LX Insurance Exchange maintains full compliance with applicable federal and state securities laws, insurance regulations, and anti-money laundering requirements.
LX Insurance Exchange maintains a comprehensive Anti-Money Laundering program in compliance with the Bank Secrecy Act (BSA) and implementing regulations issued by the Financial Crimes Enforcement Network (FinCEN). The program includes customer identification, transaction monitoring, suspicious activity reporting, and record retention.
All members undergo identity verification pursuant to FinCEN's Customer Identification Program requirements. For individuals, this includes government-issued photo identification and proof of address. For entities, this includes formation documents, beneficial ownership certification, and authorized signatory verification.
All members and transactions are screened against OFAC's Specially Designated Nationals (SDN) list, the Consolidated Sanctions List, and applicable international sanctions lists. Screening is conducted at onboarding and on an ongoing basis. Transactions involving sanctioned parties are blocked and reported.
In compliance with FinCEN's Beneficial Ownership Rule, all legal entity members must certify beneficial owners holding 25% or more ownership interests and identify a single control person. Beneficial ownership information is verified and maintained in accordance with applicable record retention requirements.
Legal Disclaimer: This compliance documentation is provided for informational purposes only and does not constitute legal advice. LX Insurance Exchange recommends that all participants consult with qualified legal counsel regarding applicable regulatory requirements. Compliance requirements vary by jurisdiction and are subject to change.