Dolce500: AML, CFT and KYC Policy

Welcome back, traders and true believers of Forex Trading.

Welcome to the McDuck trading family.

In our last post, we went over the process of money withdrawal and Dolce500 refund policy, If you plan to use Dolce500 as you trading platform you MUST check this post out as it contains very important information that will definitely be helpful to you.

Novice traders may be surprised about the personal documents that you would have to submit to the Dolce500 in order to verify your account. This is nothing out of the ordinary, it is a safety measure for both of the trading platform and you the trader.

Before we go over why this is beneficial for you as a trader, let's take a look at the privacy policies that Dolce500 and many other trade platforms are enforcing.

At the moment, you should keep in mind that Dolce500 enforces the:

1. Anti-money laundering policy

2. Countering the financing of terrorism policy

3. Know your client policy

Anti-money laundering policy and Countering the financing of terrorism policy have very similar but different goals. One is to prevent money laundering and tax evasion, whereas the other is set to eliminate the financing of terrorism.

You may think that it is weird that you are only able to send your deposit back to your initial credit card or bank account, however, you have to understand that if they allowed you to send money to ANY credit card or bank account, especially the ones that don't match with your name and address, you would be able to transfer the funds somewhere where they can't be tracked, which is, in essence, a crime, otherwise called tax evasion.

Know your client policy is a law and a legal prerequisite for those who work with traders during the opening and management of accounts in the trading industry. It basically states that when opening and managing customer accounts, any broker-dealer should make fair efforts, as it is a necessity to know and maintain track of each client's essential information.

Your broker has to collect information on you so that they can make sure that you are a real person, as well as that your credit card/bank account details are correct. Otherwise, they could be held liable for money laundering.

When you take everything into consideration, it becomes a lot more clearer why the broker requires such information from every trader. If these conditions aren't met, your privacy and your capital could be at risk. Imagine opening an account, depositing your savings, only to have them disappear when the company is sued for money laundering or tax evasion.

While the risk is always present in the trading world, it doesn't have to be present when you are dealing with your broker. After all, the bond that forms between the trader and broker is one that should last for a long time and as such, there is no room for mischievous acts.

When dealing with reputable trading platforms such as Dolce500 you can rest assured that your privacy is well respected and your capital is safe and sound. Hopefully, Dolce500 will soon get the recognition it deserves in the trading world, it is up to them to prove me right.

That is everything for today if you don't take my word, feel free to check out the trading platform Dolce500 and see for yourself. Stay safe and I will see you soon with more tips and tricks, trading signals and guidelines for Forex trading!

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