AML & KYC Policy

IST Markets LTD ("IST Markets") is committed to preventing its services from being used for money laundering, terrorist financing or other financial crime. We apply a risk-based approach and will not do business with anyone who does not meet the requirements described below.

As a firm licensed by the Financial Services Commission (FSC) of Mauritius, we are subject to the anti-money-laundering and counter-terrorist-financing (AML/CFT) laws of Mauritius, including the Financial Intelligence and Anti-Money Laundering Act 2002 and its regulations, and to the guidance issued by the FSC. We also take into account international standards such as the recommendations of the Financial Action Task Force (FATF).

Before you can trade or withdraw funds we must verify who you are. We will usually ask for:

• a valid government-issued photo ID (passport, national ID card or driving licence);
• proof of residential address issued within the last few months (for example a utility bill or bank statement);
• information about your employment, source of funds and, where required, source of wealth; and
• for corporate clients, incorporation documents and details of directors and ultimate beneficial owners.

We may use electronic verification providers and may request additional or certified documents at any time.

We apply enhanced checks to higher-risk relationships, such as politically exposed persons (PEPs), their family members and close associates, clients connected with higher-risk jurisdictions, and unusually large or complex activity. This may include senior-management approval and further evidence of source of funds and wealth.

• Payments must come from an account, card or wallet in your own name. Third-party payments are not accepted.
• Cash deposits are not accepted.
• Withdrawals are normally returned to the same method and account used to deposit, up to the amount deposited, in line with our withdrawal policy.
• Withdrawals may be delayed until verification is complete.

We screen clients against sanctions and PEP lists at onboarding and on an ongoing basis, and monitor account activity for unusual patterns. Where we know or suspect money laundering or terrorist financing, we are legally required to report it to the Financial Intelligence Unit of Mauritius and may not tell you that a report has been made.

We may refuse to open an account, decline or reverse a transaction, freeze funds, or close an account where required by law or where our checks are not satisfied.

We keep identification and transaction records for the period required by law after the end of the relationship. We have appointed a Money Laundering Reporting Officer, maintain internal controls and independent review, and train our staff regularly.

Questions about verification or this policy can be sent to the contact options on istmarkets.com.