Anti-Money Laundering and Know Your Customer (AML/KYC) Policy
Protecting Our Financial Ecosystem
1. Introduction
CifroPay is committed to maintaining the highest standards of integrity, transparency, and compliance with global regulations in the online payment sector. Our Anti-Money Laundering and Know Your Customer (AML/KYC) Policy is designed to safeguard our financial ecosystem, mitigate risks associated with money laundering and terrorist financing, and ensure that we have a comprehensive understanding of our customers and their financial activities.
2. Purpose
The purpose of this AML/KYC Policy is to establish a framework that:
2.1. Ensures the identification and verification of customers and their beneficial owners.
2.2. Detects and reports suspicious transactions.
2.3. Maintains records of customer identification and transaction data.
2.4. Provides ongoing training and awareness for our employees.
2.5. Complies with applicable AML/KYC laws and regulations.
3. Customer Due Diligence (CDD)
3.1. Identification and Verification: CifroPay will perform customer due diligence by identifying and verifying the identity of our customers using reliable and independent sources. This includes obtaining information such as name, address, date of birth, and official identification documents.
3.2. Beneficial Ownership: In cases where a customer is an entity, we will identify and verify the beneficial ownership of that entity, ensuring we have information on individuals who own or control the customer.
3.3. Ongoing Monitoring: We will conduct ongoing monitoring of customer transactions to detect and report any suspicious activities.
4. Risk Assessment
4.1. CifroPay will assess the risk associated with each customer based on their transactional behavior, geographical location, and other relevant factors. Higher-risk customers will undergo enhanced due diligence.
5. Suspicious Transaction Reporting
5.1. CifroPay is committed to reporting any suspicious transactions to the relevant authorities promptly.
6. Record-Keeping
6.1. We will maintain records of customer identification and transaction data for a period in compliance with applicable laws and regulations. These records will be stored securely and made available to regulatory authorities upon request.
7. Employee Training and Awareness
7.1. CifroPay will provide ongoing training to employees to ensure they are aware of AML/KYC policies and procedures and understand their role in preventing money laundering and terrorist financing.
8. Regulatory Compliance
8.1. We will comply with all applicable AML/KYC laws and regulations in all jurisdictions where we operate. This includes adhering to the regulations of the Financial Action Task Force (FATF) and other relevant authorities.
9. Data Protection and Privacy
9.1. CifroPay is committed to protecting customer data and privacy in accordance with applicable data protection laws and regulations.
10. Reporting and Whistleblower
10.1. CifroPay has a reporting and whistleblower mechanism in place for employees and other stakeholders to report any suspected violations of our AML/KYC Policy.
11. Sanctions Compliance
11.1. We will screen customers and transactions against applicable sanctions lists and comply with all sanctions regulations.
12. Customer Communication
12.1. Customers will be informed of our AML/KYC procedures and requirements as part of the onboarding process.
13. Review and Revision
13.1. This AML/KYC Policy will be reviewed periodically and updated as necessary to ensure it remains effective and compliant with changing regulations and industry best practices.
14. Conclusion
CifroPay is dedicated to upholding the highest standards of AML/KYC compliance to protect our financial ecosystem, maintain the trust of our customers, and contribute to the global effort to combat money laundering and terrorist financing. This policy is a testament to our commitment to transparency, integrity, and regulatory compliance in the online payment sector.
15. Contact Information
For questions or concerns related to our AML/KYC Policy, please contact our Compliance Department at contact@cifropay.com.
This AML/KYC Policy was last updated on 30/08/2023.
