FxNet to work with iSignthis to improve its clients on-boarding experience.
FxNet, Cyprus based online Forex and CFD broker, has announced that it has entered into an agreement with iSignthis Ltd (ASX:ISX), the global leader in dynamic, digital AML/ CTF KYC identity proofing corporation.
FxNet will integrate with iSignthis over the coming two and half months in order to take advantage of the iSignthis enhanced due diligence Digital KYC service.
Other major Forex online brokers including iForex and XM has already made contract with this firm, iSignthis. These brokers are all looking to improve their compliance procedures, also in order to meet the bars set by regulatory authorities.
The iSignthis service provides these companies with a user friendly, automated customer on-boarding system
FxNet is now able to meet the stringent KYC requirements and demands of CySEC and the European Union’s 4th AML Directive (“4AMLD”). The 4AMLD is now likely to come into effect in within the EU by 1st January 2017, but could come into effect six months earlier than the original date.
FxNet is regulated by the stringent EU AML requirements by Cyprus’ CySEC (Cyprus Securities & Exchange Commission).
The company is also registered with following financial regulatory authorities.
- United Kingdom’s – FCA (Financial Conduct Authority)
- Germany’s BaFin (Bundesanstalt für Finanzdienstleistungsaufsicht)
- France’s ACP (Autorite de Controle Prudentiel)
- Spain’s CNMV (The Comisión Nacional del Mercado de Valores)
- The Netherlands AFM (Autoriteit Financiële Markten)
- Norway’s FINANSTILSYNET (Financial Supervisory Authority of Norway)
The iSignthis service opens up the potential customer market for FxNet to any of the world’s financially included persons resident in FATF or MONEYVAL member countries (or equivalents).
Once the iSignthis service has been integrated with FxNet’s systems, the broker will be at an advantage as they will be able to onboard customers in minutes, whether they elect to pay by credit or debit card.
Integration is set to be completed within 10 weeks, allowing commercial services to commence shortly thereafter.