Your security as a trader is our responsibility once you join our platform. However, NAVY TRADES has to ensure that it meets all the standards and protocols of the industry to be a reliable and trustable online platform for all of its traders. Among other measures to inculcate trust in this relationship, we adhere to the Know Your Customer and Anti-Money Laundering policies. Both policies define certain requirements that we have to meet, and as a result, our traders have to meet them before they can become official traders on our platform. Let's look at the details of both policies one by one.
KYC
As stated earlier, KYC stands for Know Your Customer, and it should be clear from the full form that this policy requires us to know our customers before we allow them to trade with us. The purpose of knowing the customer is that we should identify each customer as a unique individual. This can only be done when they provide us with certain pieces of information. Once we have that information, they can sign up with us and start using our trading platform. Here are the details that we will need from you before you sign up with us.
- You must give us your identification number and ID card picture. This information has to be issued to you by your government or state.
- You must provide us with your correct name and contact number. The contact number has to be provided so we can contact you easily.
- You must submit copies of your past three months' utility bills, which will prove your physical address.
Once we have these details, we will process your account and give you access to the trading platform. This stops anyone who has stolen identity from signing up with us and using the platform for ill purposes.
AML
AML is short for Anti-Money Laundering policy,; the term should clarifywhy this policy exists. The policy states certain conditions that must be met to ensure that people sign up on the platform with the intent that the platform is meant for. Some people may want to use online trading platforms for money laundering, but NAVY TRADES doesn't allow them and adheres strictly to all the terms set forth by the AML policy.
Here are some of the actions that our traders require to stay in line with the AML policy requirements too.
- Give accurate banking details that match the ID details provided by the customer at the time of signup.
- Provide full credit/debit card number with expiration date and the CVV number on the back. They will be required to submit a picture of the front and the back of the card.
- They must choose the method of deposit wisely because they will be bound to withdraw money using the same method.
Any violation of these terms may result in us not allowing the trader to sign up or blocking their access to the account until the matter is resolved.