Due to our AML and KYC commitments, every user must complete a verification process. Before entering into any relationship, Mond Trades Ltd ensures convincing evidence is provided, otherwise additional steps are taken to obtain satisfactory proof of each client’s or counterparty’s identity. We also conduct enhanced checks for clients residing in jurisdictions with insufficient AML standards or high risk of crime and corruption.
During registration, each client provides personal information such as full name, date of birth, country of origin, and full residential address. One of the following documents is required to verify personal information. If documents are not in Persian, an official translation into Persian is required to avoid delays in verification.
- Valid passport (the first page with photo and signature clearly visible)
- Driver’s license with photo
- National ID card (front and back)
- Documents proving the current permanent address (e.g., utility bills, bank statements) including the client’s full name and address, not older than 3 months
For corporate clients: if the applicant company is listed on a recognized or approved exchange, or there is independent evidence of its affiliation with a listed company, additional identity verification is generally not required. If the company is unlisted and none of the principal directors or shareholders already hold an account with Mond Trades Ltd, the following documents must be provided:
- Certificate of incorporation (or national equivalent)
- Memorandum and articles of association (or national equivalent)
- Evidence of the company’s registered address
- Board resolution to open an account and grant authority to the responsible persons
- Copies of powers of attorney or other authorities granted by directors
- Identity verification of directors if acting on behalf of the client (per individual KYC requirements)
- Identity verification of ultimate beneficial owners and/or persons under whose instructions account signatories may act (per individual KYC requirements)
Customer Activity Monitoring
In addition to collecting client information, Mond Trades Ltd continuously monitors each client’s activity to detect and prevent suspicious transactions. A suspicious transaction is one that is inconsistent with the client’s lawful business or established transaction history. We operate monitoring systems (automated and, where necessary, manual) to prevent criminals from abusing our services.
Record Keeping
Client records including transaction data, identification data, and all documents related to AML matters are kept confidentially for at least 7 years after account closure.
Where a user undertakes transactions that Mond Trades Ltd regards as suspected money laundering or other criminal activity, we act in accordance with applicable law and report suspicious activity to the relevant authorities.
Mond Trades Ltd reserves the right to suspend operations of any client whose activity may be deemed unlawful or associated with money laundering. We may temporarily block the suspected account or terminate the relationship. For more information, contact us at [email protected].