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Know Your Customer (KYC)

Know Your Customer (KYC) is a process that financial institutions and other regulated companies use to verify the identity of their clients and assess their potential risks for money laundering or financing terrorism. The goal of KYC is to prevent financial institutions from being used to facilitate financial crime and to ensure that they are in compliance with relevant laws and regulations.

KYC typically involves collecting and verifying certain identifying information about a client, such as their name, address, date of birth, and government-issued identification. It may also involve assessing the client's risk profile and the nature of their business or financial activities.

KYC is an important aspect of financial compliance and is required by many laws and regulations, including the Bank Secrecy Act and the Anti-Money Laundering Act in the United States. It is also increasingly being applied to other sectors, such as cryptocurrency and digital assets, to help ensure compliance with relevant laws and regulations and to reduce the risk of financial crime.

Overall, KYC is a critical aspect of financial regulation and is designed to help ensure the integrity of the financial system and protect against financial crime.

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Conditional orders have increased risk due to their reliance on trigger processing, market data, and other internal and external systems like an exchange. Such orders are not sent to the market until specified conditions are met. During that time, system outages with downstream technologies or exchanges may occur. Furthermore, exchanges may impose controls on conditional orders to limit erroneous trades triggering downstream orders. HyperTrader or its subsidiaries may not always be aware of such changes to external controls immediately, leading to some conditional orders not being executed. As such, you need to monitor your conditional orders for reasonability. Conditional orders are “Not Held” orders whose execution instructions are on a best-efforts basis upon being triggered.

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