We ensure that CryptoSpot remains compliant and safe when carrying out transactions in the future. Concerning the measures against money illicit flow and terrorism financing, we have developed strict Anti-Money Laundering (AML) and Know Your Customer (KYC) policies.
These policies require users to be correctly identified and all transactions are scrutinized as per regulatory laws to encourage a safe trading environment.
1. Purpose of the AML/KYC Policy
Our AML/KYC policy is implemented to:
- Protect the platform against anyone or any unscrupulous activity.
- Follow the Local and international standards when it comes to financial transactions or storing and processing its customers’ data.
- This makes users responsible and trustworthy; therefore, the identity of each user must be authenticated.
- Check its transactions in order to conduct verification of any abnormal or illicit transactions.
- A and E of AML/KYC rules assists us foster a safer, compliant and credible platform in which the users can conveniently transact.
2. User Verification Process
KYC procedure is also followed on CryptoSpot and to register the user is asked to complete the identification process. This includes:
- Document Submission: As for personal details, users are to input a valid passport, national ID card, or driver’s license.
- Proof of Address: In order to strengthen their verity of the stated place of residence some users might be asked to provide a copy of a utility bill or a bank statement with a stated address not earlier than a certain date.
- Selfie Verification: Occasionally, users will be requested to take a live selfie or a photo with their Identification card.
To prevent fake documents from being uploaded to the website, our team scrutinizes the documents that are provided to us as proof of verification, and in terms of the transactions that happen in the cashTIKET platform, only verified individuals are allowed to perform transactions.
3. Transaction Monitoring
CryptoSpot constantly evaluates the activity of its users to address money laundering and fraud. Our platform employs advanced monitoring tools and algorithms that flag suspicious behavior, such as:
- Abnormal and frequent large transactions that do not resemble typical patterns of a user’s behavior.
- The cases inсlude several transactions within a short span involving high-risk areas.
- The transactions deal with entities or addresses that were previously involved in committing some sort of illegal act.
- All suspicious transactions are stated, and if needed, additional info from the user may be asked before the transaction is made.
4. Reporting Obligations
CryptoSpot strictly complies with the reporting obligations required by local law and international AML regulations. If we detect transactions or activity that appear suspicious or potentially illegal, we are legally required to:
- Conduct an internal review and assessment.
- Report the activity to relevant financial regulatory bodies, such as the Financial Intelligence Unit (FIU), if applicable.
Our reporting process is designed to meet regulatory requirements while respecting user privacy, only sharing information with authorized entities as required by law.
5. User Responsibilities
By using CryptoSpot, all users agree to:
- Provide accurate and truthful information during the verification process.
- updаte their personal information if changes occur, such as a new address or ID renewal.
- Avoid any transactions or actions that could be deemed suspicious or inconsistent with the AML/KYC policies.
Failure to comply with these requirements may result in account suspension, transaction restrictions, or termination of services.
6. Privacy and Data Protection
CryptoSpot values the privacy policy of its users, and thus, to meet data protection laws, all users’ information is safeguarded. Any data procured for AML/KYC intention is preserved and processed only to meet the objectives of the regulation. Your data is encrypted for security, and we firmly adhere to policies that prohibit the sharing of customers’ information.
7. Policy Updates
CryptopSpot has a right to change its AML/KYC policy from time to time to address the legislation being developed. Notification to the user will be done and where there is a change of any policy the user will automatically be bound to it in case he continues to use the platform. CryptoSpot complies with our AML/KYC policy to create a highly secure and credible trading platform for buyers and sellers.
