SpectroCoin Anti-Money Laundering and Terrorism Financing Policy
Thank you for choosing SpectroCoin. Your use of SpectroCoin Services is subject to this Anti-Money Laundering and 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 terrorism financing, as well as rely on national and international practice in order to effectively identify, assess and analyse any risks of illicit activities to which we may be exposed.
2. Customer Due Diligence
We use set criteria and internal procedures to check our customers' profiles. Customer due diligence measures are applied before establishing a business relationship with you and afterwards, especially when there is a reasonable suspicion of money laundering or terrorist financing. We identify and verify both your identity and the identity of the beneficial owner of funds, as well as obtain and assess information regarding your intentions and activity.
3. Risk-dependent customer due diligence
When a customer is considered high risk (e.g. politically exposed persons in senior positions, their relatives and close associates) we will conduct enhanced customer due diligence. We may decide at our sole discretion which customers we consider high risk and what our risk appetite towards such customers is. Enhanced customer due diligence comprises, among other, obtaining the information about the source of your wealth and funds, the nature of your relationship with your beneficiaries, conducting searches in relevant databases, etc. If you are subject to the enhanced customer due diligence measures, it is your duty to provide us with the relevant information.
4. Monitoring and Ongoing Customer Due Diligence
We undertake continuous monitoring or your transactions and behaviour while using our Services. Based on the information that we collect while doing so, we apply additional customer due diligence measures (ongoing customer due diligence). We may, at our sole discretion, apply a variety of measures during the course of our business relationship, including suspending of your transactions for investigation and requesting you to occasionally update your personal data.
5. Obtaining Personal Data
6. Storing Personal Data
Depending on our findings in each situation, for example, if we know or 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 may report to the Financial Crime Investigation Authority. We may also be required to report to other institutions responsible for the prevention of money laundering and terrorist financing, law enforcement agencies and tax authorities.
8. Your Obligation
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 the submitted data are insufficient for that purpose, or (v) if we cannot ensure that all the legitimate requirements are fulfilled, we reserve the right not to establish or continue business relationships and carry out transactions. We may also, upon assessment of the threat posed by money laundering and/or terrorist financing, decide on the appropriateness of forwarding a report to the Financial Crime Investigation Authority. If we terminate a business relationship with you because of a money laundering and/or terrorist financing threat, we will not be responsible for non-fulfilment of our obligations to you and for the damage caused by non-execution of your transactions.
9. 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.