MyCryptoWallet Ltd is committed to being fully compliant with the provisions of the Money Laundering Regulations 2017, the Proceeds of Crime Act 2002 and anti-terrorism laws.
This Anti–Money Laundering and Know Your Customer Policy (hereinafter the “Policy”) sets out the general rules and procedures followed by MyCryptoWallet Ltd on the implementation of the Know Your Customer (“KYC”) procedures in accordance with the relevant Anti – Money Laundering laws, rules and regulations (“AML”). Money laundering is when criminals integrate their illegally-obtained cash into the financial system so it looks like it was earned legitimately. Anti-money laundering constitutes the laws, regulations, and procedures designed to prevent money laundering.
We conduct due diligence inquiries on all new clients to establish and verify our clients’ identity and the identity of any beneficial owners. We cannot act if sufficient information is not provided.
MyCryptoWallet Ltd has a number of policies that the client must meet to become our customer:
Money laundering is essential for criminal organizations that wish to use illegally obtained money effectively. Dealing in large amounts of illegal cash is inefficient and dangerous. Criminals need a way to deposit the money in legitimate financial institutions, yet they can only do so if it appears to come from legitimate sources.
There are actually three steps in this process:
International Anti-Money Laundering requires financial services institutions to be aware of potential money laundering abuses that could occur in a customer account and implement a compliance program to deter, detect and report potential suspicious activity.
These guidelines have been implemented to protect MyCryptoWallet and its clients.
KYC is the process of a business verifying the identity of its clients and assessing their suitability, along with the potential risks of illegal intentions towards the business relationship. The term is also used to refer to the bank regulations and anti-money laundering regulations that govern these activities.
MyCryptoWallet Ltd holds a zero-tolerance fraud policy and is taking all measures possible to prevent it. Any fraudulent activity will be documented and all related accounts to it will be immediately closed. All funds in these accounts will be forfeited.
Based on the risk, and to the extent reasonable and practicable, we will ensure that we have a reasonable belief that we know the true identity of our customers by using risk-based procedures to verify and document the accuracy of the information we get about our customers. MyCryptoWallet Ltd will analyze the information we obtain to determine whether the information is sufficient to form a reasonable belief that we know the true identity of the customer.
When you deposit funds we will require the following documents:
If a potential or existing customer either refuses to provide the information described above when requested or appears to have intentionally provided misleading information, our firm will not open a new account and after considering the risks involved, consider closing any existing account.
It is best to provide the documents as soon as possible, so as not to delay the procession of the transaction.
Some circumstances may require us to request these documents before allowing any other activities in your account, such as deposits or trades.
If we do not receive the documents on time, your pending withdrawals will be canceled and returned to your account.
To become our customer it is essential to send us the scanned documents or high-quality picture of the document on the following email address: email@example.com
MyCryptoWallet Ltd ensures confidentiality and security of documents.