Legal information

What is AML?

Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money laundering activities. Anti-money laundering (AML) refers to a set of procedures, laws and regulations designed to stop the practice of generating income through illegal actions.

The AML Policy of the Company undertakes all reasonable and appropriate procedures related to money laundering prevention, financing of terrorism, and other illegal activities. The Company has prepared AML Policy to ensure the highest possible voluntary compliance under national and international AML standards and it will be reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal controls.

In order to help the government fight the funding of terrorism and money laundering activities and apart of our AML Compliance Program, we are required to obtain and record information and documentation that help confirm the Client's identity or provide additional information regarding the Client. This information may be requested at account opening or during periodic reviews conducted on existing Clients.

The Company’s AML Policy includes:

• - Compliance Officer;
• - Internal control;
• - Customer due diligence (or KYC);
• - Maintaining records;
• - Monitoring and reporting

Compliance Officer

The duties of the Compliance Officer include:

• - Monitoring the Company’s compliance with AML obligations;
• - Monitoring and control the Client's trading activity;
• - Monitoring the Client’s deposits and withdrawals;
• - Overseeing communication and employee training;

The Compliance Officer also ensures that the Company keeps and maintains all the required AML records and will ensure that suspicious activity reports are provided to the proper law enforcement.

Internal control

This AML Policy has been duly approved by the Board of Directors to oversee compliance with applicable AML Laws and Standards.

The Company undertakes the Client's risk assessment based on:

• - Sufficiency and adequacy of identification documents submitted by the Client;
• - Client's trading activity;
• - Manner and other information about funds deposit and withdrawal;
• - Guidance notes circulated by various governmental and intergovernmental organizations;

The Company may internally categorize the Client as a low-risk, medium-risk, or a high-risk user on the basis of the aforementioned assessment. In order to maintain the integrity of the risk assessment process, the results of the Client's risk assessment will not be disclosed to the Client.

Customer due diligence

One of the international standards for preventing illegal activity is customer due diligence "CDD" (or “KYC”). According to CDD, the Company establishes its own verification procedures within the standards of anti-money laundering frameworks.

Mentors Trades  shall implement due diligence measures at least in the below circumstances: 

• - upon establishing business relations/account opening;
• - upon carrying out one-off transactions involving a sum of over 10 000 US dollars our equivalent in any other currency, irrespective of whether the financial obligation is fulfilled with one payment or with multiple connected payments;
• - upon suspicion of money laundering or terrorist financing, irrespective of any derogations, exceptions or thresholds provided for by law;
• - upon suspicion of insufficiency or falseness of any documents or data collected earlier during identification of a person and verification of presented information or updating the corresponding data.

On applying due diligence measures Mentors Trades may apply simplified or enhanced due diligence requirements. Implementation of enhanced due diligence requirements shall be triggered, inter alia, by the following circumstances: 

• - the places of business or the place of residence and/or seat of the representative and the principal are located in different jurisdictions;
• - the authorization (except for a statutory right to represent a legal person) has been issued for a term of over one year;
• - large transactions (transaction amount over 10,000 US Dollars) and complex transactions; transactions that deviate significantly from the previous normal transaction history of the person;
• - transactions involving large asset transfers to a country that is not the known home country of the person;
• - the social appearance and behavior, personal financial situation or other circumstances surrounding the person are irregular considering the characteristic features of the transaction to be concluded or the business of the principal;
• - Classification of the person as PEP or any other category directly classified by the legislation as high risk.

The Company may collect the following information¹ according to CDD:

• - Individual Clients.
    Name; date of birth; email address; phone number and residential address; photograph; copies or certified copy of any Valid Documents;
• - Business Clients.
  Business name; name, contact details, photograph, and copy of Valid Documents of the authorized representative, one certified copy of one of incorporation/registration Certificate (as the case may be); memorandum and articles of association/partnership deed (as the case may be); board resolution/other authorization documents giving authority to the representative chosen to execute transactions on the website;

In addition to the above, the Company can reserve the right to verify the Client’s identity through non-documentary means or both. The Company may also use non-documentary means if there are some uncertain about the true identity of the Client. The Company may use the following non-documentary methods to verify identity:

• - Confirming email validity;
• - Confirming telephone number validity;
• - Confirming the Client’s location using, among others, the Client’s IP address.

All of which may be carried out by an automated or manual process.

If the Company believes any information obtained from the Client hereunder is:

• - Inadequate or incomplete;
• - False or misleading;
• - Insufficient resulting in an inability to readily verify the same;
• - Appearing on any Sanctions Lists.

The Company may in sole discretion either refuse or terminate (as the case may be) the registration of such account or require such Client to verify the Valid Documents submitted by him again. The Company may also, in sole discretion, refuse to open any new trading accounts, terminate existing Client's account after giving due notice, or refuse to process any transactions on the Website if the Company is unable to verify any information due to non-cooperation of the Client, or if such transactions are likely to have an material adverse effect on the Company for being in violation of any applicable laws or industry best-practice guidelines.

¹ Personal data is processed in a manner that ensures appropriate security of the personal data, including protection from unauthorized or unlawful processing and from accidental loss, destruction or damage, using appropriate technical or organizational measures (‘integrity and confidentiality’).

Monitoring and control activities

The purpose of monitoring and control activities is to protect the Company from risks and to monitor and control on a permanent basis whether the Company’s operations are carried out in accordance with national and international AML standards. Monitoring and control activities are executed by the Compliance Officer.

Monitoring and control activities include:

• - Monitoring and control of Clients and transactions in the high risk group;
• - Monitoring and control of complex and extraordinary transactions;
• - Controlling, through the sampling method, whether the transactions do not exceed a predetermined limit consistent with the Client’s risk-profile;
• - Monitoring all transactions, through both manual screening and use of software-based algorithms, in order to promptly identify and highlight any suspicious activity;
• - Controlling, completing and updating the information and documents about the Client.

Also the Company may regularly monitor, through both manual screening and using software-based algorithms, all transactions, in order to promptly identify and highlight any suspicious activity and the Company may cancel all transactions where was identified any suspicious (fraud) activity.

On detection of any suspicious (fraud) activity, the Company reserves the right to take appropriate actions without any prior notification to the Client, which includes, without limitation:

• - Refusing to open any new trading accounts;
• - Blocking existing Client's trading accounts and close open trading orders;
• - Restricting and/or blocking further access to the website;
• - Cancelling all deposit/withdrawal transactions where was identified any suspicious (fraud) activity;
• - Notifying the appropriate enforcement authorities regarding the suspicious activities of any Client;
• - Investigation procedures start.

Maintaining records

Under applicable AML Laws and Standards, the Company is required to maintain and preserve the following information and/or data:

• - Records of all transactions executed by the Client, for a period of at least 5 (Five) years from the date of each;
• - Records of all suspicious transactions, whether executed or attempted, for a period of at least 10 (Ten) years, including but not limited to the information about the date of remittance;
• - Identification records of Clients (including but not limited to the Valid Documents submitted pursuant to the clause titled ‘Customer Due Diligence’ above), during the subsistence of and for a period of at least 5 (Five) years from the date of termination of such Client.

Suspicious activity

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 by the AML Compliance officer.

Examples of red flags are: 

• - The customer exhibits unusual concern regarding the firm’s compliance with government reporting requirements and the firm’s AML policies, particularly with respect to his or her identity, type of business and assets, or is reluctant or refuses to reveal any information concerning business activities, or furnishes unusual or suspect identification or business documents.
• - The customer wishes to engage in transactions that lack business sense or apparent investment strategy, or are inconsistent with the customer’s stated business strategy.
• - The information provided by the customer that identifies a legitimate source for funds is false, misleading, or substantially incorrect.
• - Upon request, the customer refuses to identify or fails to indicate any legitimate source for his or her funds and other assets.
• - The customer (or a person publicly associated with the customer) has a questionable background or is the subject of news reports indicating possible criminal, civil, or regulatory violations.
• - The customer exhibits a lack of concern regarding risks, commissions, or other transaction costs.
• - The customer appears to be acting as an agent for an undisclosed principal, but declines or is reluctant, without legitimate commercial reasons, to provide information or is otherwise evasive regarding that person or entity.
• - The customer has difficulty describing the nature of his or her business or lacks general knowledge of his or her industry.
• - The customer attempts to make frequent or large deposits of currency, insists on dealing only in cash equivalents, or asks for exemptions from the firm’s policies relating to the deposit of cash and cash equivalents.
• - The customer engages in transactions involving cash or cash equivalents or other monetary instruments that appear to be structured to avoid the $10,000 government reporting requirements, especially if the cash or monetary instruments are in an amount just below reporting or recording thresholds.
• - For no apparent reason, the customer has multiple accounts under a single name or multiple names, with a large number of inter-account or third-party transfers.
• - The customer is from, or has accounts in, a country identified as a non-cooperative country or territory by the Financial Action Task Force.
• - The customer’s account has unexplained or sudden extensive wire activity, especially in accounts that had little or no previous activity.
• - The customer’s account shows numerous currency or cashiers check transactions aggregating to significant sums.
• - The customer’s account has a large number of wire transfers to unrelated third parties inconsistent with the customer’s legitimate business purpose.
• - The customer’s account has wire transfers that have no apparent business purpose to or from a country identified as money laundering risk or a bank secrecy haven.
• - The customer’s account indicates large or frequent wire transfers, immediately withdrawn by check or debit card without any apparent business purpose.
• - The customer makes a funds deposit followed by an immediate request that the money be wired out or transferred to a third party, or to another firm, without any apparent business purpose.
• - The customer makes a funds deposit for the purpose of purchasing a long-term investment followed shortly thereafter by a request to liquidate the position and transfer of the proceeds out of the account.
• - The customer engages in excessive journal entries between unrelated accounts without any apparent business purpose.
• - The customer requests that a transaction be processed in such a manner to avoid the firm’s normal documentation requirements.
• - The customer, for no apparent reason or in conjunction with other red flags, engages in transactions involving certain types of securities, such as penny stocks, and bearer bonds, which although legitimate, have been used in connection with fraudulent schemes and money laundering activity. (Such transactions may warrant further due diligence to ensure the legitimacy of the customer’s activity.)
• - The customer’s account shows an unexplained high level of account activity with very low levels of securities transactions.
• - Attempt to borrow maximum cash value of a single premium policy soon after purchase.

If the appointed producer: 

• - Exhibits a dramatic or unexpected increase in sales (particularly of single premium contacts).
• - Has consistently high activity in single premium contracts in excess of Сompany averages.
• - Exhibits a sudden change in lifestyle.
• - Requests the Client documentation be delivered to the agent.

Upon notification of the AML Compliance Officer 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 decision will be made by the AML Compliance officer to release the blocked assets or to freeze the assets and/or to inform the appropriate law enforcement or regulatory agency.

The Client understands that the risk of suffering trading losses may be quite significant. The Client should analyze his financial capabilities before engaging in trading operations.

The Client realizes that he may completely lose all his initial funds and any additional funds used when trading on the market.

The Client agrees that the Company cannot be held responsible for the Client's losses caused by Client’s trading decisions, orders, its investment behavior and and/or by any involved third party actions. The Client agrees that the Company cannot be held responsible for the Client's losses caused, directly or indirectly, by the government restrictions, restrictions of foreign exchange or market rules, suspension of trading, military operations, or other conditions usually called the 'force majeure circumstances' which lie beyond the Company's control.

The Client was informed about additional risks associated with the specifics of functioning of e-trade systems and the problems of Internet communication nodes.

The Client bears full responsibility for the risks associated with the storage of trading account access data, and must ensure that third parties cannot access the trade terminals. The Client's losses and risks associated with the restoration of access to the trading account place no obligations on the Company, other than to provide new access data to the Client upon sufficient and unambiguous identification of the Client as the holder of this account.

Forex trading and/or forex margin trading involves substantial risks. Forex trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature and other factors, all of which may substantially affect the price or availability of one or more foreign currencies or other assets i.e. cryptocurrencies etc. Speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved. Only funds that a person would allocate to high-risk investments (i.e., funds that if lost would not affect the person's standard of living or financial well-being) should be used in trading. In cases where the Client has used only conservative forms of investment in the past, forex trading might not be appropriate for the Client. A Client must understand that a total loss of all funds deposited can occur, should the market go against the Client's position(s).

Mentors Trades does not and cannot guarantee the initial capital of the Clients' portfolio or its value at any time or any money invested in any financial instrument. The Client should unreservedly acknowledge and accept that the Client runs a great risk of incurring losses and damages as a result of the purchase and/or sale of any Financial Instrument and accepts and declares that they are willing to undertake this risk. Clients should not engage in any investment directly or indirectly in Financial Instruments unless they know and understand the risks involved for each one of the Financial Instruments.

There are certain risks due to the nature of internet-based trading. These may include but not be limited to, the failure of hardware, software, and Internet connection. Since Mentors Trades does not control internet providers, their equipment and technology, internet connection speed or reliability, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet.

I. Scope and Definitions

The following privacy statement explains the nature, the scope and the purposes of collecting, processing and using personal data and other confidential information by Mentors Trades on our website and subpages. The following Privacy Policy is an integral part of the Client Agreement you are to agree to it when registering on the Mentors Trades. If there are differences between this Privacy Policy and the terms of any agreements concluded between the Client and Mentors Trades, the terms of such agreements shall prevail. This Privacy Policy informs you of our policies regarding the collection, use, and disclosure of personal data when you enter and/or use Mentors Trades  and the choices you have associated with that data. We use your data to provide and improve the Mentors Trades. By using the Mentors Trades, you agree to the collection and use of information in accordance with this policy.

Definitions:

Service or “Mentors Trades”

All the services Mentors Trades provides including visiting/registering/etc. 

Personal Data

Personal Data means data about a living individual who can be identified from those data (or from those and other information either in our possession or likely to come into our possession).

Usage Data

Usage Data is data collected automatically either generated by the use of the Service or from the Service infrastructure itself (for example, the duration of a page visit).

Cookies

Cookies are small pieces of data stored on your device (computer or mobile device).

Data Controller

Data Controller means the natural or legal person who (either alone or jointly or in common with other persons) determines the purposes for which and the manner in which any personal information are, or are to be, processed. For the purpose of this Privacy Policy, we are a Data Controller of your Personal Data.

Data Processors (or Service Providers)

Data Processor (or Service Provider) means any natural or legal person who processes the data on behalf of the Data Controller. We may use the services of various Service Providers in order to process your data more effectively.

Data Subject (or User/Customer)

Data Subject is any living individual who is using our Service and is the subject of Personal Data.

II. Information Collection And Use

We collect several different types of information for various purposes to provide and improve Mentors Trades to you. Types of Data Collected:

Personal Data

While using Mentors Trades, we may ask you to provide us with certain personally identifiable information that can be used to contact or identify you ("Personal Data"). Personally identifiable information may include, but is not limited to:

• - Email address
• - First name and last name
• - Address, State, Province, ZIP/Postal code, City
• - Cookies and Usage Data
• - ID document etc.
• - Others described in the Client Agreement or other legal documents.

Usage Data

We may also collect information how Mentors Trades is accessed and used ("Usage Data"). This Usage Data may include information such as your computer's Internet Protocol address (e.g. IP address), browser type, browser version, the pages of our service that you visit, the time and date of your visit, the time spent on those pages, unique device identifiers and other diagnostic data.

Tracking & Cookies Data

We use cookies and similar tracking technologies to track the activity on Mentors Trades and hold certain information. Cookies are files with small amount of data which may include an anonymous unique identifier. Cookies are sent to your browser from a website and stored on your device. Tracking technologies also used are beacons, tags, and scripts to collect and track information and to improve and analyze Mentors Trades. You can instruct your browser to refuse all cookies or to indicate when a cookie is being sent. However, if you do not accept cookies, you may not be able to use some portions of Mentors Trades. Examples of Cookies we use: Session Cookies - We use Session Cookies to operate Mentors Trades; Preference Cookies - We use Preference Cookies to remember your preferences and various settings; Security Cookies - We use Security Cookies for security purposes.

III. Use of Data

Mentors Trades uses the collected data for various purposes:

• - To provide and maintain the Mentors Trades
• - To notify you about changes to Mentors Trades
• - To allow you to participate in interactive features of Mentors Trades when you choose to do so
• - To provide customer care and support
• - To provide analysis or valuable information so that we can improve the Mentors Trades
• - To monitor the usage of the Mentors Trades
• - To detect, prevent and address technical issues
• - To provide you with news, special offers and general information about other goods, services and events which we offer that are similar to those that you have already purchased or enquired about unless you have opted not to receive such information.
• - To comply with and to provide AML procedures, including KYC checks and ongoing AML monitoring including by means of third-party providers.

IV. Legal Basis for Processing Personal Data Under General Data Protection Regulation (GDPR)

If you are or your IP address is from the European Economic Area (EEA), Mentors Trades legal basis for collecting and using the personal information described in this Privacy Policy depends on the Personal Data we collect and the specific context in which we collect it.

Mentors Trades may process your Personal Data because:

• - We need to perform a contract with you
• - You have given us permission to do so
• - The processing is in our legitimate interests and it's not overridden by your rights
• - To comply with the law

V. Retention of Data

Mentors Trades will retain your Personal Data only for as long as is necessary for the purposes set out in this Privacy Policy. We will retain and use your Personal Data to the extent necessary to comply with our legal obligations (for example, if we are required to retain your data to comply with applicable laws), resolve disputes, and enforce our legal agreements and policies.

Mentors Trades will also retain Usage Data for internal analysis purposes. Usage Data is generally retained for a shorter period of time, except when this data is used to strengthen the security or to improve the functionality of our Service, or we are legally obligated to retain this data for longer time periods. By registering on Mentors Trades you are giving a consent for us to retain your Personal Data. 

VI. Transfer Of Data

Your information, including Personal Data, may be transferred to — and maintained on — computers located outside of your state, province, country or other governmental jurisdiction where the data protection laws may differ than those from your jurisdiction. Please note that we may transfer the data, including Personal Data, outside your jurisdiction (including outside the EU if it is your jurisdiction) and process it there. Your consent to this Privacy Policy followed by your submission of such information represents your agreement to that transfer. Mentors Trades will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this Privacy Policy and no transfer of your Personal Data will take place to an organization or a country unless there are adequate controls in place including the security of your data and other personal information.

VII. Disclosure Of Data

Legal Requirements

Mentors Trades may disclose your Personal Data in the good faith belief that such action is necessary to:

• - To comply with a legal obligation
• - To protect and defend the rights or property of Mentors Trades or it’s customers
• - To prevent or investigate possible wrongdoing in connection with the Mentors Trades
• - To protect the personal safety of users of the Mentors Trades or the public
• - To protect against legal liability.

VIII. Security Of Data

The security of your data is important to us, but remember that no method of transmission over the Internet, or method of electronic storage is 100% secure. While we strive to use commercially acceptable means to protect your Personal Data, we cannot guarantee its absolute security.

IX. "Do Not Track" Signals Under California Online Privacy Protection Act (CalOPPA)

We do not support Do Not Track ("DNT"). Do Not Track is a preference you can set in your web browser to inform websites that you do not want to be tracked.

You can enable or disable Do Not Track by visiting the Preferences or Settings page of your web browser.

X. Your Data Protection Rights Under General Data Protection Regulation (GDPR)

If you are a resident of the European Economic Area (EEA), you have certain data protection rights. Mentors Trades aims to take reasonable steps to allow you to correct, amend, delete, or limit the use of your Personal Data. However, we imply the same rights to all our users from any jurisdiction. 

If you wish to be informed what Personal Data we hold about you and if you want it to be removed from our systems, please contact us at support@mentorstrades.com. We will do our best to do so as soon as possible unless it is currently not possible due to an order/transaction you concluded via Mentors Trades. In this case we will fulfil your request after all the obligations under such contract are fulfilled. 

In certain circumstances, you have the following data protection rights:

The right to access, update or to delete the information we have about you. Please contact us at support@mentorstrades.com if you wish to update or delete your personal information.

The right of rectification. 

The right to object. You have the right to object to our processing of your Personal Data.

The right of restriction. You have the right to request that we restrict the processing of your personal information.

The right to data portability. You have the right to be provided with a copy of the information we have on you in a structured, machine-readable and commonly used format.

The right to withdraw consent. You also have the right to withdraw your consent at any time where Mentors Trades relied on your consent to process your personal information (unless it is currently not possible due to an order/transaction you concluded via Mentors Trades).

Please note that we may ask you to verify your identity before responding to such requests.

You have the right to complain to a Data Protection Authority about our collection and use of your Personal Data. For more information, please contact your local data protection authority in the European Economic Area (EEA).

XI. Service Providers

We may employ third party companies and individuals to facilitate Mentors Trades  ("Service Providers"), to provide the Mentors Trades on our behalf, to perform Mentors Trades -related services or to assist us in analyzing how Mentors Trades is used. These third parties have access to your Personal Data only to perform these tasks on our behalf and are obligated not to disclose or use it for any other purpose. The Client expressly consents to the processing, transmission, and storage of their personal data, including but not limited to name, address, date of birth, identification documents, biometric data (if applicable), and other relevant information, to third-party KYC providers for the sole purpose of conducting verification and compliance checks.

XII. Links To Other Sites

Mentors Trades may contain links to other sites that are not operated by us. If you click on a third party link, you will be directed to that third party's site. We strongly advise you to review the Privacy Policy of every site you visit. We have no control over and assume no responsibility for the content, privacy policies or practices of any third party sites or services.

XII. Children's Privacy

Mentors Trades does not address anyone under the age of 18 ("Children"). We do not knowingly collect personally identifiable information from anyone under the age of 18. If you are a parent or guardian and you are aware that your Children have provided us with Personal Data, please contact us. If we become aware that we have collected Personal Data from children without verification of parental consent, we take steps to remove that information from our servers.

XIII. Establishing contact with us and with other customers

Mentors Trades enables you to establish contact with us. This is possible, for example, by sending an email to us, or any message via the permitted message service (according to the Client Agreement ). The information you provide when contacting us is stored to process the request and, where appropriate, for the subsequent correspondence.

We do not disclose your personal information to any other Mentors Trades customer unless it is necessary. 

XIV. Access data/server log files

Details of your visit to our site are stored in a log file (the so-called server log file). We collect (or our internet provider servers) the following data on each access to our Mentors Trades:

• - IP address of the accessing computer;
• - name of the file requested;
• - date and time of the request;
• - amount of data transmitted;
• - notification of successful request;
• - browser type and version along with the operating system used;
• - referrer URL;
• - requesting Provider;
• - screen resolution.

The log data is used by us only for statistical analysis in the context of operation of Mentors Trades. In case of illegal use of our service, the log data also serves to inform a resolution in the eventuality of any violation of the law.

XV. Service messages

There are some messages ("Service Messages") that we will need to send to you. These may be sent via email, post or text message (according to the addresses and directions provided by you during registration), and include notifications about your loan applications, repayments or balance if you are a borrower, and information about your balance and account status if you are a lender; information on updates and other information regarding using of Mentors Trades. We may also send to you, from time to time, advertisements and other information about our services, or services of our partners.

XVI. Monitoring and recording

We may monitor, record, store and use any telephone, email or other communication with you in order to check any instructions given to us, for instructional purposes, for crime prevention, and to improve the quality of our customer service.

XVII. Consent

By registering as a user of Mentors Trades, you consent to the terms of the Privacy Policy without any exclusions or reservations.