AML&KYC

AML & KYC Rules

1. General Provisions

The administration of the MoneyPort service, recognizing the public danger of crimes related to money laundering and the financing of terrorist activities, has approved a set of organizational and legal measures aimed at complying with national legislation, as well as the requirements of the intergovernmental organization FATF.

2. Terms and Definitions Used in the Agreement

KYC is an acronym for the English phrase “know your customer/client”. It refers to the mandatory verification of a client’s personal data by a financial institution. As part of this procedure, documents confirming the client’s identity are used, such as a valid identity document, a utility bill indicating a residential address, an insurance number, etc. As a rule, clients are required to provide KYC information during the account registration process.

Anti-Money Laundering (AML) is a set of measures aimed at counteracting money laundering, terrorist financing, and the proliferation of weapons of mass destruction. This procedure includes the identification, storage, and mutual exchange of information about clients, their income, and transactions between financial institutions and government authorities.

Financial institutions use AML principles to verify businesses that operate with cash or hold cash assets, keep funds in multiple accounts and banks, transfer funds abroad, purchase futures, options, or other cash-settled instruments, or invest in securities through brokers or dealers. In our case, this applies to cryptocurrency.

3. AML/KYC Verification Rules on the MoneyPort Service

All incoming cryptocurrency transactions are checked by a specialized service for illegal activities that may qualify as money laundering or attempted laundering of digital assets obtained unlawfully or funds of clearly criminal origin. Each transaction is assigned a risk score that reflects the degree of “contamination” of the funds. This risk score must not exceed 35%.

4. MoneyPort Service Regulations for Processing Requests Involving High-Risk Assets

MoneyPort reserves the full right to:

  1. Require the Client to provide additional information disclosing the origin of digital assets and/or confirmation that these assets were not obtained through criminal means;
  2. Block the account and any operations related to the Client, and transfer all available information and documents related to the incident to financial regulatory authorities and/or law enforcement agencies at the Service’s place of registration and, if necessary, at the Client’s place of registration;
  3. Require the Client to provide documents confirming identity, physical existence, registered address, and solvency;
  4. Return digital assets only to the payment details from which the transfer was made, or to other details after a full review by the Service’s security department, provided that the legal origin of the Client’s funds has been verified;
  5. Refuse to withdraw funds to accounts of third parties without providing reasons;
  6. Retain the Client’s funds until the incident investigation is fully completed;
  7. Monitor the entire transaction chain in order to identify suspicious transactions;
  8. Refuse to provide services to the Client if the Service has reasonable suspicions regarding the legality of the origin of digital assets, and retain funds in special Service accounts;
  9. Refuse to provide services to the Client and retain funds in special Service accounts if there are reasonable suspicions regarding the legality of the origin of digital assets and it is impossible to trace the entire chain of movement of the digital assets from the moment of their appearance.

5. Conditions for Refunding Funds Suspended for Review Following AML Transaction Analysis

Refunds are carried out after a full review by the Service’s security department, which may include detailed verification of the sender. Refunds are made minus a fee of up to 10% of the transaction amount to cover labor costs associated with processing the request and organizing the refund.

Provided the refund is approved by the Service, it will be processed within 7 (seven) calendar days starting from the date the User is notified of the Service’s decision regarding the refund request. When arranging a refund after passing the verification process, the user is required to confirm the payment details for receiving the refunded funds.