This AML/KYC Policy is designed to prevent money laundering, terrorist financing, and other financial crimes. It ensures compliance with applicable laws and regulations and establishes procedures for verifying customer identities and monitoring transactions. Safetycoins.net requires its managers, employees, and affiliates to adhere to the policy in preventing the use of the Company Services for money laundering purposes.
Safetycoins.net operates in jurisdictions with stringent Anti-Money Laundering (AML) regulations. We are committed to working with local financial authorities, and Safetycoins.net is committed to complying with international standards and local laws and jurisdictions, strengthening and adapting our internal controls to combat illegal activities. Safetycoins.net policy is implemented based on, but not limited to, the following provisions:
FATF 40 Recommendations
The US Bank Secrecy Act (BSA) and the US Anti-Money Laundering, Terrorist Financing and Foreign Sanctions Act (AML Act)
UK Money Laundering Regulations (MLR) and Proceeds of Crime Act (PACE)
EU Anti-Money Laundering Directive and Regulations
CN Anti-Money Laundering and Countering the Financing of Terrorism Law
Safetycoins.net conducts KYC procedures on all customers spending over £200 GBP and all sellers requesting stablecoin payouts.
PayPal conducts KYC procedures on behalf of Safetycoins.net on all sellers receiving PayPal payments. Safetycoins.net does not personally conduct KYC on these individuals.
Acceptable documents include government-issued IDs, passports, and proof of address.
Enhanced due diligence (EDD) will be conducted for high-risk customers, including politically exposed persons (PEPs) and especially those from these high-risk jurisdictions: Algeria, Angola, Burkina Faso, Cameroon, Côte d'Ivoire, Croatia, Democratic Republic of the Congo, Haiti, Kenya, Laos, Lebanon, Mali, Monaco, Mozambique, Namibia, Nepal, Nigeria, South Africa, South Sudan, Syria, Tanzania, Ukraine, Venezuela, Vietnam, Yemen.
Safetycoins.net strictly does not conduct business with individuals from the following blacklisted jurisdictions: Iran, North Korea, Myanmar, Russia
Customers will be screened against global sanctions lists and watchlists.
The purpose of transactions and sources of funds may be verified when necessary.
Business customers must provide ownership details and proof of incorporation.
Transactions will be monitored for suspicious activity, including but not limited to the following situations: large, unusual, or structured transactions designed to evade reporting requirements; if a customer provides insufficient, false, or suspicious information or if reluctant to provide complete information entirely; requests by a customer to pay in cash; payment to or from countries considered high risk for money laundering; overpayments followed by directions to refund a payment, especially if requested to send the payment to a third party; any customer for whom we cannot determine the true beneficial owner; unexpected spikes in a customerapos;s activities.
Automated systems and manual reviews will be used to identify red flags.
If we determine that a transaction is suspicious based on our evaluation, we may take restrictive measures such as suspending or rejecting the transaction. If possible, we may cancel the transaction and report it to the competent authority without notifying you.
Suspicious transactions will be reported to the relevant authorities as required by law.
Records of customer identification and transactions will be maintained for at least five years.
Staff will receive regular training on AML/KYC regulations and how to detect and report suspicious activities.
A designated compliance officer will oversee the implementation and enforcement of this policy.
The policy will be reviewed and updated periodically to ensure ongoing compliance with regulatory changes.
This policy applies to all employees, agents, and partners of the company and must be strictly followed to maintain regulatory compliance and uphold ethical financial practices.
