EAST Academy is highly sensitive to the highest standards of Anti-Money Laundering (AML) and Anti-Terrorism Financing. All involved in this community including management, all staff and their representatives are required to adhere to these standards.
Money Laundering – The process of converting funds received from illegal activities, for example: corruption, fraud, violence, etc. into another fund or investment to appear legitimate to conceal the source of the said funds.
The process of money laundering can be divided into three sequential stages:
Placement. At this stage funds are first converted to financial instruments, such as: checks, bank accounts and money transfers or they can also be used to purchase high-value items that can be resold. These funds can also be deposited physically into bank institution and non-bank institution (example: Currency Exchangers). To avoid suspicion, they will make some deposits instead of depositing the whole amount at once, and this form of placement is called smurfing.
Layering. Funds are transferred or moved to other accounts and other financial instruments. It is performed to disguise the origin and disrupt the indication of the entity that made the multiple financial transactions. Moving funds around and changing in their form makes it complicated to trace the money being laundered.
Integration. Funds get back into circulation as legitimate to purchase goods and services.
ANTI-MONEY LAUNDERING (AML) POLICY
EAST Academy providing services, advices on the financial market, adheres to the principles of Anti-Money Laundering and actively prevents any actions that aim or facilitate the process of legalizing of illegally gained funds. AML policy means preventing the use of the community's services by criminals, such as: money laundering, terrorist financing or other criminal activity.
For this purpose, a strict policy on the detection, prevention and warning of the corresponding bodies of any suspicious activities was introduced by the community. A complex electronic system for identifying every community's client and conducting a detailed history of all operations was introduced as well.
To prevent money laundering, EAST Academy neither accepts nor pays cash under any circumstances. EAST Academy reserves the right to suspend any client's operation, which can be regarded as illegal or, may be related to money laundering in the opinion of the staff/representatives.
EAST Academy's PROCEDURES
EAST Academy ensures that it is dealing with a real person or legal entity. EAST Academy also performs all the required measures in accordance with applicable law and regulations, issued by monetary authorities. Here AML's policy is being fulfilled as following:
- Know your customer policy and due diligence.
- Monitoring of client activity.
- Record keeping.
KNOW YOUR CUSTOMER AND DUE DILIGENCE
Because of AML's policies, each client of EAST Academy has to be specifically verified. The community ensures that satisfactory evidence is produced or such other measures that will produce satisfactory evidence of the identity of any customer or client are taken. The community as well applies heightened scrutiny to clients, who are residents of other countries, identified by credible sources as countries, having adequate AML standards or that may represent a high risk for crime and corruption and to beneficial owners who resides in and whose funds are sourced from named countries.
INDIVIDUAL CLIENTS
During the process of registration, each client provides personal information, specifically: full name, date of birth, origin, complete address, phone number and city code. Individual client attaches the following documents as for safe keeping or record:
- A high-resolution copy of the first page of local or international passport, where the photo and the signature are clearly seen, or a copy of driver's license with the same requirements. The indicated documents must be valid at least 6 months from the filing date.
- A high-resolution copy of a receipt of utility services payment or bank statement, containing the full client's name and the actual place of residence. These documents should not be older than 3 months from the date of filing.
CORPORATE CLIENTS
In case the applicant company is listed on a recognized or approved stock exchange or when there is independent evidence to show that the applicant is a wholly owned subsidiary or a subsidiary under the control of such a company, no further steps to verify identity will normally be required. In case the company is unquoted and none of the principal directors or shareholders already has an account with EAST Academy, the official provides the following documents:
- A high-resolution copy of the certificate of incorporation/certificate;
- An extract from the Commercial Register, or equivalent document, evidencing the registration of corporate acts and amendments;
- Names and addresses of all officers, directors and beneficial owners of the corporate entity;
- A high-resolution copy of Memorandum and Articles of Association or equivalent documents duly recorded with the competent registry;
- Evidence of the company’s registered address and the list of shareholders and directors;
- Description and nature of business (including the date of commencement of the business, products or services provided; and the location of principal business).
MONITORING OF CLIENT ACTIVITY
In addition to gathering information from the clients, EAST Academy continues to monitor the activity of every client to identify and prevent any suspicious transactions. A suspicious transaction is known as a transaction that is inconsistent with the client's legitimate business or the usual client's transaction history known from client activity monitoring. EAST Academy has implemented the system is to prevent using the community's services by criminals.
DEPOSIT AND WITHDRAWAL REQUIREMENTS
All the clients' operations to deposit and withdraw funds have the following requirements:
- In case of bank transfer or transfer from a bank card, the name, indicated during the registration must match the name of the owner of the account/bank card.
- Withdrawing funds from the trading account via the method, which is different from the depositing method, is possible solely after withdrawing the sum, which is equal to the sum of client's deposits via the method and to the same account used for depositing.
- If the account was credited in the way that cannot be used for funds withdrawal, the funds may be withdrawn to a the help of which the company is able to prove the identity of the account owner.
- If the account has been credited with funds through various payment systems, funds withdrawal shall be made on a prorate basis commensurate to the size of each deposit.
In case of depositing via another method. The withdrawal of funds that exceed the sum of the client's deposits, is possible via any available method, by the client's choice.
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LEGAL
Legal: EAST Academy is a Fund Manage Community, located in the centre of Kuala Lumpur. The Community's objectives on all matters except those that do not violate the International Business Companies (Amendment and Consolidation) Act.
Our AML Policy : AML Policy
The service is not provided in the following countries: Japan, USA, Canada, UK, Myanmar, Brazil, Israel, North Korea and the Islamic Republic of Iran.
High Risk Investment Warning: Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to participate in any products offered by EAST Academy you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. EAST Academy provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. EAST Academy recommends you seek advice from a separate financial advisor.
"Welcome to EAST Academy"
LEGAL
Legal: EAST Academy is a Fund Manage Community, located in the centre of Kuala Lumpur. The Community's objectives on all matters except those that do not violate the International Business Companies (Amendment and Consolidation) Act.
Our AML Policy : AML Policy
The service is not provided in the following countries: Japan, USA, Canada, UK, Myanmar, Brazil, Israel, North Korea and the Islamic Republic of Iran.
High Risk Investment Warning: Trading foreign exchange and/or contracts for differences on margin carries a high level of risk, and may not be suitable for all investors. The possibility exists that you could sustain a loss in excess of your deposited funds and therefore, you should not speculate with capital that you cannot afford to lose. Before deciding to participate in any products offered by EAST Academy you should carefully consider your objectives, financial situation, needs and level of experience. You should be aware of all the risks associated with trading on margin. EAST Academy provides general advice that does not take into account your objectives, financial situation or needs. The content of this Website must not be construed as personal advice. EAST Academy recommends you seek advice from a separate financial advisor.
