Reward Oxford direct funds withdrawal back to the original source of remittance, as a preventive measure. International Anti-money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.

Reward Oxford now has policies in place to deter people from laundering money.

These policies include:

Ensuring clients have valid proof of identification

Maintaining records of identification information

Determining that clients are not known or suspected terrorist by checking their names against list of known or suspected terrorist.

Informing clients that the information they provide may be used to verify their identity

Closely following clients’ money transactions

Not accepting cash, money orders or third party transactions

Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.

Money Laundering Usually follows three stages:

Firstly, cash or cash equivalents are placed into the financial system.

Secondly, money is transferred or moved to other accounts, through a series of financial transactions designed to obscure the origin of the money.

And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).

Trading accounts are one vehicle that can be used to launder illicit funds or to hide the true owner of the funds. In particular, a trading account can be used to execute financial transactions that help obscure the origins of the funds.

Reward Oxford does not tolerate money laundering and supports the fight against money launders. Reward Oxford follows the guidelines set by the Germany’s joint money laundering steering group. The Germany’s is a full member of the Financial Action Task Force(FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing.