Anti Money Laundering Policy

Anti Money Laundering Policy

Money laundering is the processing of criminal proceeds to disguise their illegal origin.
IKON Finance Limited (“IKON”) has a comprehensive Anti-Money laundering policy, an outline of which is set out below.

Senior management of IKON have a responsibility under the Financial Conduct Authority's (“FCA”) Senior Management Arrangements, Systems and Controls (“SYSC”) Sourcebook to ensure that the firm's control processes and procedures are appropriate and effectively implemented to counter the risk of the firm being used to further money laundering and financial crime. Senior management are fully involved in the processes and take ownership of the risk-based approach.

The firm's Money Laundering Reporting Officer (“MLRO”) will provide an annual report to the directors on the operation and effectiveness of the firm's systems and controls to combat money laundering and financial crime. When the report is received senior management will consider the findings and take any action that is required

Money Transfer Policy Overview:


IKON will not, under any circumstances, accept funds from a remitter where the ordering party is not also the beneficiary i.e. No Third-Party transfers are accepted, and funds are returned as unapplied.

Likewise IKON will never disburse funds to a Third Party, and will always "return to sender" i.e. Client Account at IKON to Client account at correspondent bank where the original transfer was made (return to source).

Customer Due Diligence (“CDD”)


The Money Laundering Regulations 2017 which came into force on 26th June 2017 are explicit on each individual firm's obligations for conducting CDD as well as describing those situations and customers where either "Simplified Due Diligence" (“SDD”) can be applied or where "Enhanced Due Diligence" ("EDD") must be used.

Core obligations on the firm are:

  • The prescribed CDD measures must be carried out for all customers
  • EDD must be applied in higher risk cases where the customer is not present (such as online applications) and also in relation to Politically Exposed Persons (“PEPs”);
  • Awareness that some persons/entities must not be dealt with and systems are in place for keeping information up to date.
  • CDD measures that must be carried out involve: Identifying the investor and verifying their identity; Identifying the beneficial owner where relevant and verifying their identity; and obtaining information on the purpose and intended nature of the business relationship

 

The firm monitors and adapts this process as required.

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IKON Finance Limited is incorporated in England and Wales, Company number 7251305 and authorised and regulated by the Financial Conduct Authority ("FCA"), FRN 525113.


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