Crypto Simba AML and KYC
Last updated: November 09, 2018
AML refers to “Anti-Money Laundering”. KYC refers to “Know Your Customer”.
We strive to protect our Users from fraudulent and scam activities in the crypto assets sphere. It is possible, that certain crypto assets are used for scam or any other criminal activity, as defined by law. In order to prevent this, it is necessary to take measures to ensure customer verification and security of financial transactions. One of the best measures is AML/KYC procedure, which allows us to confirm, that you are a law-abiding individual or corporation.
Currency Hub service has a risk scoring system that is able to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the User is asked to pass AML & KYС verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers, scammers etc.
Currency Hub service reserves the right to apply the AML/KYC procedure to certain Users, addresses and particular transactions of crypto assets. Application of the AML/KYC procedure is based on Currency Hub service internal policies and aimed at preventing and mitigating possible risks of Currency Hub service being involved in money laundering as well as any other illegal activities.
Currency Hub service will not enter a business arrangement with individual or entity suspected of or directly involved in money laundering, or in which the funds have been the source of illegal activity.
AML and KYC Procedure
AML/KYC procedure might be applied in respect to those crypto assets transactions, which are determined by our automated risk prevention system as suspicious. In these cases, Currency Hub service will contact the User by email registered with account.
AML/KYC procedure includes confirming the identity of Users by means of:
- A high-quality photo of their ID (passport or driving license) valid in their country;
- Proof of the origin of funds;
- Any other applicable documentation.
Upon successful completion of the AML/KYC procedure, the transaction will be executed.
In case the User refuses to undergo the AML/KYC procedure, the transaction will be rejected, and the crypto assets will be returned to where it originated from less any applicable fees. Thereafter, Currency Hub service will freeze the User account and blacklist the wallet address (exceptions may apply to an address of a trusted service). This User account will no longer be eligible to use Currency Hub service.
In the event that Currency Hub service receives, in response to its request for documentation, deceptive documentation, contact details or other false information, the crypto assets will be returned to where it originated from less any applicable fees. Currency Hub service may forward the information collected during AML/KYC procedure to the competent authorities upon legitimate request.
Currency Hub service keeps working on quick and transparent procedures updates that may be delivered to our Users via email and other means as well as at our website https://www.cryptosimba.com