KYC AML Sanctions and Fraud Prevention Policy
Effective date:
About This Document
This document forms part of your legal relationship with FUNDED IQ LLC. In this document, we, us, and our mean FUNDED IQ LLC. You and your mean you as the person this document applies to. Read this document together with the General Terms and Conditions and any Product Schedule, programme terms, agreement, or policy incorporated into your Order or account.
FundedIQ provides simulated CFD evaluation and funded-account services. FundedIQ is not a broker, deposit-taker, custodian, or investment adviser, and the balances shown in FundedIQ accounts are not customer funds.
1. Purpose and Status
We use proportionate know-your-customer, sanctions, anti-money-laundering, payment-ownership, and fraud controls to protect traders, payment systems, counterparties, and the service. These controls do not mean we are a bank, broker, regulated investment firm, or financial institution. We may apply controls voluntarily or because a law, provider, bank, or counterparty requires them.
2. When Checks Occur
- Before a funded simulated account is issued
- Before or during a performance-reward request
- When payment ownership, identity, device, location, or account control is uncertain
- When a sanctions, PEP, adverse-media, fraud, chargeback, or document signal appears
- When information expires, changes materially, or a lawful authority requires a refresh
3. Standard Due Diligence
Standard checks include verified legal identity, date of birth, nationality, residence, address, liveness and facial comparison where permitted, document validity, phone and email, account and payment ownership, sanctions and PEP screening, and your declarations in the KYC Questionnaire. We currently use Veriff for identity-verification workflows and may replace or supplement it.
4. Enhanced Due Diligence
Where risk is higher, we may request proof of address, payment ownership, source of funds, source of wealth, occupation or business, tax residence, additional identity documents, a video call, device-control evidence, or an explanation of account and trading activity. Requests must be risk-based and proportionate.
5. PEP and Sanctions
A politically exposed person, family member, or close associate is not automatically rejected. We assess role, jurisdiction, source of funds, adverse information, and other risk and may require senior approval and enhanced monitoring. A confirmed applicable sanctions prohibition results in refusal, suspension, or termination and may require payments to be blocked or reported.
6. Fraud and Integrity
We check for altered or recycled documents, identity mismatch, duplicate or controlled profiles, third-party payments, shared devices, account takeover, coordinated trading, chargeback abuse, referral manipulation, and false reward destinations. A shared public IP address alone is not treated as an automatic violation.
7. Outcomes
A case may be approved, approved with monitoring, sent to manual or enhanced review, paused for information, rejected, or closed. A fraud rejection blocks funded-account issue and rewards. A later material sanctions or PEP match may return an approved case to review and hold rewards. KYC approval may be reused while valid, but every funded account still requires its own Agreement.
8. Confidentiality and Tipping Off
We explain outcomes as fully as lawful and safe. It may give a generic reason where disclosure could reveal a watchlist, fraud method, provider control, confidential source, investigation, or legally protected report. The right to appeal and provide identity evidence remains available unless law prevents it.
9. Data and Retention
KYC information is processed under the Privacy Policy. Access is limited to trained authorised personnel and providers. KYC cases and supporting evidence are normally retained for five years after the relationship ends. Full identity-event and network IP addresses are normally removed after 120 days; derived risk signals may be kept for 30 to 365 days according to risk class.
10. Trader Duties
You must provide genuine current documents, complete the process personally, disclose material changes, use owned or approved payment and reward methods, and answer proportionate questions honestly. Submitting false evidence or using another person's identity is a material breach.