AML/CTF /KYC
Anti Money Laundering & Counter Terrorism Financing and Know your Customer – Policy
Coinguide’s Anti-Money Laundering & Counter Terrorism Financing and Know your Client ( KYC) Policy (“AML/CTF/KYC Policy”) sets out the processes and controls we put in place to help us prevent, identify, manage and mitigate risks of us being involved in any kind of illegal activity, with respect to money laundering.
Money laundering is the process of hiding or disguising the source of illegally obtained (dirty) funds to make them appear legitimate (clean), for example, by filtering the money through the financial system. As such, companies that offer financial services, like ours, are specifically targeted by criminals.
Our AML/CTF/KYC Policy covers the following:
- Customer Identification & Verification Procedures – Coinguide’s ATMs verify customers by collecting the following data before a trade is placed.
- – Name / Email / Phone / ID -Driver’s license or Passport.
Our local terminals store the client data, safely and securely and offline, with a twice a week server backup conducted. - This process is referred to as the Know Your Customer (KYC), process as prescribed by AML/CTF/KYC laws. Further, Politically Exposed Persons are asked to disclose if they are a PEP.
- Cash – for cash transactions we set user limits of $9,950 per person for the first month of registration with Coinguide ATM’s. Thereafter, there is a daily $9,950 per person limit imposed on customers using our ATM’s
- Transaction Monitoring & Suspicious matter reporting – we analyse data and transactional patterns as a risk-assessment to ensure we are able to complete our SMR ( suspicious matter reporting) to Austrac
- Compliance Officer (CO) – we have appointed a CO with sufficient level of experience, qualifications and knowledge, who has responsibility for oversight of compliance with the relevant legislations, regulations, rules and industry guidance.
- Record Keeping – we maintain and keep appropriate records for legally prescribed periods;
- Employee Due Diligence and Risk Awareness Training – we screen all store managers, and internal staff and maintenance staff and conduct additional background checks and training, where required.