AML & KYC
Know your customer (KYC) - a banking and stock exchange regulation term for financial institutions and betting shops, as well as other companies dealing with private money, which means that they must identify and establish the identity of the counterparty before conducting a financial transaction.
This requirement extends to obtaining reasonably complete information about legal counterparties, the nature of their business and the individual business transactions for which the financial transaction is being conducted. Such practices are believed to discourage money laundering, terrorist financing and tax evasion.
Currently, requirements and standards aimed at implementing this principle are established at the level of national legislation, regulatory documents of bank regulators and international organizations such as FATF.
✅ CoinSpace.cash service AML policy
CoinSpase.cash, as CoinSpace agent, in accordance with the concerns of regulators in many countries regarding the use of cryptocurrencies for money laundering purposes, and recognizing that full anonymity in transactions is contrary to the interests of its customers, accepts this AML Policy on Anti-Money Laundering and Counter-Terrorist Financing as follows
🟢 1. Terms and Conditionals
1.1 In the Money Laundering and Terrorist Financing Program, unless expressly provided otherwise in the text, the following terms shall have the meanings given below:
- "Legalization of proceeds of crime" - giving a legal appearance to the possession, use or disposal of money or other property obtained as a result of a crime.
- "Service" - coinspace.cash
- "Agreement" - User Agreement, the text of which is available at https://coinspace.cash/
"User" means an individual who is legally capable under applicable law and who has entered into an Agreement with the Service.
- "Program" - this Program in the field of anti-money laundering and combating the financing of terrorism.
- "Public Officials" - persons holding public office and persons holding public civil service positions (including heads of state, governments, ministers, heads of departments, heads of central banks, supreme court judges, prosecutors, ambassadors, heads of public corporations and foundations, members of parliaments).
- "Financing of Terrorism" means providing or collecting funds or providing financial services with the knowledge that they are intended to finance the organization, preparation and commission of a terrorist act.
1.2 All other terms and definitions in the Program text shall be interpreted in accordance with the Agreement and the applicable Ukrainian legislation.
1.3 Titles (articles) of the Program are intended solely for the convenience of using the text of the Program and have no literal legal meaning. 2.
🟢 2. Validity of the Program
2.1 The terms of the Program are binding on the Service and Users.
2.2 The Service provides services to the Users only under the condition that the Users comply with the Program.
🟢 3 Refusal to cooperate
3.1 General rule
3.1.1 The Service disclaims any responsibility to the User if it becomes aware that the User is trying to use the Service for illegal activities in any way, including money laundering and terrorism financing.
3.2 Private cases
The Service disclaims any obligations to the User if it requires the User to take any actions on behalf of any persons
3.2.1. suspected or accused of or convicted of terrorist or extremist activities;
3.2.2. against whom international or regional sanctions have been imposed;
3.2.3. on whom actions to freeze (block) monetary funds and other assets have been or shall be applied
3.2.4. who are public officials found guilty of violating human rights;
3.2.5. Persons who are nationals of states on which international sanctions have been imposed.
🟢 4. Restrictions on Transactions
In case of any reasons to suspect the User of performing illegal activities according to the paragraph 3.1.1 of the Program, the Service reserves the right to stop performing any actions in favor of the User at any moment.
In order to conduct an operation for an amount exceeding 80 000 (eighty thousand) UAH, the User has to submit the documents for verification according to the Article 5 of the Program.
A User who effects transactions for amounts not exceeding UAH 80 000 (eighty thousand hryvnias) shall be entitled not to undergo the identification procedure in accordance with provisions of Article 5 of the Program.
The Service defines the maximum total cost of the transactions for such unidentified Users in the amount of 80 000 (eighty thousand) hryvnias per month. If this total cost of transactions is exceeded, the User is obliged to undergo the identification procedure according to the provisions of the Article 5 of the Program.
4.3 The Service reserves the right to suspend the transactions until the User identified by the Service in accordance with the provisions of Article 5 of the Program submits additional documents for identification of the beneficial owner or the beneficiary owner, clarification of the grounds for transaction and other circumstances (the documents required in each particular case are determined by the Service) if
4.3.1. the transaction performed by the User is equal to or exceeds 600,000 (six hundred thousand) UAH;
4.3.2. the Service has grounds to consider the operation carried out by the User suspicious or unusual.
4.4 In case the documents requested have not been given by the User or the Service has any doubts concerning the veracity of the information contained in them, the Service reserves the right not to conduct the transaction or to suspend the transaction until the relevant documents are given.
4.5 As an exception from the paragraph 4.2 of the Program, the Service may demand from the User to present documents in accordance with the paragraphs 4.2-4.3 of the Program if such User carries out a single transaction not exceeding 80 000 (eighty thousand) UAH or transactions with a total amount not exceeding 80 000 (eighty thousand) UAH per month if the Service has reasons to consider such transactions as suspicious or unusual as well as in case of attempts to bypass the limitations set forth in the Program, technically impossible.
🟢 5. User Identification
5.1 To identify the User, the Service specifies the following information about the User:
5.1.1. full name;
5.1.2. address of the place of residence (registration);
5.1.3. date and place of birth;
5.1.4. details of the identification documents.
5.2 The User is identified by presenting a scanned copy/photo of their passport or any other document proving their identity, and a copy/photo of the document proving their place of residence.
If necessary, the Service may require the User to provide other documents necessary to comply with the requirements of the Program.
5.3 The Service requires the Users who are foreign or Ukrainian public officials, or the spouses or minor children of such persons, to inform the Service before they start any operations with the Service.
In case the Service finds out that the User has hidden this information, the Service has the right to terminate any actions in favor of such Users.
🟢 6. Requirements for the documents
6.1 The documents submitted by the User to the Service in accordance with the paragraphs 4.2-4.3 of the Program should be written in Ukrainian or Russian, in case of translation such translation should be certified by a notary.
6.2 Scanned copies of the documents must be presented in high quality with the resolution not less than 300 dpi.
🟢 7. Measures taken by the Service
To ensure compliance with point 2.1 of the Program, the Service takes the following measures:
7.1 Appoints an employee responsible for observance of the Program, updating the Program and its compliance with international standards and requirements of Ukrainian legislation;
7.2 Establishes criteria for doubtful and unusual transactions, as well as ways to determine doubtful and unusual transactions;
7.3. Analyzes transactions conducted by Users in terms of their compliance with the criteria of doubtful and unusual transactions;
7.4 Keep records of Users' transactions and retain information on such transactions for 5 (five) years;
Check at least once every 3 months if there are any persons specified in clause 3.2 of the Program among the Users; 7.5.
🟢 8. Changes in Program Terms
8.1 The Service is entitled to unilaterally modify the Program, including the introduction of new requirements and limitations. The Service notifies you of the adoption of the new version of the Program by posting a news message on the Internet site at https://coinspace.cash.
The new version of the Program comes into effect three (3) days after its posting on the Internet at https://coinspace.cash.
8.2 Users are obliged to get acquainted with the new version of the Program. Continued use of the site on the Internet https://coinspace.cash will mean the consent of Users to the terms of the new version of the Program.
8.3 If the User does not agree with the terms of the new version of the Program, he/she shall stop using the Website and the System.