Anti-Money Laundering (AML) Policy
ProopCo is firmly committed to combating money laundering. Adhering to all relevant laws and regulations is essential to protecting the company’s reputation and maintaining public trust. Therefore, it is recommended that ProopCo develop an Anti-Money Laundering (AML) policy that details the necessary actions to achieve these goals and ensures their effective implementation. This policy should be aligned with the regulations governing financial and non-financial businesses in Iran and encompass all entities in which ProopCo holds an ownership interest.
Policy Objectives
- To develop clear and unambiguous policies for combating money laundering.
- To provide concise and clear explanations regarding compliance obligations that users must adhere to.
- To guide users to operate within the legal framework in their daily activities.
- To foster a workplace culture that strengthens adherence to laws and guides users in fulfilling their duties.
Definition of Money Laundering
According to Article 2 of the Anti-Money Laundering Law, the crime of money laundering includes participation in any of the following activities with the knowledge that the financial resources are derived from a criminal act:
- Transferring or relocating assets with the intent to conceal or disguise their source.
- Concealing or disguising the reality, origin, or location of the assets.
- Acquiring, possessing, or using assets derived from a crime.
- Assisting a criminal individual in evading punishment.
It should be noted that money laundering is always intentional and cannot be carried out merely due to negligence. However, ProopCo acknowledges that actions resulting from severe negligence, especially those involving the failure to report suspicious cases to the Financial Intelligence Unit, may lead to criminal liability.
Laws and Regulations
The laws (Anti-Money Laundering) that ProopCo adheres to and complies with are as follows:
- The presumption is the validity and authenticity of commercial transactions subject to Article (2) of the Commercial Code unless proven otherwise based on the provisions of this law. The possession of property and assets by individuals, if accompanied by a claim of ownership, is indicative of ownership.
- The crime of money laundering consists of:
a. Acquiring, possessing, maintaining, or using proceeds derived from illegal activities with the knowledge that they have been obtained directly or indirectly as a result of committing a crime.
b. Converting, exchanging, or transferring proceeds to conceal the illegal origin thereof with the knowledge that they have been obtained directly or indirectly as a result of committing a crime, or assisting the perpetrator in such a way that he/she avoids the legal consequences of committing that crime.
c. Concealing or disguising the true nature, origin, source, location, movement, disposition, or ownership of proceeds that have been obtained directly or
indirectly as a result of committing a crime.
- Proceeds of crime refer to any property that has been directly or indirectly obtained from criminal activities.
To coordinate the relevant agencies in collecting, processing, and analyzing news, documents, information, and reports received, developing intelligent information systems, identifying suspicious transactions, and combating money laundering, the High Council for Anti-Money Laundering is established under the chairmanship and responsibility of the Minister of Economic Affairs and Finance, with the membership of the Ministers of Commerce, Intelligence, Interior, and the Governor of the Central Bank, with the following duties:
- Collecting and obtaining relevant news and information and analyzing and classifying them technically and professionally in cases where there is evidence of violation, according to regulations.
- Preparing and proposing the necessary regulations regarding the implementation of the law to the Cabinet.
- Coordinating the relevant agencies and pursuing the full implementation of the law in the country.
- Evaluating the received reports and forwarding them to the judiciary in cases where there is a strong likelihood of accuracy or the importance of the matter.
Legal Defenses
The laws do not specify particular legal defenses for money laundering charges. Common defenses used in anti-money laundering laws are not different from those used in other criminal offenses. It is important to note that criminal cases of money laundering cannot be resolved through settlement or plea bargaining. Once the prosecution is convinced of a money laundering crime, they cannot use their discretion and must refer the matter to the criminal court.
Identification of Unusual/Suspicious Transactions
In compliance with the laws, every transaction is carefully examined to identify any transaction that may exhibit unusual or suspicious indicators. The company's objective in these thorough reviews is to protect its business activities and comply with regulations related to preventing money laundering.
Reporting Suspicious Transactions
ProopCo fulfills its duty to report suspicious transactions to the authorities. These reports are immediately sent to the relevant entities. ProopCo is committed to maintaining the confidentiality of user records and information. Therefore, all user documents and records must be securely stored so they are available for inspections, legal actions, or any other legal purposes if needed.
Risk Rating
ProopCo has an independent risk management department responsible for thoroughly assessing and evaluating customer risk. After determining the risk rating, due diligence is conducted on customers to prevent potential risks, all within the framework of applicable laws and regulations.
Terms of Use
Online Registration Terms : By accepting these terms of service, the customer acknowledges that they are of legal age in their place of residence. The customer agrees to refrain from engaging in any illegal or prohibited activities while using the services, including but not limited to copyright infringement. In the event of a violation of these terms, access to the services will be terminated immediately.
User Account Information : The provider may refuse to accept new users and may impose restrictions on registration. The provider also reserves the right to limit or ban users who appear to be using prohibited bots. The customer must provide accurate and up-to-date information for their activities and promptly update it in the event of any changes.
Access to Third-Party Tools : You may be granted access to certain tools provided by third parties that are not under our control. You acknowledge that we provide these tools "as is" without any warranties or endorsements. We bear no responsibility for any issues arising from your use of these optional tools. Your use of these tools is at your discretion, and you should agree to the terms provided by their respective creators before use. Future services or features we may offer will also be subject to these terms.
Links to Other Sites : The content or services we provide may include materials from other sites. We bear no responsibility for the accuracy or reliability of these materials and do not guarantee the content or services of third-party sites. Any purchases or usage of services through these sites are at your own risk, and you should review their terms. Any complaints or questions about these products should be directed to the respective providers.
Feedback and Comments : You agree that we can use, edit, or distribute your comments without restriction. We are not obligated to maintain confidentiality, pay compensation for comments, or respond to them. We may remove or edit inappropriate content, although this is not an obligation. You are responsible for ensuring your comments are not offensive, illegal, or harmful. You must not impersonate others or mislead us about the origin of the comments.
Protection of Personal Information : The protection of your personal data is managed in accordance with our Privacy Policy.
General Terms : The provider reserves the right to refuse service to anyone at any time, without reason. The customer agrees that non-sensitive content submitted (excluding credit card information) may be transmitted unencrypted and may involve changes to conform and adapt to technical requirements. Credit card information is always protected by encryption. Without the provider's written consent, the customer must not copy, sell, or misuse the service content.
Accuracy and Currency of Information : The customer acknowledges that services and content are provided "as is" without any warranties and with all potential faults. Use of these services is at the customer's own risk. The provider strives for accuracy in information but acknowledges technological limitations and offers no guarantees.
Changes to Services and Pricing : The provider reserves the right to change product prices and to modify or discontinue services without prior notice. The provider is not liable for any changes, price adjustments, suspensions, or discontinuations of services.
Products and Services : The provider reserves the right to limit the provision of services and control the quantity of services offered. Service specifications and pricing may change, and the provider may discontinue any service. Any service offer that is prohibited in certain areas is invalid.
Customer Identification (KYC) : ProopCo is committed to having robust and comprehensive Know Your Customer (KYC) processes to comply with legal requirements. This process includes collecting valid information to verify identity, assessing the type and purpose of business, and continuously monitoring financial activities. In high-risk cases, additional measures for identity verification and closer monitoring are taken. If the identity verification process is not successfully completed, further business interaction with the party may be prevented.
Errors and Incomplete Information : Occasionally, information published on our website or services may contain typographical errors, inaccuracies, or omissions, which can include product details, pricing, promotions, special offers, shipping costs, transit times, and availability. We reserve the right to correct any errors, inaccuracies, or omissions and to change or update information or cancel orders if any information is inaccurate at any time without prior notice (including after you have submitted your order). We undertake no obligation to update, amend, or clarify information on the website or any related website, except as required by law. No specified update or refresh date should be taken to indicate that all information on the website or any related website has been modified or updated.
In case of any discrepancies or issues in using the services, such as account problems, transactions, or service features, customers should report them to us immediately. This helps us promptly and accurately resolve the issue and correct the services. Customers can contact ProopCo support via live chat on the dashboard, the website, or email at [email protected] for assistance and reporting issues. We are committed to taking all necessary actions to resolve any discrepancies to ensure the proper functioning of the services.
Usage Restrictions : Using the website and its content for illegal purposes, encouraging others to perform illegal acts, violating any laws, infringing on intellectual property rights, harassing, providing false information, and spreading viruses or malicious code is prohibited. We reserve the right to terminate user access to the services if these rules are violated
Prohibited Trading Activities :
14.1. Customers must not engage in transactions that conflict with the guidelines of this section. Any transaction that contradicts these regulations is strictly prohibited. Customers must adhere to all the rules and guidelines of this section and the FAQ section when using the services.
14.1.1. Customers must not knowingly or unknowingly use trading strategies that exploit service flaws, such as pricing errors or update delays. This includes strategies known as "latency arbitrage."
14.1.2. Customers must not use external data that is faulty.
14.1.3. Engaging in any transaction or combination of transactions aimed at market manipulation, whether alone or in collaboration with others, across different accounts is prohibited. This includes activities that involve entering opposing positions simultaneously.
14.1.4. Using any software, artificial intelligence, high-speed trading, high-frequency trading, or bulk data entry that may harm systems or services or create an unfair advantage is prohibited.
14.1.5. Any form of arbitrage, including triangular arbitrage, statistical arbitrage, etc., that exploits price differences is prohibited.
14.1.6. Using strategies that guarantee the execution of limit orders during low liquidity periods is prohibited.
14.1.7. Transactions that conflict with the normal operations of financial or forex markets are prohibited.
14.1.8. Engaging in copy trading without prior permission is prohibited.
14.1.9. Participating or collaborating with third parties to conduct transactions on behalf of the customer is prohibited.
14.1.10. Accessing third-party trading accounts and executing trades or managing accounts on their behalf without permission is prohibited.
14.1.11. Opening trading positions with volumes significantly larger than the customer's usual size is prohibited.
14.1.12. Opening positions with volumes significantly smaller or larger than other trades is prohibited.
14.1.13. Using high-risk trading strategies is prohibited.
14.2. If a customer engages in any of these prohibited trading methods, the provider may:
- Consider this behavior a breach of contract.
- Remove violating transactions.
- Terminate the contract.
14.3. If prohibited methods are used across different accounts or in combination, the provider reserves the right to terminate all services and contracts.
14.4. Using the provider's trading accounts for prohibited activities can lead to account and contract termination.
14.5. If the customer repeatedly engages in these practices, the provider may block access to the services.
14.6. The provider is not responsible for the customer's investment activities conducted outside the services provided by the provider.
Disclaimer and Warranties : The provider makes no warranties regarding the error-free, timely, secure, or uninterrupted use of the service. The results obtained from the use of the services may also not be accurate or reliable. The customer acknowledges that the provider may suspend or terminate the services without necessarily notifying the customer. The customer accepts that the use or inability to use the service is at their own risk.
The services and products provided to the customer are offered "as is" and "as available," and no representations, warranties, or conditions, whether express or implied, including warranties of quality or suitability for particular purposes, are provided.
The provider and its affiliates shall not be liable for any potential damages to the customer or any direct, indirect, incidental, special, or consequential damages arising from the use or inability to use the services. If the laws of certain areas impose limitations in this regard, the provider's liability will be limited to the maximum extent permitted by those laws.
Customer Obligations : The customer agrees to indemnify and defend the provider and its affiliates against any claims or demands, including legal fees, arising from the customer's breach of the terms of service or violation of laws.
Enforceability of Provisions : If any provision of the terms of service is found to be illegal, void, or unenforceable, that provision shall be enforceable to the fullest extent permitted by law, without affecting the validity and enforceability of the remaining provisions.
Termination Conditions : Obligations incurred before the termination of the contract remain in effect. These terms and conditions are valid until terminated by either the customer or the provider. The customer may terminate the contract by notifying the provider. The provider may also terminate the contract at any time without prior notice if the customer fails to comply with the terms.
Refund Policies :
19.1. Cancellation by Customer: Customers wishing to cancel their account must send their request to [email protected]. This request signifies the intent to terminate contractual obligations, resulting in the loss of access to services, including the user account and trading platform. Upon receiving the request, the provider will confirm via email, officially ending the contract. In this case, the customer will not be entitled to a refund of any previously paid fees.
19.2. Repeated Violations: If the customer continues unauthorized behavior after being warned, the provider may restrict access to the services without compensation. No refunds will be given for fees paid in such circumstances.
19.3. Disputes and Refunds: In the event of a dispute over fees or an unreasonable refund request by the customer, the provider reserves the right to suspend services and deny future requests at its discretion.
Entire Agreement : The provider's failure to enforce any right or provision of these terms does not constitute a waiver of those rights. The validity of any waiver of rights is only effective if in writing and signed by the provider. These terms of service, along with any policies or rules announced by the provider, constitute the entire agreement between the customer and the provider, governing the customer's use of the services and superseding any prior or concurrent agreements, communications, or proposals. In case of ambiguity, interpretation will not favor the drafting party, and consumer rights remain protected.
Governing Law : These terms and conditions of service, along with any additional contracts, are governed and interpreted according to the laws applicable to the customers.
Local Laws : Customers must be fully aware of and comply with local laws and regulations related to their participation in Propco. By using the services, the customer assumes full responsibility for their conduct and participation and confirms they are over 18 years old. The provider bears no liability for any local law violations by the customer, and any breaches are the customer's responsibility.
Changes to Terms of Service : The interpretation and enforcement of these terms of service and any other contracts provided by the service provider are in accordance with the customer's legal jurisdiction
