, the official PDF Policy and applicable legal documents for your account will prevail.
IST MARKETS LTD (“IST Markets” or “the Company”) aims to prohibit, detect and actively pursue the prevention of money laundering and terrorist financing activities and to comply with applicable laws, rules and regulations with full attention and no compromise.
This Policy applies to the Company’s officers, employees, introducing brokers and affiliated companies, and to the products and services offered by the Company.
Client identification and due diligence procedures are applied in the following conditions:
Verification and risk-based monitoring help protect clients and the Company against financial crime and help ensure compliance with AML/CFT obligations.
The Company is required to comply with applicable laws regarding the prevention of money laundering and terrorist financing. The AML and CTF procedures implemented by the Company are based on AML and CTF laws applicable in Mauritius and the recommendations of the Financial Action Task Force (FATF), in addition to other relevant documents and information.
Money laundering is the process of creating the appearance that large amounts of money obtained from serious crimes originated from a legitimate source. There are three steps involved: Placement, Layering and Integration.
Placement refers to the act of introducing “dirty money” (money obtained through illegitimate, criminal means) into the financial system in some way.
Layering is the act of concealing the source of that money by way of a series of complex transactions and bookkeeping gymnastics.
Integration refers to the act of acquiring that money in purportedly legitimate means.
Terrorist financing is the process by which funds are provided for financing or financial support to individual terrorists or terrorist groups.
AML/CTF refers to Anti-Money Laundering and Counter Terrorism Financing—procedures, laws and regulations designed to prevent generating income through illegal actions and to prevent financing or providing financial support to terrorists.
FATF is an intergovernmental organization that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering and terrorist financing.
Clients are categorized based on their risk profile into three main categories:
Clients may be classified as High Risk due to factors such as:
As a general rule, client identification and due diligence must take place before the establishment of a business relationship or the carrying out of a transaction.
In limited cases, verification may be completed during the establishment of a business relationship where necessary in order not to interrupt the normal conduct of business and where there is limited risk of money laundering or terrorist financing occurring. In such situations, these procedures need to be completed as soon as possible.
Reviews of existing records take place on a regular basis to ensure documents, data and information held are up to date.
When a client’s account is opened, it should be closely monitored.
A review should be carried out at least twice a year and a note summarizing the results must be kept in the customer file.
At frequent intervals, the Company should compare estimated against actual turnover of the account, and any serious deviation should be investigated.
Normal due diligence applies for normal risk clients and may include:
Simplified procedures may apply for low risk clients. These measures apply when there is no suspicion of money laundering.
The Company should apply enhanced due diligence measures in situations which by nature can present high risk of money laundering or terrorist financing. Measures may include one or more of the following:
The Company will ensure that the construction of the economic profile, assessment of appropriateness and assessment of suitability are performed prior to the establishment of the business relationship.
Clients may be provided with a grace period of fifteen (15) days to provide identification documents. During the 15-day period, the Company is required to ensure:
PEPs are individuals who are or have been entrusted with prominent public functions in a foreign country. The Company should adopt additional measures to determine whether a prospective client is a PEP, which may include:
The Company is prohibited from keeping anonymous or numbered accounts and pays special attention to threats arising from products or transactions that might favor anonymity, taking measures to prevent misuse.
The Company may rely on third parties to meet certain client due diligence requirements; however the ultimate responsibility remains with the Company.
A valid government-issued proof of identity (Passport, National ID Card, Driving License, etc.) which should include:
A recent proof of home address in the person’s name (Bank statement, Utility bills, Phone bills, etc.) which should include:
To help avoid delays, ensure your documents are clear, complete, and valid (no missing edges, heavy glare, or unreadable fields).
The form and name of corporate documents may vary depending on the country and legal form. However, required corporate documents should include:
Examples may include (non-exhaustive): Certificate of incorporation/registration, Certificate of registered office, Certificate of directors and secretary, Certificate of registered shareholders, Memorandum and articles of association.
Personal KYC and identification documents may be required for:
These identification documents include Proof of Identity and Proof of Residence.
A board resolution for opening the account and granting authority to those who will operate it.
The Company keeps documents and information for use in any investigation into, or analysis of, possible money laundering or terrorist financing by national authorities. Retention may be in electronic form provided the Company can retrieve documents without undue delay and present them to relevant authorities upon request. Where documents are not in English, a true translation should be attached.
For client due diligence, a copy of the references of the evidence is required for at least five (5) years after the business relationship ends.
For business relationships and transactions, supporting evidence and records are required for at least five (5) years following transactions or the end of the business relationship.
A suspicious transaction is one that is inconsistent with a client’s known, legitimate business or personal activities, the normal business of the specific account, or the economic profile created for the client.
Examples may include (not limited to):
The reports of employees from different departments are evaluated by the AML Compliance Officer. If it is considered necessary, the Compliance Officer shall notify the relevant Money Laundering Authorities. After submission of a suspicious report, relevant customer accounts concerned (and any connected accounts) are placed under close monitoring.
The procedure to be followed may include:
The Company ensures employees are fully aware of legal obligations by introducing a complete education and training program. Employees may be personally liable for failure to report information or suspicion regarding money laundering or terrorist financing.
Client personal information and documentation are maintained strictly for business purposes. Information is shared only with relevant internal departments. The Company may share information with internal departments or affiliate offices conducting marketing, back-office, and customer service functions to accomplish normal business operations, subject to confidentiality obligations and internal access controls.
IST MARKETS LTD is registered in Mauritius and regulated by the Financial Services Commission, Mauritius (FSC Mauritius) under License Number: GB22200573.
The Cyberati Lounge, Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Mauritius.
Email: [email protected]
Phone: +44 20 8097 2686
We request verification documents to comply with AML/CFT requirements, help protect clients and the Company from financial crime, and to apply appropriate risk-based monitoring.
Individuals typically provide a valid government-issued proof of identity (passport, national ID, or driving license) and a recent proof of residence (e.g., bank statement or utility bill) issued within the last 6 months.
Clients may be provided with a 15-day grace period to submit identification documents. During this period, cumulative deposits must not exceed USD 2,000 and funds may come only from a bank account (or linked means) in the client’s name.
The account may be closed if verification is not concluded following completion of the grace period.
Where relevant, enhanced due diligence may apply, including Senior Management approval, establishing the origin of assets and source of funds, and enhanced ongoing monitoring.
The Company may rely on third parties to meet certain due diligence requirements; however, ultimate responsibility remains with the Company.
Records for client due diligence evidence and transaction supporting evidence are retained for at least five (5) years after the end of the relationship or following transactions.
Employees report concerns to the AML Compliance Officer, who evaluates reports and may notify relevant authorities when necessary. Accounts may be placed under close monitoring after reporting.
