Money laundering is the process of disguising illegally obtained money so that the funds appear to come from legitimate sources or activities. Money laundering occurs in connection with a wide variety of crimes, including terrorism, illegal arms sales, drug trafficking and public official corruption.
It is the policy of AdCap Securities, LLC to prohibit and actively prevent money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.
Following the attacks on 11 September 2001, the U.S. government enacted the USA PATRIOT Act, which is designed to prevent the use of the U.S. financial system to help fund terrorism and other crimes. The Act imposes a series of anti-money-laundering requirements on brokerage firms and other financial institutions. ITA Financial Services has a vigorous money-laundering prevention program in place.
As a firm, we work closely with all our business partners to ensure that we comply with all anti-money-laundering efforts.
Under the USA PATRIOT Act and other regulations, financial services firms must establish a compliance program, which includes policies and procedures to detect and report suspicious transactions to the government, as well as ensure compliance with the law. Firms must also implement specialized employee training programs, designate a special compliance officer and conduct independent audits of the effectiveness of the compliance program. All of our employees are trained in anti-money-laundering practices and procedures, as well as the details of the firm’s policies.
The regulations also impose requirements regarding client information and verification of that information. Financial services firms are required to verify the identity of the clients with whom they do business, determine the source of funds in a client’s account and obtain the information about a client’s wealth.
As part of our compliance with the Act and in support of the fight against money laundering around the world, we may ask clients for additional information and documentation about certain accounts and transactions. This information may be used to verify client identity.