Last updated on 13.10.2023

AML/KYC Policy

Introduction:

Our company operates a cryptocurrency exchange platform that allows customers to buy, sell, and exchange cryptocurrency. As an obliged entity, within the meaning of the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC, therefore we are obliged to apply financial security measures.

We are registered in the Register of activities in the field of virtual currencies, authorized by the relevant supervisory units acting on behalf of the Polish Financial Supervision Authority (Komisja Nadzoru Finansowego). Our entry number is RDWW-649.

As part of our commitment to ensuring the integrity of our platform and preventing it from being used for money laundering, terrorist financing, or other illegal activities, we have implemented a comprehensive Anti-Money Laundering (AML) and Know-Your-Customer (KYC) policy. Kryptonim has introduced an AML Policy and the present document is a legal note for users which outlines our approach to AML/KYC compliance and the measures we have put in place to detect and prevent illicit

Customer Due Diligence (CDD):

We will conduct customer due diligence procedures for all our customers before they can use our services. This includes verifying their identity, address, and source of funds. To do this, we will ask customers to provide us with personal information, such as their name, address, date of birth, and government-issued identification documents, such as a passport or driver's license. We might ask our customers to provide proof of their address, such as a utility bill or bank statement, and to explain the source of their funds. We may use third-party verification services to verify customer information, and we reserve the right to refuse service to anyone who fails to provide the requested information.

Risk-Based Approach:

We will adopt a risk-based approach to our AML/KYC compliance measures. This means that we will assess the risk posed by each customer based on factors such as their transaction history, country of origin, etc. Customers who are deemed to be higher risk, such as those conducting large transactions or those from high-risk countries, will be subject to enhanced due diligence procedures. This may include additional identity verification measures, such as face-to-face interviews, and more frequent monitoring of their transactions and activities on our platform. If we decide that the risk associated with a particular transaction is too high, we might have to decide to not go through with the transaction.

Ongoing Monitoring:

We will monitor customer transactions and activities on an ongoing basis to identify suspicious or potentially illegal activities. This includes monitoring for unusual transaction patterns, such as multiple transactions of similar amounts, and monitoring for transactions that are inconsistent with a customer's profile or usual behavior. We will also monitor for transactions that involve high-risk countries, politically exposed persons, or other individuals or entities that are subject to sanctions or other regulatory measures. If we identify any suspicious activities or transactions, we will promptly report them to the relevant authorities.

Record Keeping:

We will maintain proper records of all customer transactions and identity verification documents as required by law. These records will be securely stored and made available to regulatory authorities upon request. We will also maintain records of any suspicious activities or transactions that we report to the authorities.

Training and Awareness:

We will train our employees on AML/KYC compliance procedures and ensure that they are aware of their responsibilities in detecting and reporting suspicious activities. This includes providing regular training and updates on regulatory developments and new risks and threats.

Reporting:

We will promptly report any suspicious activities or transactions to the relevant authorities as required by law. This includes filing suspicious activity reports with the appropriate financial crimes enforcement and other relevant authorities in other jurisdictions. We will also cooperate with law enforcement and regulatory authorities in their investigations of any suspicious activities or transactions that are reported to them.

Conclusion:

We are committed to complying with all AML/KYC regulations and will take appropriate measures to prevent our platform from being used for money laundering or other illegal activities. Our AML/KYC policy is designed to detect and prevent illicit activities on our platform and to ensure the integrity of our services. We will continue to monitor regulatory developments and update our policies and procedures as necessary to ensure compliance with changing requirements.

Contact:

If you want to find out more about our AML/KYC policies, do not hesitate to contact us by sending us an email to the following address: support@kryptonim.com.