AML Policy
Coinxes.io is committed to implementing robust Anti-Money Laundering (AML) and Know Your Customer (KYC) measures to ensure compliance with global regulatory standards. These measures are designed to prevent illegal activities such as money laundering, terrorism financing, and other financial crimes within the platform’s operations.
Purpose and Implementation
The primary purpose of this policy is to safeguard coinxes.io from exploitation by illicit actors. This includes:
- Preventing the misuse of services for unlawful purposes.
- Monitoring user transactions for compliance with legal standards.
- Ensuring transparency and integrity in all operational processes.
Verification Requirements
To comply with legal obligations, coinxes.io enforces a thorough verification process for all users:
- Identity Verification:
- Collection of full legal name and date of birth.
- Submission of government-issued identification (passport, ID card, or driver’s license).
- Proof of residential address, such as utility bills or bank statements.
- Document Validation:
- Cross-referencing submitted documents against international watchlists.
- Verifying authenticity and matching data with official records.
- Transaction Analysis:
- Monitoring transaction patterns for irregularities.
- Employing risk assessment techniques to identify potential red flags.
Responding to Suspicious Activities
If suspicious activities or high-risk transactions are identified, coinxes.io may:
- Freeze the transaction temporarily for investigation.
- Request additional documentation or clarification from the user.
- Report the activity to regulatory authorities if required.
Examples of high-risk activities include:
- Use of mixers or anonymization tools.
- Transactions associated with blacklisted entities.
- Patterns indicative of fraudulent or unauthorized behavior.
KYC Documentation Needed
Users flagged for additional verification must provide:
- A detailed explanation of the source of funds, supported by screenshots and transaction IDs.
- Purpose and intended recipient details.
- Proof of communication with the counterparty confirming the transaction’s legitimacy.
- A selfie holding a valid photo ID and a handwritten note with the current date.
Failure to provide required documentation within a reasonable timeframe may result in permanent suspension or asset withholding.
AML Officer Roles
Coinxes.io designates trained AML officers to:
- Conduct daily oversight of user activities.
- Investigate any anomalies or flagged transactions.
- Liaise with legal authorities as necessary.
Data Management and Security
All personal and transactional data collected during KYC processes is securely stored and managed in accordance with privacy laws. Access is restricted to authorized personnel only, and data retention complies with regulatory timeframes.
Additional Fees and Asset Handling
High-risk transactions may incur an additional processing fee of up to 5% to offset the cost of enhanced scrutiny. Refunds for frozen funds will only be processed upon successful KYC verification.
User Assistance
For inquiries about verification procedures or blocked transactions, users can contact coinxes.io’s support team through live chat. Pre-transaction consultations are encouraged to reduce processing delays.
Policy Adjustments
This policy is subject to periodic updates to remain in line with evolving regulations and industry best practices. Users are advised to review it regularly for changes.
By adhering to this AML and KYC policy, coinxes.io ensures a secure, compliant, and trustworthy environment for all users.