AML And KYC
CoinsBanking is committed to being fully compliant with the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002, and anti-terrorism laws.
This Anti–Money Laundering and Know Your Customer Policy (hereinafter the “Policy”) sets out the general rules and procedures followed by CoinsBanking on the implementation of the Know Your Customer ("KYC") procedures in accordance with the relevant Anti – Money Laundering laws, rules and regulations ("AML"). Money laundering is when criminals integrate their illegally-obtained cash into the financial system, so it looks like it was earned legitimately. Anti-money laundering constitutes the laws, regulations, and procedures designed to prevent money laundering.
We conduct due diligence inquiries on all new clients to establish and verify our clients' identity and any beneficial owners' identity. We cannot act if sufficient information is not provided.
CoinsBanking has a number of policies the client must meet to become our customer:
* Authentication of the proof of identification;
* Maintaining records of identification information;
* Verifying that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists;
* Clients are informed that the information they provide may be used to verify their identity;
* Following clients’ money transactions;
* Not accepting cash, money orders, third party transactions, exchange houses transfers, or Western Union transfers.
Money laundering is essential for criminal organizations that wish to use illegally obtained money effectively. Dealing in large amounts of illegal cash is inefficient and dangerous. Criminals need a way to deposit the money in legitimate financial institutions, yet they can only do so if it appears to come from legitimate sources.
There are three steps in this process:
1. Place "dirty money" into the legitimate financial system.
2. Layering conceals the source of the money through a series of transactions and bookkeeping tricks.
3. In the final step, integration, the now-laundered money is withdrawn from the legitimate account to be used for whatever purposes the criminals have in mind.
International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect, and report possible suspicious activity.
These guidelines have been implemented to protect CoinsBanking and its clients.
(a) Our Service: We may collect personally identifiable information about you, such as your full name, phone number, email address, or similar, when you register for an account. If you choose to purchase a product from us, we or our third-party payment processors will collect your payment information. When you use the CoinsBanking’s Service or if you visit our websites, we may receive certain information about you as described below. We do not send any promotional emails; however, we may send you service-related emails related to your account. If you no longer wish to receive these emails, you may opt out of them by canceling your account.
2. KYC Policy
KYC is the process of a business verifying its clients' identity and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations that govern these activities.
CoinsBanking holds a zero-tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented, and all related accounts will be immediately closed. All funds in these accounts will be forfeited.
Based on the risk, and to the extent reasonable and practicable, we will ensure that we have a reasonable belief that we know our customers' true identity by using risk-based procedures to verify and document the accuracy of the information we get about our customers. CoinsBanking will analyze the information to determine whether it is sufficient to form a reasonable belief about the true identity of the customer.
When you deposit funds, we will require the following documents:
1. A copy of the valid passport with the signature page;
2. Copies of your credit cards used to make the deposit (Front side with only the four last digits visible, backside with the CVV covered);
3. A copy of a recent utility bill in your name and address;
4. signed purchase history of your online transactions;
If a potential or existing customer either refuses to provide the information described above when requested or appears to have intentionally provided misleading information, our firm will not open a new account and, after considering the risks involved, consider closing any existing account.
It is best to provide the documents as soon as possible to not delay the procession of the transaction.
Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits or trades.
If we do not receive the documents on time, your pending withdrawals will be canceled and returned to your account.
To become our customer, it is essential to send us the scanned documents or high-quality pictures of the document at the following email address: [email protected]
CoinsBanking ensures the confidentiality and security of documents.