KYC Policy

The Know Your Customer (KYC) policy of NXG Markets Limited establishes the standards and procedures for verifying the identity of all clients. KYC is a critical component of our regulatory obligations and our commitment to maintaining a safe and transparent trading environment.

This policy applies to all prospective and existing clients, including individual accounts, corporate accounts, joint accounts, and trust accounts. The policy is enforced globally across all jurisdictions in which NXG Markets operates.

Our KYC procedures follow the Financial Action Task Force (FATF) Recommendations, the requirements of the Mwali International Services Authority (MISA), and all applicable local regulations in the jurisdictions we serve.

Individual Clients: A valid, unexpired government-issued photo identification (passport, national identity card, or driver's license) showing the full legal name, date of birth, photograph, and unique identification number.

Proof of Address: A recent utility bill (electricity, water, gas), bank statement, or official government correspondence dated within the last 3 months, showing the client's full name and current residential address.

Corporate Clients: Certificate of incorporation, memorandum and articles of association, proof of registered address, and identification of all directors, shareholders holding 25% or more, and the ultimate beneficial owner(s).

Trust Accounts: Trust deed, identification of trustees, settlor, and beneficiaries, and proof of registration where applicable.

Documents are submitted through our secure Client Portal or via encrypted email to compliance@nxgmarkets.com. All submitted documents are reviewed by our verification team within 24 hours on business days.

Automated verification tools are used to cross-reference submitted documents against government databases where available. Manual review is conducted for all documents to ensure authenticity and completeness.

If documents are incomplete, unclear, or expired, the client will be notified and requested to provide updated documentation. Trading activity may be restricted until verification is successfully completed.

NXG Markets employs a risk-based approach to KYC, meaning the level of due diligence applied is proportionate to the risk level associated with each client relationship.

Low-risk clients (residents of well-regulated jurisdictions with standard account activity) undergo Standard Due Diligence. Medium-risk clients receive additional scrutiny on source of funds and transaction patterns.

High-risk clients, including Politically Exposed Persons (PEPs), clients from high-risk jurisdictions (as defined by FATF), and clients with unusual transaction patterns, undergo Enhanced Due Diligence (EDD), which includes verification of source of wealth, additional reference checks, and senior management approval.

Client information is reviewed periodically to ensure it remains accurate and up-to-date. Standard reviews are conducted every 24 months for low-risk clients, every 12 months for medium-risk clients, and every 6 months for high-risk clients.

Trigger events that may initiate an ad-hoc review include significant changes in trading volume, requests to change account details, deposits or withdrawals from new payment sources, and information received from third parties or regulatory authorities.

Clients are required to notify NXG Markets of any changes to their personal information, including changes in name, address, nationality, employment, or financial situation.

NXG Markets identifies and verifies the beneficial owners of all client accounts. A beneficial owner is any natural person who ultimately owns or controls 25% or more of the client entity, or who otherwise exercises significant control.

For complex ownership structures, we require a complete ownership chain diagram and identification of all individuals meeting the beneficial ownership threshold. Where beneficial ownership cannot be determined, the account application may be declined.

All KYC documentation and personal data is handled in strict accordance with our Privacy Policy and applicable data protection laws.

Documents are stored in encrypted, access-controlled systems. Access is limited to authorized compliance and verification personnel. KYC records are retained for a minimum of 5 years after account closure.

Clients have the right to access, correct, and request deletion of their KYC data, subject to regulatory retention requirements. Requests should be directed to privacy@nxgmarkets.com.

Failure to provide required KYC documentation within 30 days of account opening will result in the suspension of trading and withdrawal capabilities until the necessary documents are submitted and verified.

Submission of fraudulent, forged, or materially misleading documents will result in immediate account termination, forfeiture of any outstanding bonuses or promotional credits, and referral to the relevant law enforcement authorities.

NXG Markets reserves the right to decline or terminate any client relationship where satisfactory KYC cannot be completed, in accordance with our regulatory obligations.