BDB does not tolerate money laundering and supports the fight against money launderers. We follow the guidelines as set by the UK’s Joint Money Laundering Steering Group. The UK is a full member of the Financial Action Task Force (FATF), the intergovernmental body whose purpose is to combat money laundering and terrorist financing.

We have policies in place to deter people from laundering money. These policies include:

• Ensuring clients have valid proof of identification and proof of residence
• Maintaining records of identification information
• Determining that clients are not known or suspected terrorists by checking their names against international databases
• Informing clients that the information they provide may be used to verify their identity
• Closely following clients’ money transactions
• Not accepting cash, money orders, exchange houses transfers, or Western Union transfers

Money laundering occurs when funds from illegal/criminal activities are moved through the financial system in such a way that it appears that the funds have come from legitimate sources.

Money Laundering usually follows three stages:

• Firstly, cash or cash equivalents are placed into the financial system
• Secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money (e.g. executing trades with little or no financial risk or transferring account balances to other accounts)
• Finally, the funds are re-introduced into the economy so as to appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account)

International Anti-Money Laundering regulations require financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and to implement a compliance program to deter, detect, and report potential suspicious activity.

We strictly adhere to these guidelines to protect BDB and its clients.

For questions/comments regarding these guidelines, please contact us at: [email protected].