KYC and AML Policy
Anti-Money Laundering Policy. The Policy on Prevention of Money Laundering and Terrorist Financing (hereinafter — «the Policy») outlines the minimum general unified standards of anti-money laundering and combating terrorism financing which should be adhered to by Digital Coin Trade and it's respective members. This statement governs our privacy policies with respect to those users of the Site ("Visitors") who visit without transacting business and Visitors who register to transact business on the Site and make use of the various services offered by Digital Coin Trade®™ (collectively, "Services") ("Authorized Customers").
Apart from the normal registration process with basic information provided by users, we are employed with the use of online verification process in validating users accounts everytime they log into their accounts via the use of predominant service providers, to validate the authencity of the following data provided by users (email address, location address, state, Country, Phone number, and full name) during registration and to keep to date with registered data.
Additionaly we may require an upload of Government issued identification card, utility bill, passport and driver's license to faciliate 'KYC' for members that have reached our withdrawal limit of $1000. If they can't provide a verifiable data that supports their true identity and correlates with registered data, such accounts will be closed and capital refunded via our cancellation policy found in our Refund Policy.
Anti-Money Laundering (AML) Policy:
The Digital Coin Trade AML Policy is designed to prevent money laundering by meeting the AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
- The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
- Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
- Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
- Establishing and maintaining risk based systems and procedures to monitor on-going customer activity;
- Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
- The maintenance of appropriate records for the minimum prescribed periods;
- Training and awareness for all relevant employees
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