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I - T R A D E F X |
Forex Regulations |
Regulations
There is no central market and no global regulatory agency responsible
for monitoring the activity of the currency markets. Regulation is left
to each country, in the United States the Federal Reserve Bank monitors
the banking system and the Commodity Futures Trading Commission (CFTC) has jurisdiction over all Futures and Forex activity. When trading in
the foreign exchange markets, individuals should only trade with a CFTC registered entity, such as I-Trade FX. I-Trade FX is a registered
Futures Commission Merchant (FCM), a member of the National Futures
Association (NFA) (Member ID# 0367140) and is regulated by the Commodity
Futures Trading Commission (CFTC). To learn more about NFA registrants
and their background information, please visit the www.nfa.futures.org
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Anti-Money Laundering Policy
As a CFTC registered FCM, I-Trade FX has the authority to hold customer
funds. That authority leaves I-Trade FX with accompanying
responsibilities, including proper anti-money laundering procedures.
I-Trade FX has developed anti-money laundering policies to ensure that
company personnel comply with applicable laws and regulations when
engaging in foreign exchange FCM services to clients.
I-Trade FX is subject to the International Money Laundering Abatement
and Anti-Terrorist Financing Act of 2001 and CFTC regulations based on
that legislation. The company's anti-money laundering policies and
procedures are designed to meet the requirements of the legislation by
minimizing the opportunity for customers to engage in money laundering
activities through transactions in the Forex markets. I-Trade FX
procedures are focused on “knowing the customer”. We require two forms
of identification: 1) Picture identification, i.e. a passport or
driver's license, and 2) One form of identification confirming the
customer's address, i.e. phone bill or a utility bill.
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