What is back office
Back office is one of the many departments that make up a forex company. The back office department is responsible for any activity related to the processing of funds, and plays an important role in the overall running of the company.
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Back office explained
All forex companies are made up of a number of departments that play a crucial role in the successful management of the company. The back office department is one of the many departments that play an important role in the successful management and administration of a forex company, and their function is primarily internal, providing administrative, legal and financial support to other departments.
The back office department is responsible for settling funds, clearing funds, recording all financial activity, processing withdrawals, processing deposits and other administrative activity. This department plays a key role within any forex company, as it is responsible for processing such transactions in an efficient and timely manner.
Another important role of the Back Office department is to carry out KYC and World Check on all customers. When any new customer makes an application to join a forex company, a World Check procedure must be conducted, to ensure that this client has had no relations with illegal financial activity.
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