AML Policy
Introduction
At ybex.io, we prioritize the prevention of illegal activities, such as money laundering and terrorism financing, through strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This policy reflects our commitment to transparency, legal compliance, and maintaining the integrity of our services.
Purpose and Scope
This policy is designed to mitigate risks associated with illegal activities by implementing robust verification processes and transaction monitoring. It applies to all users and transactions conducted on our platform.
1. User Verification Procedures
1.1 Identity Verification
To ensure compliance, users must provide:
- Full legal name and date of birth.
- Government-issued photo identification (e.g., passport, ID card).
- Proof of residential address, such as a utility bill or bank statement.
1.2 Document Authentication
- Verification of the authenticity of submitted documents.
- Cross-checking user information with international watchlists and sanction databases.
1.3 Ongoing Monitoring
- Regular reviews of user activity and transactions.
- Risk assessments based on behavioral patterns and transaction history.
- Suspicious Transactions and Risk Management
2.1 Identifying High-Risk Transactions
Transactions may be flagged if they:
- Originate from high-risk jurisdictions.
- Involve excessive amounts or display irregular patterns.
- Use tools or methods designed to obscure the source of funds.
2.2 Actions on Suspicious Activity
In cases of flagged transactions, ybex.io may:
- Temporarily freeze the transaction.
- Request additional documentation to verify legitimacy.
- Report the activity to relevant regulatory authorities, if necessary.
- Required Documentation for Verification
Users flagged for review must provide:
- Detailed information about the source of funds, supported by screenshots or transaction history.
- Purpose of the transaction and recipient details.
- A selfie with a government-issued photo ID and a handwritten note showing the current date.
Failure to submit the requested documentation may result in delayed or canceled transactions.
4. Roles and Responsibilities
4.1 AML Compliance Officer
Ybex.io designates an AML Compliance Officer responsible for:
- Monitoring transactions for compliance with this policy.
- Investigating suspicious activities and ensuring adherence to regulations.
- Reporting identified risks to regulatory bodies.
4.2 Employee Training
All employees undergo regular training to remain informed about evolving AML and KYC requirements.
5. Data Privacy and Retention
All personal and transactional data collected during verification processes is handled in compliance with applicable privacy laws. Data is securely stored and retained only as long as legally required.
6. User Support and Transparency
Users are encouraged to contact our support team for:
- Assistance with verification procedures.
- Questions about transaction status or flagged activities.
- Pre-transaction checks to avoid unnecessary delays.
7. Policy Updates
This policy is subject to periodic review and updates to reflect changes in regulations or operational practices. Users are advised to review the policy regularly to stay informed.
Conclusion
By adhering to this AML and KYC Compliance Policy, ybex.io ensures the security, compliance, and reliability of its platform. These measures protect both the platform and its users from illicit activities, fostering a trusted and transparent environment.