AML & KYC Policy
02/04/2022
Having regard
for the safety of the users and due to the legal requirements the UAE, the
European Union, The Unity States of America and other countries,FINTECH
TECHNOLOGY LIMITED
has
implemented and started to use KYC policy (customer’s identification), AML/CTF (Anti-Money Laundering and
Counter-Terrorism Financing ) as it is required from banks and other financial
institutions.
The purpose of
those policies is an effective combating of money-laundering and terrorist financing
(AML/CTF) on our shop by proper identification of actual users of our accounts
and supervision of their purchases. We shall identify and cease transactions
made not only to purchase/sell a cryptocurrency but made mainly to hide the
criminal origin of money, finance illegal activity or other unlawful
behaviours.
Specific
provisions of our policies are confidential and for internal use only, in order
to prevent their avoidance by dishonest or fraudulent users. We would like to
introduce to you some of the general rules and stipulations of our policies
which directly concern you and affect the services we render.
User’s identification
In the first
place, we are obliged to identify, beyond a reasonable doubt, the identity of
persons enabled to do transactions on our shop. This is the reason why we
collect ID scans, which authenticity is verified with special software of
professional external providers.
We require
sending “selfie” or your recording with ID document in order to
preclude the possibility of using your documents by someone else. Verification
of your likeness to the photo from your ID is made with the use of special
software of professional external providers or, in case of doubts, done
manually by our customer support services.
In case of any
doubts, our customer support team will contact you to explain any concerns and
solve the issues that arose.
If we cannot
determine, beyond a reasonable doubt, that the documents you provided belong to
you and are the authentic we won’t be able to let you execute any transactions.
User’s identification – Companies
In case of all
legal entities (companies), the procedure is more stringent and depends on the
company’s structure,
country, etc. Primarily, we need to establish who is the owner of the company,
who can represent it, where the company is based and what is the business of
the company.
Since
standards regarding governmental documentation of legal entities are different
in each country, every time the verification of such users is doing “manually”
and is considerably more
time-consuming.
Transactions’
monitoring and supervision
Using our
proprietary software we also analyse all transactions that take place on our
shop looking for suspicious and unusual behaviours. Such selected transactions are
analysed by our AML specialists and evaluated if they do not provide
significant AML/CTF risks or if they needed to be ceased and clarified with the
User.
Additional
verification
When your
trade volume rises, our AML/CTF verification duties increase as well. The same
happens when your transactions are “flagged” as suspicious or unusual, or our verification of your
personal results in qualifying you as a person imposing significant AML/CTF
risk.
In such cases,
we can require additional documentation proving your real, exact place of
residence, education, occupation, as well as the source of money you are using
on the shop.
Unfortunately,
If our AML specialists decide information received from you don’t clarify our doubts, we will be obliged to end our
cooperation with you or even report your transactions to relevant authorities.
Basic AM / CTF
Rules
Our operating
rules include inter alia as follows:
fintech-store.com
does not accept cash deposits or cash withdrawals in any cases.
fintech-store.com
does not accept payment for goods from third parties under any circumstances.
fintech-store.com
does not allow any exceptions in the field of documentation required from
users.
fintech-store.com
reserves the right to refuse to process the User’s transaction at any time, in case of suspicion of AML
/ CTF risk.
In accordance
with the international law, we are not obliged (or even forbidden) to inform
our clients, if we report their behaviours as suspicious to relevant
authorities.
Sanctioned
countries
In accordance
with our policies we do not sell goods and do not process transactions for
citizens and residents of, as well as people staying in, countries where
transactions are prohibited by international sanctions or their internal law
regulations, or countries which based on various criteria selected by our AML
team (for example Corruption Perceptions Index by Transparency International,
FATF warnings, countries with weak anti-money laundering and terrorist
financing regimes determined by European Commission) impose high AML / CTF high
risk.
Currently,
these countries are:
Afghanistan,
American Samoa, Angola, Bahamas, Botswana, Burundi, Cambodia, Central African
Republic, Chad, Congo, Cuba, Democratic Republic of Congo, Equatorial Guinea,
Eritrea, Ethiopia, Ghana, Guam, Guinea Bissau, Iran, Iraq, North Korea,
Lebanon, Libya, Mali, Nigeria, Pakistan, Panama, Puerto Rico, Samoa, Saudi
Arabia, Sierra Leone, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad
and Tobago, Tunisia, Venezuela, Yemen, Zimbabwe, USA (some states).
Tiers of KYC
verification
Each client
who registers on fintech-store.com is obliged to pass KYC-AML verification with our AML
provider https://www.basisid.com through the integrated link in the fintech-store.com personal account.
When your
trade volume rise AML / CTF risk increases as well. That is why we have to
introduce proper safety and verification procedures. As a result, we introduced
three Tier verification system, based on the general rule that the more money
(or cryptocurrencies) you buy or sell the more information about you and your
funds we need to exclude AML / CTF risks (as we are required by law).
You should remember that this model is a result of the work and experience of our AML team and can be changed as the legal requirements of countries changes as well as a result of gaining new knowledge and experience. In particular transition, limits may change due to periodical audits and verification of efficiency of our procedures. We will keep you updated if any changes would influence your situation.