AML POLICY & KYC
Anti-Money Laundering Policy
Money laundering signifies an act of involvement in financial transactions whereby money obtained from illegal activities is converted to money which seems to have been obtained via legal resources. The primary aim of money laundering is to conceal the illegitimate identity of a monetary instrument, including cash. Both local and international laws make it illegal for Binary Xchange and its employees to be knowingly or unknowingly involved in any such activities where capital has been gained illegally.
“CREDIT CARDS DEPOSITORS”
For credit cards deposits, clients need to provide the supported verification documents prior to their deposit, in addition to the credit cards that they intend on using to make deposits with binaryxchange.com. This step is required for our clients’ own security and convenience.
- Certified Photo ID (Passport or Governmental ID)
- Utility Bill (Gas, Electricity bill, Telephone Bill)
- A copy of the credit card(s) that will be used (front and back)*. Please cover the last 4 digits of the front credit card number and the back CVV number. All other details should be clearly visible.
*A maximum of one card is allowed per account
Binary Xchange implements a strict anti-money laundering policy which enables us to identify suspected clients and ensure we maintain high standards in order to minimize procedural complications for those clients who are legitimate. We have developed an advanced electronic system to help us in fulfilling our commitment to assist governments in combating illegal financial transactions, which verifies client identification completely and maintains detailed records of all previous financial transactions.
Furthermore, we ensure that we track all suspicious activities and report them to law enforcement bodies at once and in full detail. For this reason, full legal protection is given to clients who share confidential data with Binary Xchange. As a key measure in discouraging money laundering and other related illegal activities, Binary Xchange does not deal in cash transactions, whether they be for deposits or withdrawals of funds. Binary Xchange reserves the right to suspend any and all transactions which are found to be suspicious of illegal money conversions. If a client’s account is found to be suspicious and undergoes a check, Binary Xchange is not allowed to make the client aware of it.
As with all credible financial institutions, Binary Xchange has set up a comprehensive compliance system to assist in fulfilling legal requirements.
This system encompasses the appointment of a compliance officer, the creation of policies and frequent review of their implementation and effects, and professional compliance training to staff members. In addition, Binary Xchange regularly updates its electronic systems to satisfy the most modern regulations as developed for the most advanced and sophisticated checks to trace money laundering/financial crime. Another key part of Binary Xchange’s policy is the professional training of staff members in using our modern technological systems to trace illegal activities.
Additional Disclosure Identification
To ensure that the company complies fully with anti-money laundering legislation, Binary Xchange requires two types of identification documents to verify a client’s account. The first document is a government issued document which includes a photo of the customer; this can be a passport, ID card or driving license. The second document is a bill or any other such document which bears the complete name and address of the client; this can be a utility bill, bank statement, affidavit or any other document which states the client’s full name and address. The latter type of document must be no older than 6 months.
Binary Xchange requires the application form submission to be physically signed by the client. Moreover, if there are any changes in a client’s personal details, the client must inform the company immediately so we can update our records.
In the case that the aforementioned documents are in a non-western language, they must first be translated to English by an official translator, with the translated copies duly signed and stamped by that translator and sent along with the remaining identification documents.
Deposits and Withdrawals
With money deposits, the name of the sender of funds must match the name of the client we have in our records for that account. Third parties are not allowed to deposit on behalf of clients.
Likewise, with money withdrawals, the name of the recipient must match the name of the account holder from whose account the funds are being withdrawn. With online money transfers, the funds can be withdrawn via the same online transfer payment they were deposited/transferred from.