A. There is a set procedure to follow:
- Submit a KYC (Know Your Client) package, complete with a copy of your passport and either a Bank Statement, or a copy of the Bank Instrument.
- The compliance department will complete due diligence on yourself and the funds or Bank Instrument which takes between 2-4 days depending on how busy they are.
- If you pass compliance a contract will be issued.
- If required there will be a call between between yourself and the compliance department to answer any questions you may have.
- You sign and return the contract.
- You contact your bank to either issue the required swift or put the admin hold block in place. This can take between 2-5 days depending on the Bank.
- Once the swift or block is in place the trade would start usually within 72 hours.