Security and Disclosure
In accordance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, FXCM has an obligation to collect information and verify the identity of its clients. This information is referred to as Know Your Client information or KYC information. FXCM will carry out its customer identification and verification procedures in accordance with the Privacy Act 1988 and Privacy Amendment (Enhancing Privacy Protection) Act 2012. FXCM is bound by, and committed to the terms of the Privacy Act 1988 and the Australian Privacy Principles forming part of that Act. A summary of the Australian Privacy Principles is available by contacting our office.
When submitting a Client's application form to open a live or demo account with FXCM, the Client will be providing entities within the FXCM group of companies (collectively, the "FXCM Group"), and its affiliated entities with the Client's personal information. By applying for and/or opening a live or demo FXCM account, the Client acknowledges and agrees that their consent is voluntarily provided to the FXCM Group and its affiliated entities including FXCM Australia Pty. Limited. Personal information is any information about the Client, that identifies the Client or by which the Client's identity can reasonably be ascertained. Where information is collected from someone other than the client, the FXCM Group will take reasonable steps to ensure the client is aware that such information has been collected, and of the circumstances of the collection.
FXCM will also maintain records of all transactions and activities on the Client's account(s), including, but not limited to, details of liquidations on the Client's account(s). FXCM may also collect information about the Client from publicly available sources such as company registers. The Client's personal information will be held by FXCM strictly in accordance with the Australian Privacy Principles in the Privacy Act 1988 and Privacy Amendment (Enhancing Privacy Protection) Act 2012. At any time, upon request, the Client may gain access to the information FXCM holds about the Client. FXCM may also record telephone conversations between the Client and persons working for FXCM. Such recordings, or transcripts from such recordings, may be used to resolve any dispute between the Client and FXCM and with a view to satisfying FXCM's statutory obligations including requests from regulators and other government bodies. FXCM will also collect and hold information about the Client when the Client completes an online application or other type of form or operates and deals on the Client's Account through FXCM's websites.
FXCM may collect sensitive information about a Client if:
- The collection is required or authorised by Australian Law or court/tribunal order;
- The client consents to the collection and the information is reasonably necessary for FXCM’s functions and activities;
- FXCM reasonably believes that collection is necessary to lessen or prevent a serious threat to the life, health or safety to an individual or the public, and it is unreasonable or impracticable to obtain the clients’ consent to the collection;
- FXCM has reason to suspect that unlawful activity or misconduct of a serious nature that relates to FXCM’s functions or activities is being or may be engaged in;
- FXCM believes that the collection is reasonably necessary to assist to locate a person who has been reported as missing.
The Client need not give FXCM any of the personal information about the Client requested in the application forms. However, without that information FXCM may not be able to open an account for the Client and/or provide services to the Client. While FXCM make every effort to ensure that all information FXCM hold about Client is accurate, complete and up to date, Client need to notify FXCM promptly if there are any changes to your personal information. Should the Client have any questions or complaints about the Client's privacy, the Client should contact FXCM. If a complaint is not resolved by FXCM to the Client's satisfaction, the Client may complain to the Privacy Commissioner who may investigate your complaint further.
Access and Correction
The Client can gain access to his/her personal information that FXCM holds about the Client by electronically mailing to firstname.lastname@example.org. FXCM will process the Client's request usually within 14 days. If the Client's request is complex, more time may be needed in which case FXCM will advise the Client of the extra time required. There is no fee for requesting access to the Client's information, although FXCM may charge the Client the reasonable cost of processing the Client's request. In some circumstances the law may allow FXCM to deny the Client access. Access may also be denied if FXCM has reason to suspect that unlawful activity or misconduct of a serious nature relating to FXCM’s functions and activities may be engaged in, and if giving access would be likely to prejudice any appropriate action. In such a case FXCM will explain to the Client the reason for refusing access unless it would be unreasonable to do so, other regulatory matters, and the complaint mechanisms available. FXCM may take reasonable steps to give access in a way that meets the needs of FXCM and the client if possible.
Should FXCM disagree with the Client as to the accuracy of the information, the Client may request that FXCM attach a statement to that information noting that the Client considers it inaccurate or incomplete. FXCM will provide the client with written notice if it refuses to correct the personal information, which will set out the reason for refusal (unless this would be unreasonable), the mechanisms available to complain about the refusal, and any other relevant matters.
If FXCM is satisfied that the information is inaccurate, out-of-date, incomplete or irrelevant or misleading, FXCM will take all reasonable steps to correct the personal information to ensure that it is accurate, up-to-date, complete, relevant and not misleading.
USE AND DISCLOSURE
FXCM has requested the information required in the application forms to enable FXCM to determine whether it will deal with the Client using the FXCM Trading Station. That information, together with the information collected and maintained by FXCM during the course of its relationship with the Client, is required to keep the Client updated whilst the Client is a client in relation to matters such as the Client's Margin obligations and the funds in the Client's account(s) and possibly other activities of FXCM. FXCM also requires the information to manage and administer the products and services provided to the Client. FXCM may also be required to provide the Client's personal information to ASIC and other regulatory and government bodies from time to time in Australia and overseas. FXCM may also disclose the Client's personal information to: (i) financial institutions and other similar organisations in connection with its corporate activities or that are nominated by the Client; (ii) the Financial Ombudsman Service Limited ("FOS"), courts, arbitrators and other dispute resolution bodies; (iii) external service providers and professional advisers (which may be located overseas) that provide services to FXCM; (iv) any actual or potential delegate or assignee as referred to in the Terms of Business; (v) any other person or entity as required or authorised by law; (vi) any organisation which the Client request FXCM to or any persons acting on the Client's behalf, including the Client's financial adviser, broker, solicitor or accountant and (vii) any person that FXCM consider as appropriate or fit including a member of FXCM Group and its employees under a duty of confidentiality. Such information may be transferred to a place outside Australia.
FXCM would like to inform you that your personal information may be used for the following purposes:
- Sharing, cross-checking and transferring that personal data with any of FXCM affiliated or associated companies whether in relation to new or existing client verification procedures, ongoing account administration or direct or indirect marketing of any investment, dealing or related services or products;
- The comparison and/or transfer to third party service providers of such personal data for the purposes of credit checking and or data verification;
- Any purpose relating to or in connection with the compliance of any law, regulation, court order or order of a regulatory authority, including the provision of any such data to any such regulatory authority as required by law or regulation;
- Any other purpose relating to or in connection with FXCM’s business or dealings or the business or dealing of any of its affiliated or associated companies.
FXCM may also use the Client's personal information for: (i) marketing FXCM products and services to the Client; (ii) developing an understanding of the products and services the Client may be interested in obtaining from FXCM; (iii) any other purpose the Client has consented to; and (iv) any use which is required or authorised by law. FXCM may aggregate data on an anonymous basis about its clients' trades and disclose such data to third parties.
FXCM may not use or disclose the information apart from the purpose above except where:
- The use and disclosure is required or authorised by Australian Law or court/tribunal order;
- FXCM reasonably believes that collection, use and disclosure is necessary to lessen or prevent a serious threat to the life, health or safety to an individual or the public, and it is unreasonable or impracticable to obtain the clients’ consent to the collection;
- FXCM reasonably believes that collection, use and disclosure is necessary in order for FXCM to take appropriate action in relation to a reasonable suspicion of unlawful activity or misconduct of a serious nature that relates to FXCM’s functions, activities and internal investigations;
- FXCM believes that the collection is reasonably necessary to assist to locate a person who has been reported as missing;
- necessary for the establishment, exercise or defence of a legal or equitable claim;
- Necessary for the purposes of confidential alternative dispute resolution.
- Where you have consented to such disclosure
Your personal data held by FXCM will be kept confidential but FXCM may provide information to 1) any agent or third party service provider who providers services to FXCM or any of FXCM affiliated or associated companies in connection with the operation of its business, 2) Any Regulatory or Governmental authorities which relates to or govern any business of FXCM or any of its affiliated or associated companies and, 3) Any person that FXCM considers as appropriate or fit including a member of FXCM or its affiliated or associated companies and its employees under a duty of confidentiality. Such information may be transferred to a place outside Australia. It is important that you are aware that Australian Privacy Law will not apply to that information when it is disclosed cross-border; however FXCM reasonably believes that the affiliated or related company would be subject to a law or binding scheme that protects the information in a similar way to the Australian law protects that information.
SHARING INFORMATION WITH OUR AFFILIATES
FXCM Australia Pty. Limited may share personal information with our affiliates for business purpose, such as, but not limited to, servicing customer accounts and informing customers about new investment products and services, or to aid in the trading activity of FXCM Australia Pty. Limited, its affiliates, or employees, and as permitted by applicable law. Our affiliates may include companies controlled or owned by FXCM Australia Pty. Limited as well as companies that have an ownership interest in our company. Out affiliates maintain the privacy of your information to the similar extent FXCM does in accordance with this Policy. If you do not wish to have your personal information disclosed to our affiliates or other third parties, please send your request to The Data Protection Officer/Compliance Officer, FXCM Australia Pty. Limited, Suite 1402, Level 14, 383 Kent Street, Sydney, NSW 2000.
FXCM intends to use your personal information (other than sensitive information) for direct marketing investment products and services and FXCM requires your consent for that purpose. By applying for and/or opening a live or demo FXCM account, you acknowledge and agree that your consent is voluntarily provided to FXCM. If you do not wish to use your data for use in direct marketing as described in this policy, you may exercise your right to opt-out by notifying FXCM in writing.
In regards to sensitive information, FXCM will obtain the consent of the client before using or disclosing sensitive information for the purposes of direct marketing.
Where a Client would not reasonably expect their personal information to be used for direct marketing, or the information has been collected from a third party, FXCM may use or disclose this personal information for the purposes of direct marketing if the client has consented to the use or disclosure for this purpose (or if it is impracticable to seek this consent), and FXCM has provided a means for opting out of direct marketing and the client has not chosen to opt out. FXCM will include this opt out option/statement in each direct marketing communication.
FXCM clients also have the right to contact FXCM and request not to receive direct marketing communications, and for FXCM not to disclose their personal information to other entities for the purposes of direct marketing, as well as request FXCM to provide the source of the individuals personal information if is practicable or reasonable to do so.
FXCM takes all reasonable steps to protect the Client's personal information from misuse, loss, unauthorised access, interference, modification or disclosure.
Once client information is no longer needed, FXCM will take reasonable steps to destroy or de-identify the information as long as FXCM is not required by Australian Law, or court/tribunal order to retain the information, or other overseas regulatory and government bodies and if it is not contained in a Commonwealth record.