AML is a set of measures to counter money laundering, terrorist financing and the creation of weapons of mass destruction. This procedure includes the 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 verify a business that works with cash payments or has assets in cash, holds money in different accounts and in several banks, transfers them abroad, buys futures, options or other instruments for cash settlement, invests in securities through brokers or dealers. In our case, the cryptocurrency appears.
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. As part of the procedure, documents confirming the identity of the client are used, for example, a valid identity card, a utility bill indicating the home address, an insurance number, etc. As a rule, customers need to provide information for KYC during the account registration process.
All incoming and outgoing (User's wallet) cryptocurrency transactions are checked by a specialized service for illegal actions that can be qualified as laundering or an attempt to launder illegally obtained digital assets or funds have a frankly criminal origin. If a risk of 60% or more is detected, or "high risk" labels, the transaction will be frozen and processed within the framework of the AML regulations.
1. High-risk transactions include funds with tags: Illegal Service - Coins associated with illegal activities. Mixing Service(Mixer) - Coins passed through the mixer to make it difficult or impossible to track. Mixers are mainly used for money laundering. Fraudulent Exchanges are exchanges involved in exit scams, illegal behavior, or from which funds have been confiscated by government authorities. Darknet Marketplace(Dark Market) - Coins associated with illegal activities. Darknet Service- Coins related to child abuse, terrorist financing or drug trafficking. Ransom-Coins obtained by extortion or blackmail. Scam- Coins obtained by deception. Stolen Coins are Coins obtained by stealing someone else's cryptocurrency. Terrorism Financing - Entities related to the financing of terrorism. Sanctions - Entities to which sanctions have been applied. High-Risk Exchange(100%) Gambling - Coins associated with unlicensed online games. Enforcement action - A legal entity is subject to legal proceedings with judicial authorities. Child Exploitation - Subjects related to the exploitation of children. In the presence of one of the presented tags, the exchange is suspended until a full investigation. The Service has the right to require both standard and extended verification of the User's identity and request all necessary documents to confirm the origin of funds. For verification, you need to provide:
2. Photo of the main page of the passport, the page with the specified address of residence. A selfie with a passport (photo on the background of our website). To confirm your address, you must provide a payment list that is no more than 12 months old. (Payment for housing and communal services (Bank statement of payment for housing and communal services) payment of the Internet bill) The payment document must be in your name and match the place of registration (extended verification may require additions)
3. After verification, you will receive a refund minus 2% of the amount received.
4. If you refuse to undergo verification, then you need to notify us in writing to our email [email protected] about the refusal to pass verification (important: the refund is made to the details from which the coins were transferred) and the refund will be made minus 5% of the amount received.
5. In case of blocking by payment systems or crypto currency exchanges of funds received from the user, the refund will be made only after the funds are fully unblocked, the refund will be made minus 10% of the amount received.
7. Important: Send an email. Strictly from the email address specified by the Customer in the application (in other cases, extended verification may be required)
8. The Client is obliged to provide the service with all necessary documents to unlock funds.
9. The refund fee is charged in connection with covering the labor costs of processing the application and organizing a refund, as well as financial losses of the exchange service due to the blocking of reserves.
10. The Service reserves the right to monitor the entire transaction chain in order to identify suspicious transactions;
11. The Service reserves the right to refuse to provide the service 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;
12. The refund, subject to approval by the security service of the Exchange Service, will be processed by the exchange service within 3 (three) calendar days, starting from the date when the User was notified with the decision of the exchange service regarding his request for a refund.
13. If the Customer does not respond to the request of the Exchange Service within 30 (thirty) calendar days, no refund is provided.