AML Policy

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AML Policy

Thank you for choosing SpectroCoin. Your use of SpectroCoin Services is subject to this Anti-Money Laundering and Counter Terrorism Financing Policy (hereinafter - the "Policy").
  1. Proactive Prevention of Money Laundering and Terrorism Financing

    SpectroCoin is committed to keep its accounts and customers protected from flows of illicit money. We comply with all applicable laws aimed at combating illicit activities, including money laundering and terrorist financing, as well as rely on national and international best practices in order to effectively identify, assess and manage the risks of any illegal activities to which we may be exposed.
  2. Customer Due Diligence

    We follow our internal procedures to identify and verify our customers before a business relationship is established. We will require your personal information for customer due diligence purposes to the extent we deem necessary. This may include a copy of your ID document, a proof of address, etc. We may obtain this information directly from you or, where applicable, from a reliable and independent source such as a public database. More information on how we handle your personal data can be found in our Privacy Policy which you can find on the Site. The extent of customer due diligence measures may vary depending on the SpectroCoin company providing the Services to you as well as your overall risk-profile. We may decide at our sole discretion which customers we consider high risk and what our risk appetite towards such customers is. We may decide to conduct Enhanced Customer Due Diligence which comprises, among other, obtaining additional information such as information about the source of funds and wealth.
  3. Monitoring and Ongoing Customer Due Diligence

    We undertake continuous monitoring of your transactions and overall behaviour while using our Services. We also put the best efforts to ensure that your information is up to date, so we may request to occasionally update your personal data during the course of our business relationship. We also may take an appropriate action such as suspending your account or transaction for further investigation if we deem it necessary in order to protect you and SpectroCoin from any potential illegal activity.
  4. Storage of Personal Data

    SpectroCoin will store your personal data collected for the purposes explained in this Policy for minimum of 5 years from the date of termination of our business relationship. More information on collection and storage of personal data can be found in our Privacy Policy which you can find on the Site.
  5. Reporting

    We put our best efforts to protect you and SpectroCoin from any illegal activity, so we take all necessary measures to ensure that any suspicious activity is identified, duly assessed and reported to the responsible authorities, if necessary. If we suspect that your property of any value is, directly or indirectly, derived from a criminal act or from involvement in such an act, or if we know or suspect that your transaction is used to support illicit activity, we will report it to the respective Financial Intelligence Unit. We may also be required to provide your personal data to other authorized institutions responsible for the prevention of money laundering and terrorist financing, law enforcement agencies and/or tax authorities.
  6. Obligations and Responsibility

    We put a lot of effort to fully comply with the applicable legal acts and our internal rules as well as to provide you with the best experience using our Services. Accordingly, we expect you to responsibly follow your obligations towards SpectroCoin. If you, where required, (i) fail to submit data confirming your identity, (ii) submit insufficient data or data that are incorrect, (iii) avoid submitting information required for establishing your identity, (iv) conceal the identity of the beneficial owner or avoid submitting information required for establishing the identity of the beneficial owner or submitted data are insufficient for that purpose, or (v) if we cannot ensure that all legitimate requirements are fulfilled, we reserve the right not to establish or continue business relationship and/or carry out your transactions. If we suspend your account and/or transactions and/or terminate business relationship and/or take any other action we deem necessary in order to manage money laundering and terrorist financing risk, we will not be responsible for non-fulfilment of our obligations to you and for the damage caused by non-execution of your transactions.
  7. Your Acknowledgement

    By using SpectroCoin Services you confirm that (i) you have read, understood and agree with this Policy, (ii) all the data you provide us with before the commencement of our business relationship and afterwards are and will be correct, and (iii) you understand all your obligations and the consequences of your failure to fulfil them.
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