Regulatory and Compliance Risk. Brokers are familiar with the risks associated with an ever changing regulatory environment and the rising costs of compliance.
KYC and AML requirements have been around for a while. They place challenges and constraints on your business. They are also requirements that cannot be avoided given the regulatory risk they carry.
It’s not easy for smaller brokers. The cost of doing business puts a drag on capital and time is at a premium. These limitations often put pressure on internal processes resulting in compliance events.
Larger Forex brokers also face challenges. Non-compliance could cause disruptions resulting in business interruption and loss of clients.
For the purpose of Etana's KYC policy, a customer is defined as a person or entity maintaining and account or involved in a business relationship with Etana; beneficiaries of transactions conducted by professional intermediaries (introducing Brokers or IBs), account managers, money managers or solicitors, as permitted by law; or any person or entity connected with a financial transaction which can pose significant reputation risks or other risks to Etana.
The Customer Acceptance Policy (CAP) requires all potential customers to fill in the Etana application form. Thus, relevant data for all categories of customers is captured, supporting fully the applicable AML and KYC documents. This is an important part of the customer identification process/KYC and ensures invaluable transparency.
Etana includes all customers in its risk management policy and sorts them for maximum visibility.
Exceptions are some commercial banks and a selection of regulated financial institutions.
* Etana customers are categorized into three categories based on their Perceived Risk Factor:
Category A – High perceived risk
Category B – Medium perceived risk
Category C – Low perceived risk
Etana obtains sufficient information so as to verify the identity of all new customers. For an even more detailed report, we will also collect brief details about promoters and management, as well as customers' intended nature of their business relationship. The requirement as mentioned herein may be moderated according to the individual customer's risk factor.
Etana monitors transactions by taking into consideration the risk profile of the monitored customer account. Assessing usual and reasonable customer activity, Etana will aim to detect any irregular activity pattern. Special attention will be paid to complex, unusually large transactions and behavioral patterns to safeguard you. With its strict monitoring and reporting process, Etana minimizes any transactional risks.