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Take care... Depositing more than 100,000 pounds in brokerage firms exposes you to money laundering charges


A large number of citizens are preparing to invest in the Egyptian Stock Exchange, after the success of the media campaign during the holy month of Ramadan in spreading financial culture among citizens, and offering the stock market as one of the investment alternatives through cumulative savings or investing part of the savings. However, some do not know that there are 3 warnings that should be taken into account. He knows them during the opening of dealing with brokerage companies, and "The Seventh Day" presents these warnings and the danger ensuing from them, as well as the correct behavior.

 

The first warning: clients depositing large sums in the treasury of brokerage firms exceeding 100,000 Egyptian pounds.

 

The risk involved: Your name is included in the reports prepared by the company regarding anti-money laundering as well as insecurity concerns.

 

Correct action: It is preferable to use bank transfers in general, but in the case of large amounts, this must be done through banks (your nearest bank).

 

Second warning: Depositing sums of money (cash or check) in the company without receiving a valid document from the company (on its printed matter, signed by the recipient and stamped).

 

The consequent risk: the company’s failure to recognize this deposit, as well as the failure to prove it in your favor, as well as the inability to legally prove your right, which results in the loss of your rights in this deposited amount.

 

The correct behavior: You must obtain a receipt from the company supporting any amounts you deposit at the same time without any delay, otherwise do not deposit, and you must also ensure that the receipt is legally valid by being dated and on the company’s publications (whether from books or issued by the computer) It bears a serial number, that the amount is written in numbers and letters, and that the person receiving the money sign in front of you by name at least three times, and not just form.

 

The third warning: Uncertainty of the company’s account number in the bank to which the deposit is made or the transfer to.

 

The consequent risk: Depositing funds in other than the company’s account, which takes a long time to recover, and the loss of investment opportunities for you.

 

Correct action: Obtaining the company’s bank account number in writing, keeping it and making sure that it exactly matches the name of the company in the bank.

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