AML and KYC policy of Crystal.Money digital service
AML and KYC policies (hereinafter referred to as the AML-KYC Policy) are an effective tool in the fight against financial fraud. Our company uses these algorithms as a shield against illegal money transactions, including money laundering. In this way, we help our regular customers reduce the risks of participating with other online platforms.
Crystal.Money service is a crypto platform that provides a convenient and secure portal for cryptocurrency transactions . Compliance with the strict AML-KYC Policy allows clients to be sure that the platform excludes any activities related to illegal transactions using virtual funds. Our main goal is high quality services and safety for all service participants. The AML-KYC policy is the main tool in the fight against international financial crimes, it has proven its effectiveness. Thus, the mutual relationship of the two parties in the online world has become even safer.
The AML-KYC policy provides for:
- a trained site employee who performs the functions of monitoring and monitoring the operation;
- an algorithm for assessing potential risks when conducting transactions;
- participant identification and verification schemes;
- a mechanism for deep control over the operations performed.
According to legal documentation at the international and local levels, it is established that each financial company is obliged to implement anti-fraud measures and carefully assess the risks of operations. These situations also include:
- aiding terrorism;
- drug trafficking at different levels;
- money laundering of suspicious organizations;
- human trafficking;
- weapons, corruption and similar patterns of illicit relationships.
The AML-KYC policy is aimed not only at preventing suspicious transactions, but also at taking timely measures to prevent such transactions. This allows you to identify such transactions at an early stage, which greatly simplifies the work of the site security service and isolates customers from such actions.
1. Personnel to control and monitor transactions
An employee authorized by the company acts as a controlling object. Its tasks include ensuring efficient currency processes that do not violate the AML-KYC Policy.
The competence of the supervisory officer includes:
- analysis of compliance with the site rules by its participants;
- detection of suspicious activity in the market;
- collection, monitoring and analysis of data about the participants of the service, which are necessary for the full identification of the individual;
- development of methods for collecting, storing and processing reporting information;
- making changes to improve the algorithms for assessing the risks of transactions;
- providing the collected data to the competent authorities, if the situation so requires.
One of the main tasks of control officers is to monitor the operations performed by users. With the help of site resources, as well as experience and additional information, an assessment of potential risks is carried out. If any deviations from the standard transaction procedure are identified, the employee has the right to take measures to suppress suspicious activities. Users understand and accept such an algorithm of actions.
The AML-KYC Policy Compliance Officer cooperates with authorities whose activities are supervision, as well as the prevention of illegal financial transactions. Upon request, it is allowed to transfer information about a suspicious transaction to clarify the circumstances. The operation can be blocked to establish all the details. At the same time, the system automatically unblocks the transaction upon confirmation of the legality of the funds used in the financial transaction.
2. Assessment of potential risks from the service
Crystal.Money service operates on the basis of international rules aimed at combating illegal financial transactions. These include:
- money laundering;
- transactions with assets, the legality of which is in doubt;
- terrorism, international terrorism and others.
The rules of the site activity imply the use of algorithms for assessing the risks of financial transactions. The Company undertakes to take all measures aimed at reducing the negative impact of potentially hazardous actions with assets.
Thus, our service has achieved the most efficient cash distribution scheme. It is based on the principle “More risk - more attention”. Potentially unwanted transactions are subjected to online verification and, if they are confirmed illegal, they are automatically blocked by the system.
3. Verification of the identity of participants
Crystal.Money service strictly and unconditionally complies with the laws of the country in which it is located. A two-level identity verification scheme was established for users. Its points are obligatory for acceptance by all participants.
Two-level verification involves the following actions:
- Checking the user"s email. The system determines whether the specified address belongs to a specific client. With a positive outcome of the verification, the client receives a fixed limit equal to 10 thousand dollars or the equivalent of the amount of other cryptocurrencies for daily transactions. This takes into account the current asset rate, which affects the exact amount of the allowed limit.
- The second level involves verification of the identity of the participant, his personal data. The analysis is carried out on the basis of already available data and data provided personally by the user. Successful completion of the second stage means that the client receives a daily permit for transactions with assets up to 100 bitcoins (or the equivalent of the amount of other cryptocurrencies used on the site). The limit is set taking into account the rate of cryptocurrency assets that are relevant at the current moment of the transaction.
The identification procedure involves the transfer of personal information from the user to the service. All information is protected by system resources.
For identification, the following options are provided:
- Client"s personal document. The user is offered options to choose from: a passport of a citizen of the country or a foreign document, a driver"s license. The main requirements are the full name of the owner, photograph, date of birth and series of the document provided. It must be current, valid and registered with the competent authorities. Note that documents with Latin transliteration can be considered by the service as confirmation of the identity of the applicant.
- A document confirming the place of residence of the user. In the registration column, the term of residence at the address is required for at least 3 months. Such documents can be: a lease agreement in a certified format, a utility bill receipt (with an address), a tax return. Other documents are also accepted for consideration, in which the details of the owner are clearly spelled out. There is a similar rule with transliteration - documents with Latin spelling are also accepted for consideration by the administration of the service.
- An image of a user with a paper on which the name of our exchange service and the current date are written. Such a photograph can be a traditional selfie . This step is a confirmation that the user is an active participant in the service. This approach excludes the commission of foreign exchange transactions through third parties.
The service takes specific actions aimed at clarifying the identity of users. To do this, legal methods of verifying information and analyzing the compliance of the information provided are used. The Company reserves the right to refuse to provide services in cases where the user has given deliberately incorrect information or their reliability raises justified doubts.
The service constantly checks the identity of its users. This is a common occurrence to maintain a high level of security. Most often, identification is undertaken in cases where the participant is engaged in suspicious, non-routine activity. To do this, the system monitors its activity in order to determine the sources of transactions. If the user has gone through the identification procedure before, the service reserves the right to require a re-verification.
If the client refuses to provide personal information to verify his identity, then the service may refuse to register a personal account. In such cases, the company cannot identify the online participant and blocks their request to participate in the service. Such cooperation is unsafe. Denial of registration also applies to cases where the user"s actions directly affect the operation of the online service and there is a risk of sanctions from other countries.
Opt-out by the company is allowed for users who live in specific countries or territories. According to the AML-KYC Policy, the service may reject the provision of services if the risks of cooperation are too great. This applies to both new customers and existing ones. The Company preliminarily sends out a mailing list indicating the impossibility to provide services of the service in the future.
The exchange service has the right to request verification of the User if the client"s wallet address specified in the application is related to the following definitions:
- Darknet Marketplace;
- Darknet Service;
- Fraudulent Exchange;
- Illegal Service;
- Mixing Service;
- Stolen Coins.
If connections are identified, then after verification, the funds will be returned to the sender"s details (minus a commission of 10%).
4. Control of the execution of foreign exchange transactions
Crystal.Money online service receives the necessary information about participants in several ways:
- verifying the identity of users;
- analysis of their operations with assets - transactional models.
Constant data monitoring is a prerequisite for the AML-KYC Policy and potential risk assessment. The information is subjected to various actions by the system, which make it possible to detect suspicious activities. Ready reporting is saved and supplemented on the site servers.
The service constantly provides:
- checking clients for transparency of cooperation with the site;
- analysis of completed user transfers, as well as ways to assign operations;
- distribution of internal notifications of the system in order to maintain contact with the client base;
- reporting for a specific period of time;
- improvement of site management methods.
The AML-KYC policy provides for the right to analyze all information that the client has submitted to the service. Data on completed transactions with assets is also tracked and recorded in the database. The Company reserves the right to act immediately if an illegal transaction is discovered. Information about the transaction is transferred to the competent authorities. At the time of clarification, the current user account is blocked for security reasons.
The Company has the right to require from the user additional data that will help clarify his identity and the origin of assets. The administration issues such a request in cases where there are reasonable doubts about the transaction made by the participant. Accounts are also restricted for the purpose of identifying dubious individuals.
The service blocks the possibility of further transactions if the authenticity of the previous ones is in doubt. Thus, the company monitors the implementation of all the rules of cooperation. Information about illegal assets is sent for analysis to the security service, and is also transferred to other bodies authorized to control financial transactions.
This list is constantly updated by the company"s employees responsible for compliance with the AML-KYC Rules. Every day we process thousands of transactions and monitor the safety of all customers of the service.
Registration on our site automatically means the user"s full consent to the described conditions, compliance with the rules. There are no exceptions, all participants are equal before the AML-KYC Policy.