Under the Money Laundering Regulations our company is obliged to introduce policies and all applicable procedures to track/prevent any sort of activities regarding to money laundering, terrorist financing and other illegal uses.
The regulatory requirements as imposed upon us are (including but not limited to):
1) Identification of transactions of unusual size/with unusual patterns making no economic/lawful purpose on the first sight (like transferring a cryptocurrency into a wallet only to send it to another wallet without any subsequent currency exchange).
2) Limiting anonimity, including checking whether customers are (including, but not limited to): politically exposed persons, on the terrorist/organized criminals list. If company/individual/country is on prescribed sanctions list of European Union/United Nations, the account will be closed without any notification, and user will be banned from further using our services.
3) Following Know Your Customer rule – including verification of the customers identity, their transactions and monitoring (if applicable) business relationship. The verification can be held in variety means (including but not limited to photos/scans of ID type document, proof of address etc.).
4) Compliance management, monitoring, communications, risk assessment, internal control.
5) Storing data regarding abovementioned elements for the period of at least 5 years since termination of business relations between the company and its users.
Future conditions might impose new obligations arising from applicable law, therefore this list can be revised at any time. In case of an individual/company being a user of www.XProCrypto.com to be found violating positions 1)-3) our company has a legal obligation to report such activities to relevant law enforcement authorities.
To fulfill these procedures, www.XProCrypto.com has not only appointed a Money Laundering Reporting Officer, but as well is periodically providing training and awareness regarding relevant anti-money laundering legislation and duties/rights resulting in exercising provisions of applicable law.
The UK AML framework is based upon legislation and regulations:
The Proceeds of Crime Act 2002 (POCA), as amended by the:
Serious Organised Crime and Police Act 2005 (SOCPA); and the
Proceeds of Crime Act (Amendment) Regulations 2007;
The Terrorism Act 2000, as amended by the:
The Anti Terrorism, Crime & Security Act 2001; and the
Terrorism Act (Amendment) Regulations 2007;
The Terrorism Act 2006;
The Money Laundering Regulations 2007; and
The Joint Money Laundering Steering Group (JMLSG) Guidance for the UK Financial Sector on the prevention of money laundering/combating terrorist financing.