These are the Anti-Money Laundering (ALM) and Know Your Customer (KYC) Policy and Procedure adopted by COIN STORY in compliance with the Money Laundering Regulations. COIN STORY will actively prevent and take measures to guard against being used as a medium for money laundering activities and terrorism financing activities and any other activity that facilitates money laundering or the funding of terrorist or criminal activities.
To these ends the following documentation may be presented by the individual:
– A photo of the valid identity cards and a matching photograph of the individual holding his valid identity card. Buyers ID must match the one provided to the exchange marketplace where the transaction request was initiated
- Any suspicious activity will be reported, and all AML activities recorded by COIN STORY
ANTI-MONEY LAUNDERING PROCEDURES FOR COIN STORY
- CUSTOMER DUE DILIGENCE
COIN STORY has established a Know-Your-Client (KYC) policy to ensure that the identities of all new and existing clients are verified to a reasonable level of certainty.
If COIN STORY fails to verify the identity of a client with reasonable certainty it will not establish a business relationship or proceed with the transaction. If a potential or existing client either refuses to provide the information described above when requested, or appears to have intentionally provided misleading information, COIN STORY shall refuse to commence a business relationship or proceed with the transaction requested.
- RISK ASSESSMENT AND ONGOING MONITORING
COIN STORY shall take a risk-based approach in monitoring the financial activities of its clients. The business will actively reject high-risk clients that are identified as follows:
- Clients with a number of transactions carried out by the same customer within a short space of time.
- Clients based in or conducting business in or through, a high-risk jurisdiction, or a jurisdiction with known higher levels of corruption, organised crime or drug production/distribution.
- Money sent to or received from areas known to have high levels of criminality or terrorist activity.
- Whenever there is cause for suspicion, the client will be asked to identify and verify the source or destination of the transactions
- MONITORING AND MANAGING COMPLIANCE
In accordance with the AML policies and procedures of COIN STORY
- client identity verification;
- reporting suspicious transactions;
- record keeping.
- SUSPICIOUS ACTIVITY REPORTING
A Suspicious Activity Report (SAR) will be sent to the proper government agencies as soon as the knowledge or suspicion that criminal proceeds exist arises.