ANTI MONEY LAUNDERING

POLICY & PROCEDURE

 

KYC/AML

KYC/AML comes from 2 separate abbreviations: KYC stands for Know Your Customer, while AML stands for Anti Money Laundering.

The cryptocurrency market is subject to a number of rules and regulations which make it mandatory for most cryptocurrency-related services to have the AML/KYC procedure implemented. 

Crypto2Charities strives to protect our users from any type of scams and fraudulent activities in the cryptocurrency world and complies to all current rules and regulations; one of the ways that enables us to do so is the KYC/AML procedure. This procedure confirms the absolute legality of the transaction carried out by you before the regulatory institutions. Thus, you confirm that you are a law-abiding citizen and the state has no reason to address any claims towards you.

Verification

We are fully committed to providing the most advanced, secure, stable and user-focused services in digital currencies to our global user community. Crypto2Charities is also committed to operating in transparent compliance with the law wherever its services are offered, which means that we may restrict some or all of Crypto2Charities.org's services for users located in states or countries where we have not finalized our regulatory compliance strategy. In some jurisdictions, this means that we may need to operate under certain licenses or registrations, and in others, we are waiting for regulatory approval. We may also be required to restrict the amount of funds being processed based on the user country or verification tier. If you would like to raise your account limits and minimize processing times, we highly encourage users to upgrade verification tiers and get Pre-Verified for higher tiers. Our verification procedure is designed to be as secure and frictionless as possible and we do our best to process verifications as fast as we can. For more information on our tiers and the verification procedure, please contact us through support: For more information on our uncompromising commitment to the protection of our user data, please see our privacy policy.

We appreciate your patience and support as we continue to work hard to provide our services in more corners of the globe. There is tremendous social and economic potential for digital currencies, and Crypto2Charities is committed to unlocking the benefits of this new economy while preserving and safeguarding financial privacy rights, and strengthening transparency and public trust in the industry's business practices. Crypto2Charities supports the Digital Asset Transfer Authority (DATA) at http://datauthority.org

KYC/AML procedure

Crypto2Charities’s AML/KYC procedure is supported by an automated risk prevention system. If a transaction is marked suspicious by this system, the exchange is put on hold and the customer in question is then asked to confirm their identity.

There is a certain set of criteria that the system employs; however, they can’t be made public, otherwise there will be people who will try to abuse those criteria in order to cheat the algorithm. This system has proven to be very useful against money launderers and scammers, since the KYC process allows us to tell an honest customer apart from a scammer very quickly and without any trouble.

Each KYC case is handled individually. In the event a certain client is eligible for the procedure since their transaction had been marked as ON-HOLD, they are informed of that with a pop-up notification after the exchange has been submitted, in which they will be asked to turn to the support team. We will apply a set of standard procedures to our KYC clients, among which are asking a client to submit the following:

  • A high-quality photo of any identification document valid in their country or internationally
  • A source of deposited funds (a screenshot or a file, but not links)
  • A selfie of the client holding their ID document and a print-out of the note which will be provided by the support team

After Crypto2Charities has received the following materials, the exchange is completed, and the exchanged funds are then sent to the specified recipient wallet address.

We do everything in our power to maintain our reputation as a legitimate, law-abiding exchange service that can be safe for use by anyone, be it a regular person who doesn’t deal with cryptocurrency much or an experienced trader or miner; therefore, Crypto2Charities reserves the right to apply the KYC/AML procedure to certain clients, wallet addresses and select assets.

Crypto2Charities doesn’t support any money-laundering or other illegal activities; therefore, the service doesn’t enter any business agreements with individuals or business entities involved or suspected in such activities.

In case a client doesn’t wish to disclose their identity for certain reasons and refuses to provide the documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, Crypto2Charities reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

In case a client submits a false set of documents, the KYC/AML procedure is considered failed and the deposited funds are then refunded to the address (or addresses) the deposit was made from, subtracting the network fees, within 24 hours. Then, Crypto2Charities reserves the right to blacklist this address (or addresses), thus rendering it (or them) non-eligible for making deposits on the service.

Please bear in mind that Crypto2Charities reserves the right to submit all the received materials to legal authorities (FBI, CMP, Interpol, Europol, and others) in case a legal and justified request is received. The official Crypto2Charities's Rules of Anti-Money Laundering and Combating The Financing Terrorism compliance control is available upon demand.

FATF blacklist

The FATF blacklist is the common shorthand description for the Financial Action Task Force list of "Non-Cooperative Countries or Territories" (NCCTs).

The FATF blacklist or OECD blacklist has been issued by the Financial Action Task Force since 2000 and lists countries which it judges to be non-cooperative in the global fight against money laundering and terrorist financing, calling them "Non-Cooperative Countries or Territories" (NCCTs).

Although non-appearance on the blacklist was perceived to be a mark of approbation for offshore financial centers (or "tax havens") who are sufficiently well regulated to meet all of the FATF's criteria, in practice the list included countries that did not operate as offshore financial centers. The FATF updates the blacklist regularly, adding or deleting entries and Crypto2Charities takes into consideration the list and regularly executes a cross-reference with the transactions being executed through the Crypto2Charities platform. Suspicious activities are reported to authorities.

For further information about Crypto2Charities' policies regarding anti money laundering, please contact us.