Need for AML and KYC procedures
AML (Anti-Money Laundering) is the principle of combating money laundering, terrorist financing and the creation of weapons of mass destruction.
KYC (Know Your Customer or Know Your Client) is a principle of financial institutions that requires them to identify a person.
As part of following the AML/KYC principles, we collect and store our users' data:
- email addresses
- IP addresses
- account numbers, e-currency wallets, cryptocurrency addresses, other user details
- all text data and images sent by the client
By creating an order, the User declares that:
1) Ready to undergo the verification procedure.
2) Provide all the requested data and files.
3) Wait patiently for the verification procedure to be completed without making any claims to the exchange office.
Reasons for blocking funds
An exchange order may be suspended by the exchange office operator for the following reasons:
1) During the exchange process, the presence of high-risk assets for the receiving platform was detected as part of an incoming transaction
1.1) When checking incoming transactions, we use our own algorithms and the results of cryptanalysis of the AMLBot service.
2) A request was received from a custodial service or law enforcement agencies to block the order
3) A splitting of transfers by the sender across several orders was detected, which indicates the suspicious nature of the transactions being carried out
Actions in case of blocking funds
When funds are blocked, the user is required to go through the identity verification procedure and explain the origin of the funds. As a rule, the user is required to provide:
1) Selfie with identity documents.
2) Information explaining the source of funds.
3) Provide documents/screenshots and/or other information that confirms the information.
4) Additional materials, the need for which was identified during the verification process.
If the transaction is blocked by the exchange office, the verification application review period is up to 48 hours.
If the transaction is blocked by the custodial service, the verification application review period is on average 7 business days. The actual time may be increased depending on the complexity of the case and the workload of the application review department.
The data received from the User will be sent to the AML department of the custodial service for review.
After successful completion of the verification procedure and unblocking of funds, the User will receive a request from the exchange office to agree on the address for sending the return. Until funds are unblocked, refunds are not possible.
Prohibited platforms
The following platforms are prohibited for payment of orders:
1) CommEx, Garantex, Rapira, Bitpapa, NetEx24, Capitalist, Tornado Cash, Hydra, Blender, Lazarus Group, Genesis Market, ChipMixer, Shinbad.
2) Russian, Iranian and other platforms of prohibited/sanctioned countries.
3) Platforms aimed at anonymity and privacy (Trocador, AnonExch, etc.)
When crediting funds sent from such platforms, the transaction may be recognized as high-risk. This will result in blocking the deposit and requesting verification from the custodian service.
Acceptable values of risk categories
Up to 0% for Darknet Marketplace, Darknet Service, Terrorism, Drugs, Child Abuse, Ransom, Malware (excluding Ransom), Stolen Credit Cards, Stolen Coins, Enforcement Action, Blackmail, Smuggling, Illegal migration, Human trafficking, Fake documents, Illegal weapons, Gambling, Illegal Service, PEP, Сorruption, DDOS service, Phishing service, Scam, High Risk / Sanction country, Personal data US / EU
Up to 10% for Precursors, China precursors manufacturing, Personal data other, Stolen DataBase, Laundering of money, Illegal financial transactions, Paramilitary organization, Cracked software
Up to 25% for Mixing Service, Online Marketplace, Bribge
Except An important criterion is the division of available funds into parts and the exchange of individual orders.
