OANDA Japan Inc, a subsidiary of online broker OANDA Corporation, today issued a notice to traders regarding
OANDA Japan Inc, a subsidiary of online broker OANDA Corporation, today issued a notice to traders regarding pseudonymous transactions.
The term “pseudonymous transactions” refers to transactions conducted under the name of a non-existent person or other person.
Transactions conducted under the name of another person (e.g., family, friends, or other third parties) and impersonating the name holder are specifically called “borrowed name transactions,” and borrowed name transactions are classified as pseudonymous transactions.
Pseudonymous and borrowed name transactions are strictly prohibited by laws and regulations as they may be setting the ground for illegal activities such as tax evasion and money laundering.
The broker advises traders to open an account and conduct transactions under their own name, with their own funds, and of their own will.
In order to prevent pseudonymous and borrowed-name transactions, when a customer opens a new account, OANDA will verify the customer’s identity in accordance with laws and regulations, and may verify whether the customer is the one making the transactions and deposits and withdrawals from the account.
If the broker determines that someone other than the customer is making the transactions, it will take measures such as suspending transactions and deposits and withdrawals, and terminating the account in accordance with the terms and conditions of the transaction.
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