Financial institutions related to cryptocurrency services such as
cryptocurrency exchange, often experience attempts of money laundering and
terrorist financing. Money laundering is a criminal process where the identity of
the proceeds of the crime are so disguised that it gives the appearance of legitimate
Terrorist financing is the criminal process of providing assistance to the individual or terrorist groups. Without direct terrorist financing, activities such as fund-raising, use and possession, and funding arrangements also fall under the definition of terrorist financing.
Koin Bazar monitors all the activities that may be considered as money laundering
or terrorist financing. Koin Bazar’s Anti Money Laundering (AML) policy is designed to prevent money laundering by complying with legal legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of being used to facilitate the financial crime.
To minimize the risk of every other cybercrime, Koin Bazar implemented the following effective internal measures and procedures:
1. Mandatory KYC protocols for each customer.
2. Assessment of risk.
3. Monitoring of the customers' activities/transactions.
4. Reporting of suspicious activities.
ESTABLISHMENT OF CUSTOMER IDENTITY:
Before any customer can access and utilize Koin Bazar services, the identity of the corresponding customer will be established.
In order to establish the identity of its customer, Koin Bazar must obtain sufficient information from the customer and verify the same against independent sources.
Customers that in the opinion of Koin Bazar pose a higher risk may be investigated which may result in requesting more information and or documents and may take longer-term for verification of the identity.
We retain the right to re-establish the identity of the customer in cases where
We consider it fit and in relation to that, request additional information or renew previously submitted.
Customers' identification information will be collected, stored, shared and
protected strictly in accordance with Koin Bazar Privacy Notice and related regulations.
ASSESSMENT OF RISK:
To minimize the risks, Koin Bazar has adopted a risk-based approach that enables us to identify and understand the money laundering and terrorist financing risk to which Koin Bazar is exposed, and take the appropriate mitigation measures in accordance with the level of risk.
To understand its customers, Koin Bazar performs retrospective monitoring. Monitoring performed by Koin Bazar intends not only to get to know the customer but also to notice unconformities taking into comparison with information submitted to Koin Bazar by the customer or obtained by Koin Bazar during the establishment of the identity and such customer’s actual activities using Koin Bazar services and to trap any attempts of fraudulent, illegal or unlawful activity.
Koin Bazar uses both manual and automated solutions to track its customers’ transactions. Koin Bazar may use other measures on a case by case basis.
Each suspicious activity will be thoroughly investigated and, if necessary, reported to the respective authorities. Also, other restrictive measures are taken to
ensure no money laundering or terrorist financing activity is performed. Koin Bazar is entitled to request additional information/data/documents in relation to any transaction and the customer must follow such request.
REPORTING TO THE AUTHORITIES
Following its AML Policy and the applicable legal acts, Koin Bazar, when necessary, will report to the respective authorities of the activities that may be considered as money laundering and terrorist financing. Koin Bazar will not disclose any information about such reports to have been made and will not address any questions in relation to that.
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