Anti-Money Laundering Policy.
Service FastEx warns users against trying to use the service for money laundering, terrorist financing, illegal actions of any kind, as well as against using the service for purchasing illegal products and services.
Money laundering (AML) is the concealment of an illegal source of funds by converting them into cash or investments that appear legitimate.
To prevent transactions of illegal nature, the Service establishes certain requirements for all Applications created by the User:
● The sender and the beneficiary of the Payment Order must be the same person. Transfers in favor of third parties using the Service are strictly prohibited.
● All the contact information entered by the User in the Application as well as other personal data transferred by the User to the Service must be up-to-date and fully accurate.
● It is strictly prohibited for the User to create Applications using anonymous proxy-servers or any other anonymous connections to the Internet.
This Anti-Money Laundering Policy (the “AML Policy”) describes the procedures and mechanisms used by the FastEx Service to combat money laundering.
FastEx service adheres to the following rules:
● Do not enter into business relationships with known criminals and/or terrorists;
Do not process transactions that are the result of known criminal and/or terrorist activity;
● Not to facilitate any transactions related to known criminal and/or terrorist activity;
● Have the right to restrict or prohibit the use of all or part of the services for citizens of countries such as Afghanistan, the Russian Federation, Bosnia and Herzegovina, the United States, the Democratic People’s Republic of Korea, Democratic Republic of Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Lao People’s Democratic Republic, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Ukraine.
● Verification Procedures
FastEx service establishes its own verification procedures as part of its anti-money laundering standards, the Know Your Customer (KYC) policy.
FastEx Service can also request a second document for identification of the User: a bank statement or utility bill not older than 3 months, which contains the full name of the User and his/her actual place of residence, the Service has the right to request a photo/video verification of the User if there is a suspicion of dishonesty of the information provided.
3. FastEx Service checks the authenticity of documents and information provided by Users and reserves the right to receive additional information about Users who have been identified as dangerous or suspicious.
If a User’s identification information has been changed or their activity appears suspicious, FastEx Service has the right to request updated documents from the User, even if they have been authenticated in the past.
AML Policy Compliance Officer
The AML Policy Compliance Officer is a FastEx employee whose responsibility is to ensure compliance with AML policy, namely:
● collecting Users’ identifying information and transmitting it to the responsible AML agent;
● Creating and updating internal policies and procedures for writing, reviewing, submitting and maintaining all reports required by existing laws and regulations;
● monitoring transactions and analyzing any significant deviations from normal User activity;
● Implementing a record management systеm to store and retrieve documents, files, forms, and logs;
● Regularly updating risk assessments.
The AML Policy Compliance Officer is authorized to interact with law enforcement agencies involved in preventing money laundering, terrorist financing and other illegal activities.
Monitoring User transactions and analyzing the data obtained is also a tool for risk assessment and detection of suspicious transactions. If money laundering is suspected, FastEx Service monitors all transactions and reserves the right to
● report suspicious transactions to the appropriate law enforcement authorities;
Ask the User to provide any additional information and documents;
● suspend or terminate the User’s account;
suspend or terminate the User’s account;
● suspend exchanges and freeze assets until the circumstances are clarified;
Return funds to the User by cancelling the exchange procedure according to the User Agreement;
● Risk assessment.
The above list is not exhaustive. The AML Policy Compliance Officer monitors User transactions on a daily basis to determine whether they should be reported and treated as suspicious.
In accordance with international requirements, FastEx Service uses a risk-based approach to combat money laundering and terrorist financing. In this way, measures to prevent money laundering and terrorist financing are commensurate with the risks identified.