PLEASE READ THESE TERMS AND CONDITIONS CAREFULLY BEFORE USING THIS SITE
These terms tell you the rules for using our website(s) www.kawamex.com (including any language sites) (collectively, ‘our site’).
WHO WE ARE AND HOW TO CONTACT US
Our Site is owned and operated by Kawamex Ltd (‘we’, ‘us’, ‘ours’). Information regarding the aforementioned entities can be found on our Site.
BY USING OUR SITE YOU ACCEPT THESE TERMS
By continuing to use this site you expressly consent to all the information being provided to you in the English language (including all marketing and other material) unless you have chosen and/or accepted to receive information in more than one language.
Further, by continuing to use the site you consent that the information provided via the site is in a medium, which is considered as ‘durable medium’ and you agree that due to the nature of the services we offer (i.e. online services) information found online is being considered as being in durable form.
THERE ARE OTHER TERMS THAT MAY APPLY TO YOU
WE MAY MAKE CHANGES TO THESE TERMS
We may amend these terms from time to time. Every time you wish to use our site, please check these terms to ensure you understand the terms that apply at that time.
WE MAY MAKE CHANGES TO OUR SITE
We may update and change our site from time to time. The most up-to-date version of these terms will be found on our site.
WE MAY SUSPEND OR WITHDRAW OUR SITE
Our site is made available free of charge.
We do not guarantee that our site, any content on it or link will always be available or uninterrupted. We may suspend or withdraw or restrict the availability of all or any part of our site for business, operational or other reasons. We will try to give you reasonable notice of any suspension or withdrawal.
OUR SITE IS NOT FOR USERS in certain countries including but not limited to the United States of America, the Islamic Republic of Iran and Canada and is not intended for distribution to, or use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. From time to time the site may be unavailable or partly unavailable to other countries not listed above. There may also be instances where the site may be available in countries, which prohibit the use of this site; it is the responsibility of the visitor to ensure that the site complies with any local laws or regulations to which they may be subject to. We do not represent that the content available on or through our site is appropriate for use or available in the location and jurisdiction where this site is accessible.
YOU MUST KEEP YOUR ACCOUNT DETAILS SAFE
If you choose, or you are provided with, a user identification code, password or any other piece of information as part of our security procedures, you must treat such information as confidential. You must not disclose it to any third party.
If you know or suspect that anyone other than you knows your user identification code or password, you must promptly notify us.
HOW YOU MAY USE MATERIAL ON OUR SITE
We are the owner or the licensee of all intellectual property rights in our site, and in the material published on it including any copyright, database rights, trade marks and any other type of intellectual property rights in the contents of this site. Any such right not belonging to us belongs to third parties whom we have obtained their approval for use. Those works are protected by copyright laws and treaties around the world. All such rights are reserved.
Our site contains public and client areas. The client area is only accessible to clients who have opened an account with us and have been given access to our trading and other platforms.
You must not modify the paper or digital copies of any materials you have printed off or downloaded in any way, and you must not use any information or material found on the site in any way. Material on our site is intellectual property belonging to us and you have no right whatsoever on any such material.
You must not use any part of the content on our site for commercial or any other purpose without obtaining a licence to do so from us or our licensors.
DO NOT RELY ON INFORMATION ON THIS SITE
The content on our site is provided for general information only. It is not intended to amount to advice on which you should rely. If this is necessary, you must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Although we make reasonable efforts to update the information on our site, we make no representations, warranties or guarantees, whether express or implied, that the content on our site is accurate, complete or up to date.
RULES ABOUT LINKING TO OUR SITE
You must not establish a link in such a way as to suggest any form of association, approval or endorsement on our part where none exists.
You must not establish a link to our site in any website.
Our site must not be framed on any other site, nor may you create a link to any part of our site.
You must not use our domain name or part of it for any use which is not authorised by Kawamex.
If you wish to link to or make any use of content on our site other than that set out above, please contact us.
OUR RESPONSIBILITY FOR LOSS OR DAMAGE SUFFERED BY YOU
We do not exclude or limit in any way our liability to you where it would be unlawful to do so in our jurisdiction. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors.
Different limitations and exclusions of liability will apply to liability arising as a result of the supply of any products to you, which will be set out in our Client Agreement.
To the maximum extent permitted by law, we will not be liable in any way for any loss or damage suffered by you through use of or access to our site, or our failure to provide this site.
We exclude all implied conditions, warranties, representations or other terms that may apply to our site or any content on it.
We will not be liable to you for any loss or damage, whether in contract, tort (including negligence), breach of statutory duty, or otherwise, even if foreseeable, arising under or in connection with:
WE ARE NOT RESPONSIBLE FOR VIRUSES AND YOU MUST NOT INTRODUCE THEM
We do not guarantee that our site will be secure or free from bugs or viruses nor that our site is fit for a purpose.
You are responsible for configuring your information technology, computer programmes and platform to access our site. You should use your own virus protection software.
You must not misuse our site by knowingly introducing viruses, trojans, worms, logic bombs or other material that is malicious or technologically harmful. You must not attempt to gain unauthorised access to our site, the server on which our site is stored or any server, computer or database connected to our site. You must not attack our site via a denial-of-service attack or a distributed denial-of service attack. By breaching this provision, you may commit a criminal offence under applicable legislation. We will report any such breach to the relevant law enforcement authorities and we will co-operate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our site will cease immediately.
WHICH COUNTRY’S LAWS APPLY TO ANY DISPUTES?
The governing law and jurisdiction of these terms is evident in the ‘Client Agreement’.
OUR TRADE MARKS ARE REGISTERED
All copyright, database rights, trade marks and any other intellectual property rights in the content of this site belong to us or a third party including our licensors. The content on our website (in whichever form) may or may not be identified by a symbol. The lack of any such symbol should not be understood as meaning that the name, term or data is not the intellectual property of either ourselves or any third party.
‘KAWAMEX’ (in word and stylised forms) have been registered locally as well as internationally. You are not permitted to use them without our approval.
We also have rights in our domain name and you shall not create or use any domain name, which contains the same words or identically similar words to our domain name and specifically you should use any words which include the word ‘kawamex’ either alone or with other letters or words.
Additionally, all content on our site is copyrighted. No information or content on this site may be reproduced, adapted, uploaded to a third party, linked, distributed or transmitted in any form or manner.
While we have made best efforts to ensure the accuracy of the information on this site, the information given on the site is subject to change, without any notice. We reserve the right to modify these terms at any time by publishing revised terms of this information. We will not notify anyone and the applicable version will be the most up-to-date one.
If all or part of a provision of these terms is deemed void, unenforceable or illegal by a court of competent jurisdiction then the remainder of the terms and conditions will have full force and effect and the validity or enforceability of that provision in any other jurisdiction shall not be affected.
KAWAMEX respects the privacy of any user that accesses its website(s); therefore, we are committed in taking all reasonable steps in safeguarding any existing or prospective clients, applicants and visitors.
In order to open an account with KAWAMEX, you must first complete and send an application form by completing the required information. By completing the application form you are requested to disclose private information in order to enable KAWAMEX to evaluate your application and comply with relevant rules and regulations. This information may also be used by KAWAMEX to inform you regarding its services. Moreover, information about you may also be collected by any correspondence made with us by phone, e-mail or otherwise; including information which you enter when you register to use our website, subscribe to our service or any other activities carried out on our website or any connected applications.
DISCLOSURE OF YOUR INFORMATION
KAWAMEX may disclose to a third party any of its clients’ confidential information if required to do so by a regulatory authority of a competent jurisdiction, by court and/or to enable us to provide you with our services as well as to improve our services. KAWAMEX will endeavour, to make such disclosures on a ‘need-to-know’ basis, unless otherwise instructed by a regulatory authority. Under such circumstances, KAWAMEX shall expressly inform the third party regarding the confidential nature of the information.
We may share your personal information with any member of our group, which means any subsidiaries, ultimate holding companies and its respective subsidiaries may receive such information. We may also share your information with certain third parties including business partners, suppliers and sub-contractors and advertisers, any of which can be located outside of the European Economic Area (‘EEA’). In the event that KAWAMEX discloses information to business parties, for instance, card processing companies or banks, in order to effect the services requested by the clients; such third parties may store your information in order to comply with their legal and other obligations.
Clients accept and consent that KAWAMEX may, from time to time, contractually engage companies for statistical and/or other purposes in order to improve KAWAMEX’s business activities; as a result, some or all of the clients’ personal data may be disclosed.
INFORMATION WE MAY COLLECT ABOUT YOU
Tracking systems used on KAWAMEX’s website(s) may collect data detailing the pages you have accessed, how you discovered this website, the frequency of visits etc.; this information is obtained in order to improve the content of KAWAMEX’s website(s) and may also be used by KAWAMEX to contact you, through an appropriate mean, and provide you with any information KAWAMEX believes to be useful. With regards to each of your visits to our website, we may, automatically collect information including internet protocol (IP) address, login information, browser type and version, time zone, phone numbers used to call our customer service number. We may receive information about you from third parties, for instance business partners, sub-contractors, advertising networks, analytics providers, search information providers, credit reference agencies.
With regards to each of your visits to our site, we may, automatically collect information including internet protocol (IP) address, login information, browser type and version, time zone, phone numbers used to call our customer service number. We may receive information about you from third parties, for instance business partners, sub-contractors, advertising networks, analytics providers, search information providers, credit reference agencies.
If you no longer wish to receive any communication from KAWAMEX, you may opt-out of by following the relevant instructions included in each communication sent by KAWAMEX. KAWAMEX reserves the right to contact you, albeit the fact that you have opted out, in cases where KAWAMEX deems such contact as necessary.
SECURITY AND PROTECTION OF YOUR PERSONAL INFORMATION
The personal information that you provide in connection with registering yourself as a user of the website(s) or of the services is classified as ‘Registered Information. ‘Registered Information’ is protected in many ways. You can access your ‘Registered Information’ through a username and password selected by you. It is your responsibility to ensure that your password is encrypted and known only to you. Your password must not be revealed to anyone. ‘Registered Information’ is safely stored on secure servers that only authorised personnel have access to via a username and password. KAWAMEX encrypts all personal information as it is transferred to KAWAMEX and thus makes all necessary effort to prevent unauthorised parties from viewing any such information. Personal information provided to KAWAMEX that is not ‘Registered Information’ also resides on secure servers and is again accessible only by authorised personnel via a username and password this information cannot be accessible by you, therefore no password shall be provided in order for you to modify this.
ACCESS TO PERSONALLY IDENTIFIABLE INFORMATION
If your personally identifiable information changes, you must inform us accordingly; please e-mail us (support@KAWAMEX.com)
KAWAMEX reserves the right to disclose your personally identifiable information as required by rules and regulations and when KAWAMEX believes that disclosure is necessary to protect our rights and/or to comply with any judicial and/or other proceedings, court order, legal process served or pursuant to governmental, intergovernmental and/or other regulatory bodies. KAWAMEX shall not be liable for misuse or loss of personal information and/or otherwise on KAWAMEX’s website(s) that KAWAMEX does not have access to or control over. KAWAMEX will not be liable for unlawful or unauthorised use of your personal information due to misuse or misplacement of your passwords, negligent or malicious intervention and/or otherwise.
CHANGES IN THIS PRIVACY STATEMENT
We reserve the right to modify this privacy statement at any time, so please review this section frequently.
1.1 This Client Agreement (the ‘Agreement’), including the Schedules as amended from time to time, is the document which governs the relationship between you (also referred to as ‘Client’, ‘Customer’, ‘your’ and ‘yourself’, as appropriate) and KAWAMEX Limited (also referred to as ‘KAWAMEX’, the ‘Firm’, ‘we’, ‘us’, ‘our’ and ‘ourselves’, as appropriate) concerning the services we provide and your activity with us.
1.2 KAWAMEX is a private limited company incorporated in St. Vincent & the Grenadines as an International Broker Company with the registration number 24418 IBC.
1.3 For your benefit and protection, please ensure you take sufficient time to read the Agreement as well as any other additional documentation and information available to you via our Website prior to opening an account and/or carrying out any activity with us. You should contact us for any further clarification, or seek independent professional advice (if necessary).
2.1 By accepting these terms you enter into a legally binding agreement with us. You acknowledge that you have read and understood the terms of the Agreement.
2.2 A glossary of any capitalised terms can be found on Schedule A to this Agreement.
2.3 The Agreement includes, in addition to any Schedules and the ‘Account Opening Form’ completed by you through our Website, any information provided to you during the registration procedure.
2.4 Please note that there are other documents and information available on our Website, which do not form part of the Agreement, and provide more details on us and your activities carried on with us, such as:
2.5 It is our intention that the Agreement contains all the terms and conditions that govern our relationship and your activities with us; that the Agreement overrides any other previous agreements, arrangements, expressed or implied statements made by us; and that any acts, omissions or representations (oral or otherwise) made by you or us, including any of our employees with whom you may have dealt, shall not amend or take priority over the Agreement.
3.1 The Agreement shall commence once we have informed you about your account being activated. This is, once we have completed due diligence and satisfied our requirements in terms of ‘Know-Your-Customer’ procedures.
3.2 You have the right to cancel the Agreement by giving us notice in writing within the first fourteen (14) days of your account being activated. We will return to you any amount you have transferred to us, subject to you not having entered into any trades via our platform(s).
3.3 Where the Agreement has not been cancelled, it will continue to be in effect until its termination, in accordance with the provisions contained in the ‘Termination’ section of this document (section 24).
4.1 We will offer you, on an execution-only basis, access to trading a number of instruments in the form of CFDs and Spread Bets (also referred to as ‘Leveraged Products’). Please visit our Website for detailed descriptions of the instruments we offer and the contract specifications.
4.2 We will act as ‘Matched-Principal’ at all times in relation to your trades and bets with us, and we will do so on a non-advised basis.
4.3 We do not provide investment, financial, legal, tax or regulatory advice nor do we provide any other form of recommendation. You understand that you shall make your own assessment of any transaction prior to entering into a trade or a bet, and shall not rely on any opinion, material or analysis provided by us or any of our affiliates, employees, or other related parties as being advice or recommendation. If you are unsure of whether proceeding with this Agreement, you may wish to seek independent advice.
4.4 We do not offer investment research, and any material containing market analysis is considered marketing communication and should not be construed as advice, recommendation or research.
4.5 You understand that CFDs and Spread Bets are derivative products, and therefore you will not be entitled to own any underlying instrument. You also understand that no physical delivery of any underlying asset shall occur.
4.6 You accept that KAWAMEX is the only execution venue in relation to your trading and betting activity under this Agreement. Although we may transmit your orders for execution to third-party liquidity providers through an electronic communication platform, contractually we are the sole counterparty to your trades and bets and any execution of orders is done in our name. Further information can be found in our ‘Order Execution Policy’.
4.7 You may trade or place bets from 00:00:01 (Eastern European Time Zone) on a Monday until 23:59:59 (Eastern European Time Zone) on a Friday. It should be noted that certain financial instruments have specific trading timeframes which can be found in the contract specifications on our Website. You are responsible for looking at these contract specifications for further details prior to trading or betting. You shall be notified of any Firm holidays either through the internal e-mailing system or via any other means that we may from time to time employ.
4.8 We are entitled to refuse the provision of any investment services to you, at any time we deem necessary, without being obliged to inform you of the reasons to do so.
5.1 We shall treat you as Retail Client in accordance with FCA rules, as amended from time to time, subject to you meeting the criteria to be treated as either a Professional Client or Eligible Counterparty, in which case we will notify you in writing.
5.2 Where we have determined that you meet the criteria to be treated as a Professional Client or Eligible Counterparty, you may request to be re-categorised. If you wish to be re-categorised in order to be treated as a Retail Client you will need to send us a written request. We will consider such requests at our discretion after reviewing your circumstances, including the qualitative and quantitative assessments. Should your circumstances change, you are responsible for notifying us of the change.
5.3 The client category will determine the level of protection afforded to the Client under applicable legislation. This includes your access to, and eligibility by, the FOS in the event of a complaint about us. A ‘Retail Client’ is afforded with the highest regulatory protections available. We will notify you in writing about your entitlement of certain regulatory protection(s) prior to agreeing to a re-categorisation request. Further information about the FOS can be found at http://www.financial-ombudsman.org.uk/.
5.4 We can review the Client Categorisation at any time, in accordance with the applicable rules. You will be notified in writing in the event of any change which may affect you.
6.1 Following receipt of your ‘Account Opening Application Form’, we may use the information you have provided us to conduct any further enquiries about you as we may deem necessary or appropriate in the circumstances. This includes, but it is not limited to, verifying your identity information, obtaining references from third parties such as financial institutions or your employer. We may also conduct other searches with third-party information providers and databases (public or otherwise), including credit searches which may appear on your credit history. You understand that we may conduct these enquiries at any stage of the relationship, and we expect you to assist us with any additional information we may require, as failure to do so may lead to termination of the relationship between you and us.
6.2 We are entitled to rely on the information you have provided in your ‘Account Opening Application Form’ as being correct and accurate at all times, unless you notify us otherwise in writing. It is your responsibility to notify us as soon as possible in writing of any change in the information provided.
6.3 Based on the information provided by you, and in accordance with the applicable rules as amended from time to time, we will make an assessment of whether you have sufficient knowledge and/or experience to understand the risks associated with trading Leveraged Products. The acceptance of your account will be subject to the outcome of this assessment.
6.4 Where we accept your application to open an account, we will confirm this to you in writing and we will provide you with details to access your account, specifically your account number and password (the ‘Access Codes’). Acceptance of you as a Client is no guarantee that any further account with us will be accepted.
7.1 Following your account activation, you will be able to:
7.2 Further to the above, you are responsible for ensuring that you are able to access our Software when you need to and in the times when it is available. Your responsibility extends to ensuring you have access to a reliable internet connection, and maintaining any devices used to this end.
7.3 The Software, which may have been developed by a third party, is provided ‘as is’. We will ensure, but cannot guarantee, that the Software supports data security protocols compatible with those used by KAWAMEX. We also cannot guarantee that the Software is free of any errors or deficiencies.
7.4 We will, to a reasonable extent, maintain the Software and any other related systems up to date. We and/or any relevant third party may perform this maintenance from time to time which includes shutting down, restarting and/or refreshing the servers to ensure, or procure to ensure the effective and efficient operation of the Software. These actions may cause the Software to be inaccessible and/or inoperative for a period of time, therefore you accept that we will bear no responsibility for any loss, including financial loss and/or loss of opportunity due to maintenance and/or any action or omission of KAWAMEX and/or the third party software provider.
7.5 We will endeavour to make the Software and any other systems available when required by you, but we cannot guarantee their continuous availability at all times for the following reasons, including but not limited to:
8.1 We will only accept instructions from you and/or your Authorised Representative pursuant to a duly signed ‘Power of Attorney’. For the avoidance of doubt, Authorised Representatives shall not be considered Clients of KAWAMEX. However, we will consider any instructions from an Authorised Representative as coming directly from you, and we may act upon such instructions without the need to confirm their authenticity or validity.
8.2 In addition to anything else specified above, we may rely on any instructions coming from any person in possession of your Access Codes as if these instructions were coming from yourself, without us making any further enquiry.
8.3 If, under any circumstances, you reveal your Access Codes to any person, whether intentionally or unintentionally, we shall bear no responsibility for any loss that may arise, including, but not limited to financial loss and/or loss of opportunity due to your actions and/or omissions.
8.4 You are responsible for keeping any information regarding your dealings with us, private and confidential. We will bear no responsibility in the event that any person attains unauthorised access to any information regarding your dealings with us, where that information is:
8.5 You must notify us as soon as possible if you become aware of your Access Codes or any other information regarding your dealings with us being used or becoming known by any person without your authorisation. You accept that we are unable to identify any instances where a person, other than yourself or your Authorised Representative (where applicable), is accessing our Software with your credentials without your express consent.
8.6 We reserve the right to revoke your access and/or the access of any Authorised Representative to our Software at any time, where we deem necessary.
8.7 Where you have not carried any activity and/or transactions for a period of time, as determined within reason by us, we reserve the right to carry out additional checks and/or request additional documentation from you before we allow you to resume any activity with us.
9.1 We will only accept instructions transmitted via the means approved by us, including, but not limited to KAWAMEX Direct, the e-mail address with which your account was activated and under certain circumstances, as determined within reason by us, accept instructions via telephone or in person, provided that we are satisfied of your identity and of the clarity of the instructions. We will only accept orders transmitted via the Software. If, for any reason, you are unable to access the Software in order to transmit orders for the purposes of trading CFDs or Spread Bets you may transmit orders by contacting the Dealing Department by telephone in which case we need to be satisfied of your identity. Orders via telephone will be accepted only if in our official language. It should be noted that the Firm reserves the right to reject such verbal orders when the operator of the Dealing Department is not satisfied with the Client’s identify or clarity of the orders. The Client accepts that at times of excessive transaction flow there might be delay in connecting over the telephone with an operator of the Dealing Department, especially when there are important market announcements.
9.2 You may communicate with us for support and any instructions other than orders in any of the languages available on our website during business hours. Communication after business hours that requires immediate action on our behalf will only be accepted in our official language.
9.3 Where information has not been transmitted to us via approved means, or where you have misinterpreted any instruction and/or information, it is your responsibility to make the necessary amendments and we will bear no responsibility for any loss, be it financial or of opportunity in connection to said instruction.
9.4 We bear no responsibility for any loss that arises as a result of delayed or unreceived communication sent by us to you.
9.5 You understand that time is important when trading or betting on Leveraged Products, therefore you are responsible for ensuring that any communication in relation to your dealings with us is sent to us on time.
9.6 You accept that we reserve the right to accept, either in part or in full, or reject, any instructions from you; and we may, in our sole discretion execute an instruction received from you without any further enquiry, unless we deem it necessary.
9.7 We may, at our discretion confirm any instructions received from you via any durable medium or telephone.
9.8 Where you have appointed an Authorised Representative to deal with us on your behalf, and you wish to cancel his/her appointment you must notify us in writing with 2 days’ notice. Until we receive the said notice, any instructions we may receive from the Authorised Representative shall (a) be deemed valid, and (b) shall fully commit you.
9.9 Except where the Software permits, all orders to trade or bet on the financial instruments we offer are final and cannot be cancelled or deleted, unless we expressly agree to such cancellation or deletion.
10.1 We shall enter into transactions with you and conclude them in good faith.
10.2 We shall take all reasonable and necessary steps to ensure compliance with the applicable rules and regulations. Therefore, you agree to be bound by any decision we may make in order to comply with any rule, regulation or obligation of the Firm.
10.3 Where we provide you via our Website, the Software, KAWAMEX Direct, with any links to other websites and/or resources from third parties, these links are provided for information only. We have no control over the content, quality or security of the information contained on those websites and/or resources, and therefore we cannot be made responsible for any losses that may arise from your use of these.
10.4 We take reasonable care in trying to ensure that any information and/or content, including third-party features on our Website, the Software, KAWAMEX Direct and e-mail communications from us is accurate and complete. However, some information may be provided ‘as is’ and on an ‘if available’ basis, and therefore we cannot give any warranties or representations (either expressed or implied), relating said features and third-party information.
10.5 We reserve the right to amend the product specifications and conditions, as available from our Website from time to time, when we deem necessary. You shall ensure to remain updated with regards to our product specifications and conditions, as well as any other information which may be of your interest, and you shall take all necessary actions to safeguard your interest where you believe you may be affected in any way by any such amendments. You understand that you will continue to be bound by the Agreement in the event of any of these amendments taking place. However, nothing in this clause shall affect your right to terminate the Agreement, without any penalty whatsoever, subject to any existing obligations.
10.6 Further to the clause above, you understand that we may remove any of our products and/or cease providing you with the ability to place an order at any time. Where we have ceased to provide any product and you have a previously open position in that product, it is your responsibility to cancel and/or close such position, otherwise we will close the position at the last available price for the relevant instrument. You also understand that any open positions on CFDs or Spread Bets with expiration date will be automatically closed at the end of the last trading day.
10.7 You understand that in order to provide you with our services, we may enter into agreements with external service providers for any activity and/or operation we may conduct. We will do so in accordance with the applicable rules.
10.8 Where your relationship with us is between one or more persons, for example through a joint account or a legal entity, all obligations and liabilities under the Agreement shall be joint and several. Any communication, including but not limited to notices and orders shall be considered as delivered to all persons that together constitute the Client.
10.9 We reserve the right to reverse any transactions which we deem to be contrary to your interest or ours, for any reason.
10.10 Where you are in breach (or we have reasonable grounds to believe you may be in breach) of any term contained in the Agreement, we reserve the right to temporarily or permanently suspend your access to the Software, KAWAMEX Direct, your Account(s), and/or terminate the Agreement, and/or take any other actions as we may see fit in the circumstances.
10.11 By becoming a client of KAWAMEX, you do not obtain any rights in any intellectual property belonging to us. Our Website, the Software, any data, information, documentation and/or creation shall be protected in accordance with the applicable laws and you shall have no right, neither at the time of entering into the Agreement, nor at any point of time in the future. All rights whether expressed or implied, and whether existing now or in the future are reserved.
10.12 You shall not cause or permit any actions to be caused which might endanger or damage any intellectual property belonging to us.
10.13 You understand that you shall not copy, reproduce, duplicate, translate, assume ownership or otherwise of any rights belonging to KAWAMEX.
11.1 A conflict of interest may arise when our interests compete or interfere, or appear to compete or interfere with your interests under the Agreement. You understand and agree that such circumstances may arise, and where they do, we will make our best endeavours to mitigate them.
11.2 We are required by law to take all reasonable steps to identify and manage any potential or actual conflicts of interest between:
Our procedures in place regarding how we manage potential conflicts of interest can be found on our ‘Conflicts of Interest Policy’, available on our Website.
11.3 Where any conflicts of interest cannot be mitigated effectively, we will disclose the general nature and/or sources of such conflicts in our ‘Conflicts of Interest Policy’.
12.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
12.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
12.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
12.4 The funds held in the Segregated Account may be exposed to obligations of KAWAMEX connected with the positions of other Clients.
12.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of KAWAMEX.
12.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
12.7 We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
12.8 You agree that when opening a position, we have the right to transfer ownership of the amount equivalent to the Required Margin from your Account to us, which we will keep as a security in the event of a repayment obligation by you. Any Required Margin transferred shall be considered as our debt due to you and not as Client Money, therefore it will be returned to you on completion of your trade(s) and/or bet(s), subject to any repayment obligation by you. Irrespective of the above, note that the Balance, Equity, and free Margin of your Account(s) shall remain unaffected and you should be able to normally continue with your activity with us.
12.9 We will carry out reconciliation of funds at the close of each business day, and we will proceed with any required transfer to or from the Segregated Account on the next business day, unless this is not possible for any reason.
12.10 Where you hold funds in different Accounts with us, we may merge those funds from time to time and without your permission.
12.11 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Vault, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘KAWAMEX Vault’ section on our Website for further information on withdrawal times.
12.12 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information.
12.13 Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Vault on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Vault. We shall not be held liable for any delay where the cause is outside of our control.
12.14 We shall deposit funds into your Vault only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
12.15 We reserve the right to request additional information and/or documentation in order to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate and/or for any other reason to comply with our regulatory obligations. You understand and accept that under such circumstances there may be a delay with processing the transaction, and/or the transaction may be rejected.
12.16 Further, where we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary.
12.17 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
12.18 We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest you an alternative for your request. More information on our accepted payment methods can be found on KAWAMEX Direct.
12.19 Further, we reserve the right to decline any funding and/or withdrawal request where we believe that such request may lead to a breach of any legal and/or regulatory obligation. This includes instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances where we will be unable to provide you with an explanation as to why we cannot proceed with your request.
12.20 Where you hold several Accounts with us, and we reverse any transaction from you for any reason, we may merge your funds held in those Accounts, as described above.
12.21 You shall make any requests relating to the administration of your Account(s) via KAWAMEX Direct.
12.22 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
12.23 Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of KAWAMEX or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain.
12.24 Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct any amount from your Account(s).
12.25 We reserve the right to set-off any liability of yours under this Agreement, whether present or future, liquidated or unliquidated. Where the liabilities to be set-off are expressed in different currencies, we may convert said liabilities at a market rate of exchange.
12.26 Where we net-off any amount due by deducting it from your Account(s), we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation which cannot be considered satisfied.
12.27 Where your Account is inactive for a period of 3 years with a positive balance (i.e. there are funds available on your Account), and you fail to be contacted after we take all reasonable steps to do so, we will have the right to cease treating those funds as Client Money and will transfer them either to a suspense account or to a charity of our choice.
13 OUR CHARGES
13.1 Prior to entering into any transaction with us via the Software, please ensure you have considered any and all applicable charges such as Spread(s), Commissions and Swap(s), which are available on our Website. It is your responsibility to ask for further clarifications should you require so. Any applicable charges shall be instantly deducted from your Account(s).
13.2 Charges may not all be represented in monetary terms, but may also appear in other units such as pips, the value of which can vary depending on the instrument.
13.3 We reserve the right to change, from time to time, any of the charges applicable to your dealings with us. We will provide you with prior written notice where we deem the changes to be material, unless such change comes as a result of an unforeseen market circumstance, where we may notify you on or after the event. You will find the most up-to-date information about our charges on our Website.
13.4 In the event you are dissatisfied with any changes we may make to our charges, you may contact our Customer Support Department, and/or terminate the Agreement in accordance with the provisions contained herein.
13.5 For Swaps, depending on the position held and the prevailing interest rates of the currency pair involved in a transaction, your Account may be credited or debited with financing. The operation is conducted at 23:59 (server time) and the resulting amount is automatically converted into your Balance Currency.
13.6 From Mondays to Thursdays, Swaps are charged once for every business day, but on Fridays are charged three times the size in order to account for the weekend. Further information on Swaps can be found on our Website.
13.7 We charge our own interest rates, based on the overnight rate provided by Bloomberg. We update our rates as often as we deem necessary.
13.8 If your Account(s) remain inactive for 6 months, we reserve the right to charge you a one-off account maintenance fee of USD 15 (or currency equivalent), followed by a monthly fee of USD 5 for each month that the Account remains inactive. The status of your Account can be viewed via KAWAMEX Direct, and you can enable your Account at any time. We reserve the right to change the 6-month inactivity period as we deem necessary.
13.9 For some payment methods there are transaction fees. Where you engage in deposit and withdrawal activity without entering into any trading or betting activity with us, we reserve the right to impose any fees or charges with regards to specific payment methods as we deem necessary. These fees are available on our website.
14.1 Investing in financial instruments may be subject to tax depending on the jurisdiction where you are a resident. However, this will depend on your personal circumstances. You should seek for independent tax advice if you are unsure on how this may affect you, as we do not provide any financial advice, including tax advice.
14.2 If you are resident in the UK, you may be exempt of paying Capital Gains Tax on your profits derived from Spread Betting activity, provided that this activity is not your main source of income.
14.3 We are responsible for paying the betting duty required to HM Revenue and Customs (‘HMRC’) in relation to your Spread Betting activity.
14.4 You understand that tax laws are subject to change, and in the event they do, we reserve the right to debit from your Account any tax payment, including, but not limited to stamp duty, capital gains tax or other forms of tax which may be levied in relation to your transactions with us.
14.5 You understand that certain transactions in certain financial instruments may carry a tax obligation under the Financial Transaction Tax regime, stamp duty, transfer tax, dividend tax, withholding tax or other taxes or duties in any jurisdiction. Where there is such tax obligation we shall pass it on to you by debiting from your Account.
15.1 We are registered with the Information Commissioner’s Office (‘ICO’) for the purposes of personal data processing. Therefore, your personal data is kept and handled in accordance with the Data Protection Act 1998, as amended from time to time.
15.2 By entering into the Agreement, you consent us to store and process the data you provided us upon registering for an Account. This includes any data which may be considered sensitive. You have the right to withdraw your consent at any time by notifying us in writing. However, as we may not be able to provide you with our services should you choose to do so, we reserve the right to refuse to enter into, or terminate the Agreement. You understand that we are required to keep all records of your data and dealings with us for as long as necessary under the regulatory regime.
15.3 We will not disclose and/or share any of your information to third parties without your consent, except in the event we are required to do so by a regulatory authority under the applicable jurisdiction, by court, and/or to enable us to provide you with our services as well as to improve these from time to time. The latter includes, but it is not limited to members of the KAWAMEX group of companies, marketing companies, business partners, IT service providers and other financial institutions such as payment services providers and banks, any of which can be located outside of the EEA. Where we disclose and/or share any of your information as per this clause, we will take all reasonable steps to do so in a secured manner.
15.4 Where you have been introduced to KAWAMEX by a third party pursuant to an introducer agreement between us and the third party (the ‘Introducer’), the Introducer may have access to a certain extent to information about your dealings with us.
15.5 We will take all reasonable steps to keep your personal data safe, nonetheless, transmission of information via the internet and/or other networks is not always completely secure. We will not be liable for any transmission of data from you to us.
16.1 We will communicate with you about any notice, instruction, request or any other communication via your registered e-mail, the Software, telephone or, where you wish to send a formal communication to us in writing, via post to KAWAMEX’s registered address. All our contact details are available on our Website. Any communication from you to us shall be deemed effective on the date and time of reception by us. It is your responsibility to ensure you have read all and any communication we may send you from time to time, via any approved communication method.
16.2 The Firm’s official language is the English language. Any translated version of the Agreement and/or any other communication, including our Website, may be provided solely for convenience purposes or due to legal requirements In the event of a dispute, the English version shall prevail.
16.3 Any communication sent to you by KAWAMEX is intended to be received by you only. You are therefore responsible for keeping any information we send to you private and confidential.
16.4 We may communicate with you from time to time, and in accordance with the applicable rules on Client Communications, about any business, marketing and/or promotional reasons.
16.5 We bear no responsibility for any loss that arises as a result of delayed or unreceived communication sent to you by us.
17.1 We record all incoming and outgoing telephone calls between you and us for quality monitoring, training and regulatory purposes. We will also record any other communication between you and us, including chat messages and e-mails. We reserve the right to use these records where we deem it necessary, including, but not limited to dispute resolution situations.
17.2 We may provide copies of such recordings to regulatory authorities upon their request in order to comply with our regulatory obligations without your consent.
17.3 You have the right to request a copy of the recorded communications. We will provide these to you following a written request by you.
18.1 You hereby represent and warrant that you have not been coerced, or otherwise persuaded to enter into the Agreement, nor have you entered into the Agreement based on any representation other than what is included herein.
18.2 Where you are an individual (i.e. natural person), you warrant that you are over 18 years of age at the moment of entering into the Agreement.
18.3 Where you are a legally incorporated entity (i.e. a juridical person), you warrant that by entering into the Agreement you will not be in breach of your own constitutional documents or any law from the jurisdiction where you are incorporated.
18.4 Further, you warrant that you are aware of any requirements and implications, including, but not limited to any restrictions or reporting requirements set by your local jurisdiction as a result of entering into the Agreement. KAWAMEX shall not be liable for any requirements imposed to you by your local authorities, therefore you undertake to comply with any applicable requirements.
18.5 You represent and warrant that you have been provided with a warning on trading and betting on Leveraged Products involving a significant risk of loss, and that due to the speculative nature of trading and betting, you should not invest more than you can afford to lose.
18.6 You also represent and warrant that the information you provided us during your registration for opening an Account accurately reflects your personal circumstances and you have not provided us with false or misleading information. Further, you warrant that should any information provided during the registration process become invalid, you will immediately notify us in writing of the change in your circumstances.
18.7 You further represent and warrant that you will not redistribute information concerning financial instruments, including, but not limited to pricing information and chart data on offer by KAWAMEX to any third-party for commercial purposes.
18.8 You warrant and covenant that:
18.9 You warrant that any documents sent to us during your Account opening process, as well as throughout the duration of the Agreement, are valid and authentic. In the event that we believe, in our sole discretion, that any document is incorrect or invalid, we will request for alternative documentation. Failure from you to provide such documentation may lead to take action as we deem necessary.
19.1 Except in the event of negligence or fraud from KAWAMEX, we shall bear no responsibility for any loss as a result of any acts and/or omissions, whether carried out by you or by a third party on your behalf, in relation to your transactions with us.
19.2 In general, neither party shall be liable for any losses which may arise as a result of unforeseeable events at the time when the Agreement was made effective, nor shall any party be liable for any losses that were not caused by any breach of the terms contained herein.
19.3 Where we outsource any activity to third parties, in order to be able to provide you with our Services under the Agreement, we will exercise all reasonable endeavours prior to contracting with them. However, you understand that it is not within our possibilities to control the activities of such third parties. Our responsibility, therefore, shall be to exercise all efforts to minimise any losses that you may suffer as a result of an act and/or omission of the outsourced party(ies). Nonetheless, we shall not be liable for any loss that you may suffer as a result of such acts and/or omissions from third-party service providers, unless we have acted negligently.
19.4 You acknowledge and accept that you are entering into all and any transactions with us at your own risk, and we assume no liability for any loss whatsoever as a result of your trading and/or betting activity with us, unless in the event of any wrongdoing from our behalf. Nothing in this clause shall be taken to exclude any liability for death or personal injury.
19.5 We shall not be liable for any direct, indirect, consequential, incidental and/or special losses (including, but not limited to loss of profits, trading and/or betting losses, or damages) which result from a breach of contract by you.
19.6 Further, and notwithstanding any other provision in the Agreement, we will not be liable to you as a result of:
19.7 We shall not be liable for any failure to access the Software and/or KAWAMEX Direct. We are not responsible for any delays, delivery failures, or any loss or damage which results from the transmission of information over any network, including but not limited to the internet.
19.8 The limitations and/or exclusions included in the Agreement shall apply irrespective of whether we, including any of our employees and/or affiliates are aware of any losses you may incur, or any claims you may make against the Firm.
19.9 Where you have trusted a third party, and/or followed any instruction, indication or advice from a third party, including trading signals and/or copy trading strategies which resulted in any loss for you, we shall not be liable. You understand that the service we provide is on an execution-only basis and therefore we are not responsible for any losses you may incur as a result of these circumstances.
19.10 Where you download, install and/or use any trading solutions such as algorithms, ‘Expert Advisors’ (‘EA’) or trailing stops, we shall not be held responsible for any losses which may be incurred by you pursuant to its use. If it comes to our attention that you are using any of these solutions, contrary to good faith or to the terms contained herein, we reserve the right to terminate the Agreement.
20.1 You shall indemnify us on demand against all liabilities, costs, expenses, damages (including reputational) and losses (including, but not limited to any direct, indirect or consequential losses), and all interest, penalties and professional costs and expenses (calculated on a full indemnity basis) incurred by us as a result of:
20.2 In general, indemnity means a sum of money paid as compensation for losses suffered.
21.1 This section refers to events which may occur from time to time, and which prevent us from performing any or all of our obligations (‘Specific Events‘). Specific events may include, but shall not be limited to:
For the avoidance of doubt, a Specific Event is an event outside our control that, whilst it is reasonably likely to occur, or may be imminent, we cannot be expected to be prepared for, or we cannot prevent its occurrence.
21.2 Where we determine that a Specific Event has occurred, without prejudice to any other rights of ours under the Agreement, or the law, we may take the following course of action(s):
21.3 We will exercise all necessary endeavours to resume the orderly provision of our services as soon as reasonably possible. Where this is not possible at all, we will inform you of the necessary actions to be taken in order to protect your interests and ours, where possible.
21.4 Where we are unable to perform any of our obligations to you under the Agreement due to a Specific Event, we will not have breached the Agreement.
22.1 We reserve the right to amend, from time to time and without your consent, any part of the Agreement, especially in, but not limited to, circumstances where we deem that such changes are necessary in order to comply with any obligation under the regulatory system. In these circumstances, we will notify you either in writing or via our Website.
22.2 Where we deem that any amendments are material and/or would change the balance in our favour or to your detriment, such amendments will take effect on the date specified in our notice to you, in order to provide you with prior notice along with your right to cancel the Agreement.
22.3 You have the right to cancel the Agreement where you do not agree with any amendments made by the Firm. In the same way, we reserve the right to terminate the Agreement where you do not agree with any amendments we may make.
22.4 Any amendments will affect all ongoing business between you and us, unless stated otherwise in our notice.
22.5 It is your responsibility to remain up-to-date with any changes we make to the Agreement. The applicable version at any time shall be the latest version available on our Website. In the event of a dispute, the latest version available at the time of the dispute shall prevail.
23.1 You may terminate the Agreement at any time and for whatever reason by providing us with a 7-day notice via e-mail using your registered e-mail address, provided that there are no open positions on your Account, nor are there any outstanding obligations to us.
23.2 We may terminate the Agreement at any time and for whatever reason by providing you with a minimum of 7 days’ notice, except in the event of any of the provisions set out on clause 23.3 occurring. Where we decide to terminate the Agreement, we will specify the termination date and we will proceed with closing any open positions on your Account, as we see fit.
23.3 We shall terminate the Agreement with immediate effect in the event of:
Termination of the Agreement shall not imply that any of your responsibilities cease to exist. You will still be liable to pay us, and/or we will have the right to immediately deduct from your Account:
23.5 Upon termination of the Agreement, we will transfer any amount available in your Account(s) to you, net of any outstanding amount that is due to us, except where we are prohibited to do so by law.
24.1 The Agreement shall be governed by the laws of England and Wales. Any proceedings and their settlement involving KAWAMEX and you shall take place in the competent courts of England and Wales.
25.1 Assignment: You shall not, under any circumstance, assign or transfer any of your rights and/or obligations under the Agreement to another person. We may, however, assign or transfer any of our rights and/or obligations under the Agreement to another person, provided that such person agrees to abide by the Agreement.
25.2 Entire agreement: The Agreement constitutes the entire agreement between you and us, and supersedes all and any previous agreements, promises, assurances, warranties, representations and understandings between you and us, whether written or oral. You agree that you shall have no remedy in respect of any statement, representation, assurance or warranty that is not set out in the Agreement.
25.3 Severance: If, for any reason, part of the Agreement and/or any part of a specific clause is deemed to be unenforceable by a court of a competent jurisdiction then such part shall be severed from the rest of the Agreement or the term, and the remainder of the Agreement shall remain unaffected and enforceable.
25.4 Delay or inaction: No failure or delay by us to exercise any right or remedy provided under the Agreement or by law shall constitute a waiver of that right, or any other right or remedy, nor shall it prevent or restrict the further exercise of that right, or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the further exercise of that right, or any other right or remedy.
Meaning of certain words and phrases:
25.6 Survival: Clauses from the sections ‘Understandings of Both Parties’, ‘Confidentiality and Data Protection’, ‘Representations and Warranties’, ‘Exclusion of Liability’, ‘Indemnity’, ‘Termination’, ‘Governing Law and Jurisdiction’, ‘General Provisions’ or any other clause that may be required to give effect to the meaning of the Agreement, shall survive termination of the Agreement.
Schedule A: Glossary
Policy statement and principles
KAWAMEX Ltd (“KAWAMEX”) has adopted an Anti-Money Laundering (AML) compliance policy (“Policy”) as set forth in the Board minutes, dated 1 of January 2017.
Scope of policy
This policy applies to all KAWAMEX officers, employees, appointed producers and products and services offered by KAWAMEX. All business units and locations within KAWAMEX will cooperate to create a cohesive effort in the fight against money laundering. Each business unit and location has implemented risk-based procedures reasonably expected to prevent, detect and cause the reporting of transactions. All efforts exerted will be documented and retained. The AML Compliance Committee is responsible for initiating Suspicious Activity Reports (“SARs”) or other required reporting to the appropriate law enforcement or regulatory agencies. Any contacts by law enforcement or regulatory agencies related to the Policy shall be directed to the AML Compliance Committee.
It is the policy of KAWAMEX to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities. KAWAMEX is committed to AML compliance in accordance with applicable law and requires its officers, employees and appointed producers to adhere to these standards in preventing the use of its products and services for money laundering purposes.
For the purposes of the Policy, money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the unlawful proceeds appear to have been derived from legitimate origins or constitute legitimate assets.
Generally, money laundering occurs in three stages. Cash first enters the financial system at the “placement” stage, where the cash generated from criminal activities is converted into monetary instruments, such as money orders or traveler’s checks, or deposited into accounts at financial institutions. At the “layering” stage, the funds are transferred or moved into other accounts or other financial institutions to further separate the money from its criminal origin. At the “integration” stage, the funds are reintroduced into the economy and used to purchase legitimate assets or to fund other criminal activities or legitimate businesses.
Terrorist financing may not involve the proceeds of criminal conduct, but rather an attempt to conceal the origin or intended use of the funds, which will later be used for criminal purposes.
Customer identification program
KAWAMEX has adopted a Customer Identification Program (CIP). KAWAMEX will provide notice that they will seek identification information; collect certain minimum customer identification information from each customer, record such information and the verification methods and results; and compare customer identification information with OFAC.
Notice to customers
KAWAMEX will provide notice to customers that it is requesting information from them to verify their identities, as required by applicable law.
Required customer information
The following information will be collected for all new insurance and annuity applications:
Based on the risk, and to the extent reasonable and practicable, KAWAMEX will ensure that it has a reasonable belief of the true identity of its customers. In verifying customer identity, appointed producers shall review photo identification.
KAWAMEX shall not attempt to determine whether the document that the customer has provided for identification has been validly issued. For verification purposes, KAWAMEX shall rely on a government-issued identification to establish a customer’s identity. KAWAMEX, however, will analyze the information provided to determine if there are any logical inconsistencies in the information obtained.
KAWAMEX will document its verification, including all identifying information provided by the customer, the methods used and results of the verification, including but not limited to sign-off by the appointed producer of matching photo identification.
Monitoring and reporting
Transaction based monitoring will occur within the appropriate business units of KAWAMEX. Monitoring of specific transactions will include but is not limited to transactions aggregating $5,000 or more and those with respect to which KAWAMEX has a reason to suspect suspicious activity. All reports will be documented.
There are signs of suspicious activity that suggest money laundering. These are commonly referred to as “red flags.” If a red flag is detected, additional due diligence will be performed before proceeding with the transaction. If a reasonable explanation is not determined, the suspicious activity shall be reported to the AML Compliance Committee.
Examples of red flags are:
If the appointed producer:
Upon notification to the AML Compliance Committee, an investigation will be commenced to determine if a report should be made to appropriate law enforcement or regulatory agencies. The investigation will include, but not necessarily be limited to, review of all available information, such as payment history, birth dates, and address. If the results of the investigation warrant, a recommendation will be made to the AML Compliance Committee to file a blocked assets and/or an SAR with the appropriate law enforcement or regulatory agency. The AML Compliance Committee is responsible for any notice or filing with law enforcement or regulatory agency.
Investigation results will not be disclosed or discussed with anyone other than those who have a legitimate need to know. Under no circumstances shall any officer, employee or appointed agent disclose or discuss any AML concern, investigation, notice or SAR filing with the person or persons subject to such, or any other person, including members of the officer’s, employee’s or appointed agent’s family.
Deposit and withdrawal requirements
All the clients’ operations to deposit and withdraw funds have the following requirements: