KYC Policy

Introduction

The coinsoftworks.com Anti-Money Laundering and Know Your Customer Policy (hereinafter referred to as the "AML/KYC Policy") is intended to prevent and mitigate any risks associated with coinsoftworks.com's involvement in illicit activity.

Both international and local regulations require coinsoftworks.com to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery, and to act in the event of any suspicious activity by its Users.

AML/KYC Policy covers the following matters:

Verification procedures.
Sanctions and PEP lists screening.
Compliance Officer.
Monitoring Transactions.
Risk Assessment.

1. Verification procedures

Customer due diligence ("CDD") is one of the international requirements for preventing illicit activity. According to CDD, coinsoftworks.com implements its own verification processes within the anti-money laundering and "Know Your Customer" frameworks.

1.1. Identity verification

The User must provide coinsoftworks.com with reliable, independent source documents, data, or information (e.g., national ID, international passport, bank statement, utility bill) as part of the identity verification process. For these reasons, coinsoftworks.com reserves the right to collect User identification information for the purposes of the AML/KYC Policy.

coinsoftworks.com will corroborate the authenticity of documents and information supplied by Users. All legal means for verifying identification information will be utilized, andcoinsoftworks.com reserves the right to investigate certain Users who have been determined to be hazardous or dubious.

coinsoftworks.com reserves the right to verify User's identity on an ongoing basis, particularly if their identification information has been changed or if their activity appears dubious (unusual for the User). Furthermore, coinsoftworks.com reserves the right to request updated documents from Users, even if they have previously passed identity verification.

The identification information of users will be collected, stored, shared, and protected in strict accordance with coinsoftworks.com's Privacy Statement and applicable laws.

Once the User's identity has been confirmed, coinsoftworks.com can absolve itself of any potential legal liability in the event that its Services are used for unlawful activity.

1.2. Card verification

Users who intend to use payment cards in conjunction with the coinsoftworks.com Services must undergo card verification in accordance with the coinsoftworks.com website's instructions.

2. Sanctions and PEP lists screening.

coinsoftworks.com compares applicants to sanction and politically exposed persons (PEPs) lists. Individuals and businesses are screened against the following lists:

at the stage of onboarding when the user submits the application;
manually on each anti-fraud and AML alert by the Compliance Officer;
Monthly by automatically executing a script to recheck all customer databases.

For the screening procedure, coinsoftworks.com integrates third party data (provided by our partner) into its proprietary software and employs World-Check One for manual confirmation.

3. Compliance Officer

The Compliance Officer is the coinsoftworks.com-authorized individual whose responsibility it is to assure the effective implementation and enforcement of the AML/KYC Policy. It is the responsibility of the Compliance Officer to oversee all aspects of coinsoftworks.com's anti-money laundering and counter-terrorist financing, including but not limited to:

a. Collecting the identifying information of Users.

b. Establishing and revising internal policies and procedures for the fulfillment, review, submission, and storage of all reports and records mandated by applicable laws and regulations.

c. Monitoring transactions and investigating significant deviations from the norm.

d. Implementing a system for storing and retrieving documents, files, forms, and data.

e. Regularly updating risk assessment.

f. Providing information to law enforcement as required by applicable laws and regulations.

The Compliance Officer is permitted to communicate with law enforcement agencies engaged in preventing money laundering, terrorist financing, and other unlawful activity.

4. Monitoring Transactions

Users are identified not only by confirming their identities (who they are), but also by analyzing their transactional patterns (what they do). As a result, coinsoftworks.com utilizes data analysis as a tool for risk assessment and suspicion detection. Compliance-related tasks performed by coinsoftworks.com include data capture, filtering, record-keeping, investigation administration, and reporting. System capabilities consist of:

1) Daily check of Users against recognized "black lists" (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation as necessary, sending internal communications, and completing statutory reports, if applicable;

2) Management of cases and documents.

Regarding the AML/KYC Policy, coinsoftworks.com will track every transaction and reserves the right to:

ensure that suspicious transactions are reported to the appropriate authorities via the Compliance Officer;
request any additional information and documents from the User in the event of suspicious transactions;
When coinsoftworks.com has a reasonable suspicion that a user has engaged in unlawful activity, it will suspend or terminate the user's account.

The preceding list is not exhaustive, and the Compliance Officer will monitor daily User transactions to determine whether they are to be reported and treated as suspicious or are to be treated as legitimate.

5. Risk Assessment

In accordance with international regulations, coinsoftworks.com has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based strategy, coinsoftworks.com can ensure that the measures taken to prevent or mitigate money laundering and terrorist financing are proportional to the identified risks. This will enable for the most efficient allocation of resources. The principle dictates that resources should be allocated according to priorities, so that the greatest hazards receive the most attention.