Anti-Money Laundering and Know Your Customer Policy (hereinafter - the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of Us to be involved in any kind of illegal activity.
Both international and local regulations require Us to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, money laundering drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to act in case of any form of suspicious activity from its Users.
This AML/KYC Policy covers the following aspects:
Customer Due Diligence – ‘CDD’ is one of the international standards used to prevent illegal activities. Based on CDD, we have developed our own verification procedures in accordance with standards of anti-money laundering and ‘Know Your Customer’ frameworks.
1.1. Identity Verification
Our identity verification procedure requires the User to provide us reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes we reserve the right to collect User’s identification information for the AML/KYC Policy purposes.
We will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and we reserve the right to investigate certain Users who have been determined to be risky or suspicious.
We reserve the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, we reserve the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
Once the User’s identity has been verified, we are able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
1.2. Card Verification
The users who use payment cards in connection with our service will have to pass a card verification.
We have authorized a special person – The Compliance Officer who will ensure that the AML/KYC Policy is effectively implemented.
The Compliance Officer is responsible for supervising all aspects of anti-money laundering, and counter-terrorist financing, including but not limited to:
We will screen applicants against recognized Sanctions and Politically Exposed Persons (PEPs) lists.
3.1.3 Monthly by running automatically with a script to re-check all database of customers.
For the screening process performing We will use Thomson and Reuters World Check data integrated into the proprietary software and supported by World-Check One online search tool (provided by Refinitiv) for manual confirmation.
Not only the users’ identity will be verified, but their transactional patterns will be analyzed as well. We depend on data analysis as a risk-assessment and suspicion detection tool, and perform different compliance-related tasks, for example record-keeping, reporting, and investigation management.
4.1 The system functionalities include the following:
4.1.6 Filling out statutory reports.
4.2 Case and Document Management
In compliance with AML/KYC Policy we will constantly monitor all the transactions and it holds the right to:
The above list isn’t comprehensive, and the Compliance Officer holds the right to monitor the users’ transactions daily to determine whether the transactions are to be reported or treated as a bona fide.
In compliance with the international requirements we have put together a risk-based approach to fight money laundering and terrorist financing. Leveraging this risk-based approach, we ensure that the measures used in preventing money laundering and terrorist financing are compatible with identifying the risks. This additionally allows the resources to be allotted in the most effective ways. Furthermore, the principle also makes sure that the greatest risks receive the highest attention.