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I - T R A D E F X |
Forex Regulations |
Regulation
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
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.
