Regulation on AML checks and KYC policies
AML is a set of measures to combat money laundering, terrorist financing and weapons of mass destruction. This procedure includes identification, storage and mutual exchange of information about customers, their profits and transactions between financial institutions and government agencies.
Financial institutions use the AML principle to check businesses that operate with cash settlements or have assets in cash, keep money in different accounts and in several banks, transfer it abroad, buy futures, options or other instruments for cash settlement, invest in securities through brokers or dealers. Cryptocurrency figures in our case.
KYC is an acronym for the English phrase “know your customer/client”, or “know your customer”. This is the name of the mandatory verification of the client's personal data by the financial institution. The procedure uses documents that confirm the identity of the customer, such as a valid ID card, utility bill with home address, insurance number, etc., to verify the customer's identity. Generally, customers are required to provide information for KYC during the account registration process.
All incoming cryptocurrency transactions are checked by a specialized service for illegal activities that may be qualified as laundering or attempted laundering of illegally obtained digital assets or funds of blatantly criminal origin. In case of detection of “high risk” tags - the transaction will be frozen and processed within the framework of AML regulations.
1.If the AML cryptocurrency asset analysis results in an AML cryptocurrency asset risk greater than 50%, or any of the following labels are obtained:
Illegal Service
Mixing Service
Fraudulent Exchange
Darknet Marketplace
Darknet Service
Ransom
Scam
Stolen Coins
Terrorism Financing
Sanctions
Illicit Actor/Organization
High-Risk Jurisdiction
Gambling
Fraud Shop
Enforcement action
Child Exploitation
and other high risk assets, then the Customer's transaction may be frozen indefinitely until the Customer's identity verification (KYC) is complete.
1.1 In the presence of one of the presented marks - the exchange is suspended until the moment of the decision of a situation. The Service has the right to require verification of the User's identity and request all necessary documents to confirm the origin of funds. For verification you need to provide:
2. KYC Verification Documents: To verify the origin of funds, we request you to fully answer the following questions: - Through which platform did the funds reach you? Please provide screenshots from the withdrawal history of the sender's wallet/platform as well as links to both transactions in explorer; - what service you received the funds for; - how much the transaction was for, as well as the date and time of the transaction; - through which contact person did you communicate with the sender of the funds? Please provide screenshots of correspondence with the sender where we can see confirmation that the funds were sent. Also, please provide the following materials: - A photo of one of your documents (passport, ID card, or driver's license). - Selfies with this document and a sheet of paper with today's date and signature handwritten on it - Confirm your address for this you need to provide a payment slip, which is not more than 3 months old (For example, payment for housing and utilities, /Internet / Bank statement).Payment document must be in your name and coincide with the place of registration. If necessary, the service has the right to request additionally, any other documents not specified in this section. All sent images (scans, photos, screenshots) must be in jpeg or png format.
2.1 The timeframe for review of documents for KYC verification is individual for each case and is not regulated by time.
3. After verification, you will be refunded less 2% of the amount received.
4. In case you refuse to be verified, you need to notify us in writing to our mail (service mail name) about the refusal of verification and the refund will be made less 5% of the amount received.
5. In case of blocking by payment systems or cryptocurrency exchanges of funds received from the user, the refund will be made only after the full unblocking of funds, the refund will be made less 5% of the amount received.
6. Important: send a letter. Strictly from the mail that the Customer indicated in the application.
7. The Customer is obliged to provide the service with all necessary documents for unblocking the funds.
8. The refund fee is charged due to the costs of AML verification and other costs related to funds associated with illegal activities, as well as financial losses of the exchange service due to the blocking of reserves.
9.The Service reserves the right to control the whole chain of transactions in order to detect suspicious transactions.
10.The Service reserves the right to refuse to provide services to the Client, if the Service has reasonable suspicions about the legality of the origin of digital assets and to withhold funds in special accounts of the Service.
11.The Service reserves the right to refuse to provide the Client with the service, if the Service has reasonable suspicions about the legality of the origin of digital assets and to withhold funds on special accounts of the Service, if it is impossible to trace the entire chain of movement of digital assets from the moment of their appearance.
12. The refund, subject to the Service's approval, will be processed by the Service within 7 (seven) calendar days, starting from the date on which the User was notified with the Service's decision regarding their refund request. The refund is made to the details from which the payment was received.
13. The return of assets is not possible if the assets have been requested by the competent authorities or seized/blocked by other agencies of any jurisdiction (in this case, the blocked asset may be treated as physical evidence).