TERMS OF THIRD PARTY PAYMENTS POLICY

Core Spreads will no longer be accepting any payments made via a 3rd party source from the 25th January 2016 due to changes in our Anti-Money Laundering and policy strategy. Payments made via 3rd party sources before the 25th January 2016 will be assessed differently to any payments made after this date. In order for funds to be returned further evidence may need to be supplied.

1.PRIOR 25TH JANUARY 2016 (ACCOUNT BEING CREDITED VIA 3RD PARTY SOURCES)

1.1 Any payments made via 3rd party sources prior to 25th January 2016 will be returned back to source.

1.2 Only the amount credited by the 3rd party details will be credited back to the source, no profit* will be returned back to this source.

1.2.1* Profits will only be used if the original balance was in negative numbers, if you deposited on a trade and that trade went into a negative amount on card 1 (3rd party payment) and then subsequently on card 2 (your own card) you deposited funds and were profitable. We will use this “profit” to return the amount you originally deposited from the 3rd party source before returning any remaining funds to your personal account.

1.3 If the full balance is not available, then the balance on the account will be returned back to the 3rd party source. 

1.4 If various credits have been made via 3rd party sources, then the 3rd party accounts will be credited accordingly to the amount originally deposited.

1.4.1 If the total amount in the trading account is lower than the original deposits, then the return of payments will be referred to our compliance team who will give the correct split. In most cases, the highest deposit (3rd party source) will be credited, decreasing thereafter until no monies are left in the trading account.
1.4.1 If the amount is higher than the original deposits, then Clause 1.6 will be implemented with the remaining profit being paid to clients account.

1.5 Any monies in the trading account will first be credited back to the 3rd party source before being credited back to the account holders account. Please be aware this will only be actioned if a credit has been made via a 3rd party source.

1.6 No further information will be required subject to compliance agreeing, all cases are reviewed individually on a case by case basis.

1.7 Any cards that are reported as stolen or suspicious Core Spreads have the right to hold the funds until further checks have been carried out.

1.8 Payments made via Bank Transfer from a 3rd party will be returned back to this source.

1.9.1 Any amount remaining will be returned back to the client account (details must be in trading account name). Please refer to Annex 7.

2.0 Any payments made from a joint account is not deemed as a 3rd party payment and are acceptable, joint account meaning “a bank account held by more than one person, each individual having the right to deposit and withdraw funds”.

2.1 Any payments via a corporate account (company account) to a personal account will be returned to source. Company funds are not permitted to be used for personal funds as a company is its own legal “entity”.
2.1.1 Sole traders are allowed to deposit from their own account this would not be classified as a 3rd party payment.

POST 25TH JANUARY 2016 (ACCOUNT BEING CREDITED VIA 3RD PARTY SOURCES)

2.2 Any payments made via 3rd party sources post 25th January 2016 will be retuned back to source once further information has been received and revised by compliance.

2.3 The amount credited by the 3rd party details will be credited back to source, profit(s)* will be returned back to this source if all profits have been accumulated with 3rd party funds.

2.3.1* Profits will only be used if the original balance went into negative numbers, if you deposited on a trade and went into a negative amount on card 1 (3rd party payment) and then subsequently on card 2 (your own card) you deposited funds and were profitable. We will use this “profit” to return the amount you originally deposited from the 3rd party source before returning any remaining funds to your personal account.

2.4 If the full balance is not available, then the balance on the account will be returned back to the 3rd party source. (Subject to Clause 2.2) (Please see Annex A for an example)

2.5 If various credits have been made via 3rd party sources, then the 3rd party accounts will be credited accordingly to the amount originally deposited. (Subject to Clause 2.2)

2.6 If the total amount in the trading account is lower than the original deposits, then the return of payments will be referred to our compliance team who will give the correct split. In most cases, the highest deposit (3rd party source) will be credited, decreasing thereafter until no monies are left in the trading account.

2.7 If the funds requested is higher than the original deposits, then section 2.9 will be implemented with the remaining profit being paid to clients account.

2.8 Any monies in the trading account will first be credited back to the 3rd party source(s) before being credited back to the account holders account. (Subject to Clause 2.2)

2.9 All 3rd party accounts will be credited back to the original deposit amount first. (Subject to Clause 2.2)

3.0 Further information will be required subject to compliance; all cases are reviewed individually on a case by case basis (Subject to Clause 2.2)

3.1 Core Spreads hold the right to hold any funds made via a 3rd party source(s), this includes any profit(s) or any monies held in trading account even if deposited via a legal source until further verification has been completed.

3.2 If you fund your account using a 3rd party source(s) and request a withdrawal of the funds in your account, we will first return to the 3rd party source(s) until the total amount(s) funded has been returned to the source(s).

3.3 Any cards reported as stolen or suspicious Core Spreads have the right to hold all funds until further checks have been carried out. (Subject to Clause 2.2)

3.4 Payments made via Bank Transfer from a 3rd party will be returned back to this source.

3.5 Any amount remaining will be returned back to the client account (details must be in trading account name). (Subject to Clause 2.2)

3.6 Any payments made from a joint account is not deemed as a 3rd party payment and are acceptable, joint account meaning “a bank account held by more than one person, each individual having the right to deposit and withdraw funds”.

3.7 Any payments via a corporate account (company account) to a personal account will be returned to source. Company funds are not permitted to be used for personal funds as a company is legally its own “entity”. (Subject to Clause 2.2)

3.8 Sole traders are allowed to deposit from their own account this would not be classified as a 3rd party payment.

3.9 If we identify any payments made via 3rd party source(s), we will return back to the 3rd party source(s) without your consent or prior warning.

3.10 If we identify any payments made via 3rd party source(s) and this amount has been allocated to your trading account, then Core Spreads holds the right to close any active positions to return the funds back to source. (Subject to Clause 2.2)

4.0 If you have already started using the funds (credit from a 3rd party source), your account may be placed into “read only” and the remaining funds may be returned to source. If the account is already using funds, then these open positions will be closed. Core Spreads will not take responsibility for any losses or profits this also includes any profits that may have been gained.

4.1 No profit will be paid out until further verification has been completed by compliance.

4.2 Any card used by a client which is found to be a 3rd party payment will be blocked by our payment system.

4.3 Any profit accumulated via 3rd party funds will not be returned until further verification has been completed by compliance. (Subject to Clause 2.2)

4.4 Any profit accumulated via 3rd party funds will be returned back to the 3rd party source(s) unless this payment method is deemed to be used without consent.

4.5 Profits will only be paid to clients own account if they have credited their account with legal payment details (in the account holders name).

4.6 If a client uses 3rd party sources and his own payment source(s), then no profits or funds will be paid out. The client will have to prove they had prior consent of the 3rd party to use their account details to deposit funds.

4.7 The information required is deemed as sufficient and factual, no monies will be returned until the information has been received. Failure to provide requested information we hold the right to keep all funds until this information is made available.

4.8 Any information requested for the release of funds must be submitted within 14 days of being requested. (not including bank holidays and weekends).

4.9 Core Spreads have 14 days to give a response from the day information requested has been received (not including bank holidays and weekends).

5.0 If this day passes and you have not heard from Core Spreads, then any funds held on the account will be returned back to you.

5.1 One of our main priorities is protecting our clients from fraud and following best practices set by industry leaders, we are also obliged by duty to follow Anti-Money Laundering rules and regulations. In relation to the above, we ensure this by sending any un-associated funds back to the original source.

5.2 Trading accounts may be placed into “Read Only” IF Third Party Deposits are made, once the funds have been returned to the account the funds had originally been deposited from your trading account will be fully functional again.

ANNEX

WHAT IS CLASSIFIED AS A 3RD PARTY PAYMENT?

1. Credits made via card(s), not in your name. (Even if permission is given)

2. Credits made via bank transfer(s), not in your name. (Even if permission is given)

3. Credits made via a corporate account(s) (company account) to a personal trading account. (Even if a board resolution is supplied).

4. Credits made via a Skrill account(s), not in your name. (Even if permission is given).

5. Credits made on your behalf from family(s) or friend(s).

6. Credits made via a corporate account(s) to a corporate trading account without a board resolution document being submitted. 

WHAT IS ACCEPTED?

7. Any credits from card(s) in your own name or joint account

8. Any credits from bank transfer(s) in your name or joint account.

9. Any credits from Skrill Account(s) in your name or joint account.

10. Any credits made from a corporate account(s) to a corporate trading account(s), however, a board resolution must be provided.

11. Sole traders can credit personal accounts.

12. Any credits made via foreign exchange companies, however evidence showing money was sent from your own account must be presented. This information can be proved by a bank statement or transfer receipt.

 

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