Anti Money Laundering and Know Your Customer Policy
This Anti Money Laundering (“AML”) and Know Your Customer (“KYC”) Policy is the procedure to prevent our services from being used for the purposes of money laundering, terrorist financing or any other criminal activity. In case of any potentially suspicious or unusual transactions or customer’s behavior we undertake appropriate measures to address the risks occurred. In order to handling transactions, we may ask for additional documents such as proof of source of fund etc. as deemed appropriate.
Our AML Policy includes:
Identification and verification of the customer.
Establishment and maintenance of the risk-based customer due diligence including enhanced due diligence for those customers presenting higher risks.
Transactions monitoring of the customer financial behavior based on risk-based analysis.
Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities.
Periodical AML trainings for our staff.
We are obligated to reject the customer’s documents, close account and terminate the business relationship if we find any suspicious activity, false documents or non-cooperation by the customer within the customer due diligence process.
KYC measures are part of the AML Policy. The objective of KYC measures is to enable businesses to know and understand their customers better and help them manage their risks. KYC policy includes the following eight key elements – customer identification procedures, monitoring of transactions, risk management, training program, internal control system, record keeping, and evaluations of KYC guidelines by internal audit and inspection system, duties/responsibilities and accountability.
In order to comply with the KYC prosedures, we will ask the User to provide a identification document and proof of residance address not later than 3 business days after the account activation, otherwise, the deposit will be refunded with a %0.5 deduction.