This document gives an overview of the standards of the “Know Your Customer” and “Anti-Money Laundering” policies, thereby setting our practices for the prevention of money-laundering activities while dealing with our users.
We have a more robust AML/KYC Policy document this is general a high level Abridged version
The objective of Cryset’s AML/KYC Policy is to prevent us from being used, intentionally or unintentionally, by criminal elements for money-laundering, CFT, or any practices that are illegal.
The Policy also mandates making reasonable efforts to determine the true identity and beneficial ownership of accounts, source of funds, the nature of customer’s business, the reasonableness of operations in the account in relation to the customer’s business, etc., which in turn helps us to manage its risks prudently.
At Cryset, we strive to protect our customers from fraudulent and scam activities in the crypto assets sphere. We employ a steadfast approach in the implementation of the latest recommendations and revised guidelines by regulators of the financial industry by and large. Our in-compliance policy stance is designed to detect funds proven to be involved in illicit activities as well as to protect the funds of our customers who have fallen victims to hacks, ransomware and malware attacks. The toolkit at work committed to fighting money laundering and its implications is comprised of policy regulations in conjunction with recent developments in software aimed at tracking suspicious transactions in real time.
Our AML/KYC Policy, procedures, and internal controls are designed to ensure compliance with all applicable regulations and rules and will be reviewed and updated on a regular basis to ensure appropriate policies, procedures, and internal controls are in place, to account for both changes in regulations and changes in our business.
To minimize and mitigate the risk of money laundering and/or terrorist financing, Cryset implemented effective internal measures and procedures:
1. Identity Of Cryset Customer
2. Assessment Of Risk
4. Monitoring Of Transactions
5. Risk Management
6. Collaboration With Law Enforcement Agencies
1. IDENTITY OF CRYSET CUSTOMER
Before any customer can access and benefit of Cryset services, identity of such customer has to be established.
For Cryset to be able to establish the identity of its customer, Cryset must obtain sufficient data/documents/information from a (perspective) customer and verify such data/documents/information against independent sources. Customers that in the opinion of Cryset pose higher risk may be investigated more thoroughly which may result in requesting of additional information and taking longer term for verification of the identity of such customer. Cryset retains a right to re-establish the identity of the customer in cases where Cryset sees it fit and in relation to that, request additional data/documents/information or renew previously submitted. we employ data integrity checks and direct check for the validity of the passports and identity data the customer send in against an established government data base.
2. ASSESSMENT OF RISK
To mitigate and minimize the risks, Cryset has adopted a risk-based approach which enables to identify, assess, and understand the money laundering and terrorist financing risk to which Cryset is exposed, and take the appropriate mitigation measures in accordance with the level of risk. Risk based approach also allows to pay most of the attention to the higher risk and allocate most of the resources for mitigation of such risks.
Cryset has taken a risk based approach as part of its KYC/AML policy and measures:
Identify and report any suspicious transactions from the criminal activities defined in AML/KYC Regulations.
Ensure the implementation of the AML/KYC Act requirements is not inhibited through the Company’s Confidentiality Agreement or Policy.
Effectively communicate and raise staff awareness on AML/KYC issues.
Establishing and maintaining a risk-based approach to assessing and managing money laundering and terrorist financing risks.
Designation of an AML Compliance officer duly authorised to implement and effectively monitor the enforcement of the AML/KYC policy ass outlined in this document.
Overseeing and conducting effective monitoring of all aspects of Cryset’s anti-money laundering and counter-terrorist financing.
4. MONITORING OF TRANSACTIONS
Ongoing monitoring is an essential element of effective KYC procedures. We have an understanding of the normal and reasonable activity of the customer, ensuring that we have the means of identifying transactions that fall outside the regular pattern of activity. However, the extent of monitoring will depend on the risk sensitivity of the account. High-risk accounts have to be subjected to intensified monitoring. In case of sudden swaps of big amounts, these accounts can be flagged by the risk scoring system as low, medium, or high risk
We have implemented a Know-Your-Transaction service that is the real-time anti-money-laundering compliance solution for monitoring crypto currency transactions. As a result of its targeted approach, it empowered our Cryset security check team to significantly speed up the detection of transactions with fraudulent funds involved.