As a broker authorised and regulated by UK Financial Conduct Authority, iFOREX UK is legally required to verify our customers’ identity before they make a deposit. The identification process begins by filling in the questionnaires (KYC and CDD) that will appear on the platform (under the tab ‘My Account’ > ‘Activate my account’).
The KYC questionnaire (Know Your Client) was created to evaluate the suitability of the trading activity for the client. According to their answers, the client might receive a message that they are ‘clear to go’, receive a ‘risk warning’ message to approve or might be requested to answer a trading knowledge quiz. If they do not answer correctly, they will not be able to open an account with iFOREX UK.
The CDD questionnaire (Customer Due Diligence) is intended to verify the identity of our clients and to ensure they pass the AML (Anti Money-Laundering) legal requirements. The goal of this is to ascertain the source of funds deposited with us in order to prevent money laundering and terrorist financing. Some answers to the CDD questions might block the registration process. In all cases, the data will be processed by our Compliance department, who send an SMS and email notifying the client if they can move forward and deposit – or not.
Once the client passed the KYC and CDD processes successfully, they will be able to deposit funds in their account. They will then be requested to send identification documents: proof of ID, proof of residence and copy of credit card will have to be processed by using either GBG for amounts below £7,000 or our Compliance department for sum in excess of that amount, before being allowed to trade.