In this article, we will explain why we ask our clients for personal information.
Why do you need my personal information?
When you are registering with us, we ask for some of your personal information, e.g., full name and address. This information is required for the Know Your Client (KYC) procedure. It is a standard procedure for companies offering financial services, including Admirals. KYC is mandatory because it helps financial institutions verify the identity of their clients, assess potential risks, prevent fraud, and comply with legal and regulatory requirements. As a regulated group of companies, Admirals must follow procedures like KYC.
Why do you need my source of funds information?
At some point, we must ask for our clients’ source of funds information. Requesting source of funds information is a part of Anti-money laundering (AML).
AML is a broad term that covers numerous laws and procedures. AML refers to the web of laws, regulations, and procedures aimed at uncovering efforts to disguise illicit funds as legitimate income. Money laundering seeks to conceal crimes ranging from small-time tax evasion and drug trafficking to public corruption and the financing of groups designated as terrorist organizations.
In simple terms, AML policies assist banks and financial institutions in preventing financial crimes. As Admirals is a financial institution as well, we must follow AML procedures as well.
Even though providing your personal financial information in detail may sound like something you would not want to do, cooperation in this process will allow Admirals to follow the laws and continue providing lawful services.
Can I trust you with my personal information?
We understand that providing personal information may be something you could be cautious about. At Admirals Group we fully understand the importance of protecting and respecting our clients’ personal information.
We align our business with legal requirements for privacy. By default, privacy and data protection must be incorporated into networked data systems and technologies. Privacy and data protection are integral to Admirals’ organizational priorities, project objectives, design processes, and planning operations.
In summary, the data protection measures we have in place are the following:
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