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
– Photo of their credit cards. Credit cards must be 3DSecure (Verified by Visa or MasterCard secure code enabled). If the buyer’s credit number used for the purchase does not match the photo the transaction will be credited back to the credit card and the trade will be cancelled.
– Photo of a hand writing note, signed and dated by the buyer acknowledging the purchase of cryptocurrencies to COIN STORY
- 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 transaction requests that exceed 300 EUROS or more than 1000 EUROS of weekly transactions.
- 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
The MLRO will regularly monitor the following procedures to ensure they are being carried out in accordance with the AML policies and procedures of COIN STORY
- client identity verification;
- reporting suspicious transactions;
- record keeping.
The MLRO will also monitor any developments in the MLR. Changes will be made to the AML policies and procedures of the business when appropriate to ensure compliance.
- 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.
The MLRO will be responsible for deciding whether or not the suspicion of illegal activity is great enough to justify the submission.
Records of all identity checks will be maintained for up to 5 years after the termination of the business relationship or 5 years from the date when the transaction was completed. COIN STORY will ensure that all documents, data or information held in evidence of customer identity are kept up to date.
Copies of any SAR, together with any supporting documentation filed will be maintained for 5 years from the date of tiling the SAR.
All records will be handled in confidence, stored securely, and will be capable of being retrieved without undue delay.