The application of the AML procedure is designed to counter a number of negative phenomena, which include money laundering, financing of terrorist organizations, fraudulent activities, and so on. Our company takes all necessary measures to ensure the maintenance of a high degree of security during the exchange of digital currencies and other assets that exist in electronic form. We take all necessary actions to ensure that there are no individuals and organizations within the site that have not passed the preliminary check. All users go through multi-level verification before they start working. Our service checks the exchange procedures performed by users on a daily basis. Particular attention is paid to translations that are not standard.
Monetkin service team is working to completely remove the possibility of fraudulent actions by users and make the platform safer and more reliable for all participants. Especially for this, during registration, it is required to provide a set of documents that will help confirm the identity and check the user for involvement in fraud. The main documents include:
- scanned passport, photo of the user himself;
- an identity card corresponding to the accepted samples;
- driver license;
- statement from the bank;
- a utility bill that allows you to verify your place of residence;
- photo of the bank card and the declaration of the tax service.
A photo of the tax return is necessary in situations where the client needs to carry out operations related to the exchange of large amounts. For such transfers, it may still be necessary to take new photos, where the client will be with his ID and bank card. A prerequisite is the clarity of the images so that you can make out the text and numbers on the map. If you send fuzzy photos or those that do not meet the stated requirements, you will not be able to register. Accordingly, the user will not be able to perform operations on the site.
The implementation of the AML policy assumes that if errors are made, an additional request to resend documents can be sent to the user. In this case, you will need to resend the entire set, even if only one of all documents turned out to be problematic. Despite the difficulties, it is this option that allows you to get a high level of protection, as a result of which all the functions of the site become available only to trusted, reliable users. Thus, it can be noted that there is a certain loyalty to making mistakes. If the user has not taken into account any nuances, then he can contact the administration and describe what happened. As a result, he will be helped to find the most suitable way out of the current situation.
It should be noted that AML verification is a complex procedure. It is implemented to prevent violations related to money laundering and other criminal activities. When registering, users are required to provide documents that have been issued by government agencies. The list indicated earlier contains such documents that are difficult to forge. It is for this reason that they are chosen for identity verification. Also, many data, such as information about the owner of a bank card, can be found in open sources of tax services.
The verification is carried out in several stages, which allows specialists to find names from the UN and EU black list. The advantage of such lists is that they are constantly updated, so all perpetrators of violations can be screened out at a preliminary stage. Our site is closed for registration of people who are in the international "black lists". At the same time, the resource is open for interaction with law-abiding people who are responsible for doing business. If the user submits false information, then he cannot access the exchange of valuable assets, which also applies to persons who have provided an incomplete list of documents. All users must update the information in a timely manner. If there have been any significant changes, then they must be made to the profile data in a timely manner. If it turns out that the data is not true, and this is quite possible with periodic rechecking, then the user will be blocked.
Our company conducts multi-level checks not only during user registration on the site. There are several cases where repeated and in-depth checks of user data are carried out after registrations. This approach makes it possible to constantly maintain a sufficiently high level of work security, which is important not only for the site"s reputation, but also for user confidence. As a rule, repeated checks begin in cases where the user performs transactions that are suspicious and non-standard for his type of activity. If the procedures with valuable assets are similar to money laundering, then in this case, all documents are re-checked, and the transfer on them can be stopped. Freezing transactions with valuable assets helps to avoid the negative consequences of money laundering, but if all the information can be confirmed, the transactions will continue and the user will again be able to use all the functionality of the service. These measures almost completely eliminate the risk of fraudulent activities. As a rule, the re-verification is carried out taking into account the recommendations that are determined by the FATF.
Information about completed procedures that are carried out with digital assets is recorded in a special archive. This is required for those cases when it is necessary to carry out an additional check on the implemented transactions if a corresponding request is received from law enforcement agencies or as a result of a request by a court decision.
Our team makes every effort required to organize a wide-ranging investigation as soon as a suspicion arises. For the most effective result, actions are taken here according to international methods recognized as effective on the basis of different application practices. During the assessment, potential risks are examined, as well as procedures performed by users that are considered suspicious and look unusual for the type of activity in which the client is engaged. The blocking of transfers by the organization is done even with slight suspicions. Digital assets are frozen for an indefinite period.
Persons who are indirectly or directly related to terrorist organizations, organized crime, and are also involved in money laundering or other types of fraud cannot register on the site. In addition, the company does not cooperate with persons who have a criminal record for economic crimes. Users should always report sources of income if requested by company employees. This helps to remove suspicion from transactions that look dubious. If it is found that the sources of funding are illegal, the client does not provide relevant evidence, then cooperation with him ends, he can no longer make transfers.
The account can be immediately deleted if a person tries to impersonate another person, as this is one of the most obvious signs of fraud, an attempt to mislead the administration. If illegal actions and other fraudulent schemes are detected, our company transfers all information about such actions to law enforcement agencies. Accordingly, the police will receive the names, addresses and other information about the scammers.
Cases when a person cannot confirm the data transmitted by him or the source of funds are highly suspicious. In such a case, information about the transaction can be transferred to the competent authorities, which will start prosecution in the relevant case. Such investigations lead to seizure of property, blocking of a bank account, as well as a court verdict for participation in money laundering. Any actions to mislead the site administration can have serious consequences for scammers.
Experienced scammers often use new techniques that, from their point of view, will help to circumvent existing restrictions and establish money laundering, financing of illegal organizations, etc. To counter such cases, our company periodically updates the electronic system, which is aimed at increasing the level of security of work users. The high-quality work of the relevant departments and the stable monitoring of suspicious situations can secure law-abiding customers and give them confidence in the reliability of work. Our employees annually attend advanced training courses and get acquainted with new methods of work. Training is carried out with the involvement of experts in the field.
Contribution of the organization to combating the financing of terrorism and money laundering
During the implementation of due diligence, our employees can obtain a large amount of information about clients. This is achieved by using effective American and European technologies, in particular, by using various databases. This approach makes it possible to quickly find suspicious individuals who have previously been caught in fraudulent activities. Foreign lists are constantly updated with new names, so the chance to detect an intruder is quite high. In addition, the most optimal methods for verification are selected, which include a list of required documents. If necessary, the information provided is rechecked and clarified, as the situation may change over time. Completed translations can also be examined in more detail if there is suspicion of the client"s actions. They can confirm the implementation of various manipulations.
The client receives a notification of a violation of the law. As a result, his account is being rechecked. The duration of such an operation can be completely different, since it all depends on the specific situation. If it was possible to find relatively small problems that the user can fix on their own, then a certain time period is allotted for this. If he does not invest within the specified period, then the account may be blocked without the possibility of recovery. As a rule, if the requirements of the administration were related to suspicious actions, then an application is submitted at the place of residence of the client. Fraud, incorrect information during the submission of documents may well lead to litigation and unpredictable consequences for the user.
Customer obligations
- It is necessary to confirm that the user does not hold the position of an official in his state or is not his relative, which is associated with the ability to influence political processes in the state.
- It is required to prove that the user is the actual owner of the assets or organization.
- During the execution of any procedures, users can conduct activities only on their own behalf, and not represent the interests of certain business persons or groups. If the situation changes, then it is necessary to submit the relevant information to the manager of our company.
- The Service may only be used for lawful purposes. The client must not be associated with cybercrime, fraud and other types of criminal activities. The user"s work should not be aimed at allocating funds for the operation of terrorist organizations, smuggling and other illegal activities.
Users should consider local laws before using the site. In certain regions, there may be a ban on certain types of gambling or the sale of certain goods. If your region has such restrictions, then you cannot register on our site.