KYC Policy

Learn more about these mandatory requirements that are used for our client identification process.

The Know Your Client (hereafter KYC) refers to the Know Your Client bank regulation that financial institutions and other companies must perform to identify their clients and ascertain relevant information pertinent to establish a financial business relationship with them.

1. Definitions and Interpretation

In this Know Your Client (KYC) document, the following words shall have the meaning respectively ascribed to them:

* “KYC” means the Know Your Client policy
* “Company” shall refer to MagnaSaleLtd

2. What is KYC

KYC is an acronym for “Know your Client”, and is a mandatory requirement used for the client identification process. MagnaSaleLtd will request documents to determine the true identity and beneficial ownership of accounts, source of funds, the nature of client’s business, reasonableness of operations in the account in relation to the client’s business, etc., in line with the Money Laundering and Terrorism (Prevention) Act, 2008 and Money Laundering (Prevention) regulations, 1998 of Estonia to increase the significance on a risk-based approach introducing new procedures. The objective of the KYC guidelines is to prevent the investment firms from being used, intentionally or unintentionally by criminal elements for money laundering.

As part of our discipline to comply with the AML Directives, we have advanced the below Know Your Client (KYC) list which will guide you as to the required information/documentation you will need to submit to be assessed and accepted as a client of the Company.

3. Information required

KYC has two components – Identity and Address. Each person, wishing to open a trading account, must submit documents confirming his/her identity and his/her residential address.

The required documents are:

  • National Identity Card or Passport.
  • Recent Utility Bill or Bank statement no older than six (6) months (for the verification of the address).
  • Copies of your credit card, used to make the deposit.
  • Front side with only the 4 last digits visible, expiration date and full name.
  • Back side with your signature and the CVV covered.

4. Objectives of the KYC policy

To prevent criminal elements from using the Company for money laundering activities.

To capacitate the Company to know/apprehend the clients and their financial transactions appropriately and enable them thereby to manage risks readily.

To implement sufficient controls for detection and reporting of suspicious and/or potentially illegal activities in accordance with the applicable laws and procedures.

5. Importance to comply with KYC procedures

KYC procedure is part of the anti-money laundering laws and regulations, which aim to prevent the practice of generating income through illegal and criminal actions.

6. How to send your documents

Please scan your documents, or take a high quality digital camera picture, save the images as jpegs, then send it to us via mail to support@magnasaleltd.org or upload the documents during your registration through our website www.MagnaSaleLtd.org.

7. Privacy

MagnaSaleLtd is committed to protecting your privacy. All the information that you share with us is confidential. We only collect personal information from clients in order to comply with the prevalent Laws and Regulations. We do not share your information with any outside parties.