Our company as a legal entity is obligated by law to introduce necessary policies and applicable procedures to track, prevent and report any sort of activities regarding to money laundering, terrorist financing and other uses falling into category of criminal activities.
The procedures as imposed upon us by the legislator include but are not limited to:
1) Identification of transactions of unusual size/unusual patterns making no economic purpose on the first sight.
2) Limiting anonimity, including checking whether customers are (including, but not limited to): politically exposed persons, on the terrorist/organized criminals list. If company/individual/country is on prescribed sanctions list of European Union/United Nations, the account will be closed without any notification, and user will be banned from further using our services.
3) Meeting requirements of Know Your Customer rules - including customer verification, their transactions and monitoring (if applicable) business relationship. The verification may take variety of forms (including but not limited to photos/scans of ID type document, proof of address etc.)
4) Compliance management, monitoring, communications, risk assessment, internal control - including storage of data regarding those for the period of at least 5 years since termination of business relations between the company and its user.
This list can be revised at any time depending from the amendments of applicable legislation. In case of an individual/company being a user found violating positions 1)-3) our company has a legal obligation to report such activities to relevant law enforcement authorities immediately.
In order to effectively follow abovementioned requirements, our company has appointed a Money Laundering Reporting Officer, and periodically provides training regarding relevant anti-money laundering legislation as well as rights and duties resulting in effective application of that legislation.