AltMarket, Inc. ("AltMarket") is regulated by the Financial Crimes Enforcement Network (FinCen), Bank Secrecy Act (BSA ID 31000115209438), Commodity Futures Trading Commission (CFTC), and Securities Trading Commission (SEC). AltMarket does accept funds and handle funds. A Third-Party Payment Processor (TPP) collects deposits, makes payments and processes transactions for our customers and members. AltMarket is strictly governed by any of the regulatory bodies previously mentioned and compliance policies are with the highest standards.
AltMarket is committed to following the Know Your Customer (KYC) process, and adheres to strict procedures to verify the identity of our customers. AltMarket has implemented detailed onboarding procedures. During a customer’s onboarding process, AltMarket collects and verifies documentation to substantiate the customer’s identity. AltMarket uses this information to implement AltMarket’s Anti-Money Laundering (AML) policy. For regulated financial institutions, CIP is a provision of the USA Patriot Act and is incorporated as part of the Bank Secrecy act/ AML Compliance Program.
AltMarket maintains a strict policy against money laundering and is fully committed to following applicable laws, rules and regulations as if it were a regulated entity. To ensure that AltMarket facilities are not used for money laundering purposes, the company maintains an anti- laundering compliance program, which (i) requires employees to gather certain information regarding the true identity of customers, and (ii) requires employees to report suspicious customers and transactions to the designated AltMarket supervisory personnel, principles and/or the Chief Compliance Offices.
AltMarket also requires that appropriate personnel complete an annual training session, which focuses on AltMarket policy and procedures and current laws regarding anti-money laundering. AltMarket shall maintain records of the subject matters discussed and persons in attendance at annual training programs.