Common use of Account Opening Procedure Clause in Contracts

Account Opening Procedure. 3.1 Before opening a new account, the Company provides to the Client via its Website or through an email or in person with the required information regarding the Company and a copy of this Agreement. After logging on to the website of the Company, the Client will complete and/or receive the application package which consists of the following: a) account application form, b) relevant information/documents of the client, c) Client Services Agreement. 3.2 The Company is obligated by the Applicable Regulations to perform KYC and due diligence procedures in order to verify the identity of each person who registers online via the Company’s Website. For this purpose, the Company will collect information about the Client such as name, surname, address, telephone number, email, nationality, date of birth and other details. 3.3 The Company is further obliged under Applicable Regulations to obtain information about the Clients knowledge and experience with trading in Financial Instruments so that it can assess whether the requested service or product is appropriate for a Client. The Company strongly encourages its Clients to provide all the necessary information as to the knowledge and experience in trading as accurately as possible. If a Client fails to provide sufficient information or fails to provide any information, the Company will not be able to assess whether a Client possesses the necessary knowledge and experience to understand the risks involved when trading with Financial Instruments offered by the Company. As such, the Company will not held responsible in case any of the information or circumstances change, unless the Client promptly notifies the Company. For this purpose, the Company conducts an Appropriateness Assessment Test, which will apply to all interested clients before providing investment services. 3.4 The Company shall assume that information about a Client’s knowledge and experience as this will be provided by each Client to the Company as accurate and complete. The Company shall have no responsibility towards the Client if such information is incomplete or misleading or becomes inaccurate and the Company will be deemed to have performed its obligations under Applicable Regulations, unless the Client has informed the Company of such changes. 3.5 Depending on the results of the Appropriateness Assessment Test, the Company will inform the Client as to the risks involved when trading with such financial instruments. The Company may even prompt a Client to open a demo account instead, prior to proceeding and reserves its right to deny the provision of investment services to a Client. 3.6 When the Company receives the Client’s completed online application form, it may use the information to conduct any further enquiries about the Client as the Company determines under the circumstances and its internal policies and procedures. The Company also carries out additional checks or periodic reviews. The Client will need to co-operate with the Company and supply the information requested promptly. The Company relies on the information that it is provided by the Client in the online application form or otherwise as being correct and not misleading at all times, unless you notify us otherwise in writing. In particular, the Client must notify the Company as soon as possible in writing if any of the details provided to us in your application form or if your circumstances have subsequently changed. Where the Company receives the “Client Registration Form”, it assumes that the Client has completed the said form and requests for the opening of an Account with the Company on his/her own free will and after careful consideration and deliberation for trading in the Financial Instruments as these are offered by the Company. 3.7 The Company is not to be required (and may be unable under Applicable Regulations) to accept a person as its Client until all documentation it requires has been received by properly and fully completed by such person and all internal checks (including without limitation all anti-money laundering customer identification and due diligence checks) have been duly satisfied. It is further understood that Company reserves the right to impose additional due diligence requirements to accept Clients residing in certain countries where the risk of money laundering may be higher. During the customer identification and due diligence checks the Company shall apply processes to verify the Client’s identity for which (amongst other things) photo identification information will be required by the Client. In certain circumstances we may require this information to be authenticated by an appropriate third party. The Company requires as minimum a government issued Photo identity documents such as a passport, driving license and/or identity card containing your full name, personal photo, and date of birth, ID number and expiry date as well as evidence of your residential address, such as a utility bill or bank statement, for the verification process. The information in these documents should agree with the details submitted in Client’s application. 3.8 The Company will assess the information received by the Client during the Account Opening Procedure in order to determine whether the Client is eligible or not in investing and/or operating a trading account with the Company. In the event that, the Client does not fully satisfy the Company’s required KYC and due diligence procedure within the time period set by the Company, the Company reserves the right to return any funds deposited back to their origin and/or close the Client Account and/or to proceed to any other action deemed necessary. 3.9 The Client’s trading account will be considered opened only when the trading account is activated, which means the trading account is not on a read only status and the Client can place his/her order for execution (i.e. the commencement of the business relationship between the Client and the Company). It is understood that the Client needs to pass the assessment and completion of the KYC and due diligence procedures of the Company prior the activation of the Client’s trading account.