KRYPTOSXWhite

Last updated – 30 Oct 2018

Welcome to Kryptos-X!

This Policy sets out Kryptos-X Pte Ltd's and their Affiliates' (“we”, "our" or "us") requirements in relation to Anti-Money Laundering ("AML") and Know Your Client ("KYC") related procedures for our users and potential users – including how we may carry out due diligence to verify the identity of users of the Platform or our Services, and how we ensure our ongoing compliance with AML/KYC related laws, both in Singapore and internationally.

Subject to this Policy and Applicable Laws – we, at our sole discretion, at any time and for any (or no) reason: (1) reserve the right to carry out any checks required or reasonably necessary under any Applicable Laws in Singapore and internationally, and (2) may reject any users of the Platform and our Services.

Defined terms used in this Policy have the same meaning as that given in our Terms of Use and Privacy Policy.

1. OUR AML/KYC PROCESS

1.1          Our "AML/KYC Due Diligence Process" is set out in the remainder of this Policy.

1.2          We may carry out checks to verify the identity of potential users:

  1.  when a potential user applies to use the Platform or our Services;
  2.  periodically as part of our ongoing risk review and assessment; and
  3.  in the event that we suspect any suspicious behaviour or use of the Platform or our Services.  

1.3          Our checks may include some or all of the following, depending on the exact regulatory and commercial requirements and environment at the relevant time:

  1.  Pre-screening – jurisdiction of residence/nationality. Any potential user is required to select their jurisdiction of residence and/or nationality, before continuing with our registration process.  
  2.  Registration and collection of information. We may collect some or all of the following information from the user, as part of our registration process:

Individuals

  1.  full name;
  2.  date of birth;
  3.  nationality (and location of residence, if different);
  4.  government-issued identity document (with photo of the user);
  5.  a copy of that identity document and proof of address;
  6.  email address;
  7.  photo of the user; and
  8.  digital wallet information and any other details required for the purchase's completion.

Companies

  1.  full company name;
  2.  company number;
  3.  date and place of incorporation;
  4.  registered company address (and business address, if different);
  5.  full name of authorised person;
  6.  a copy of the document authorising the person to bind the company, such as a board resolution or power of attorney;
  7.  full name of each ultimate beneficial owner of the company;
  8.  authorised email address; and
  9.  digital wallet information and any other details required for the purchase's completion.

In addition, any user who wishes to carry out transactions exceeding US$10,000 will also be required to provide:

  1.  proof of occupation and annual income;
  2.  source of funds; and
  3.  nature of account activity.
  1.         Verification and screening. We will use the information collected pursuant to paragraph (b) to do the following:
  1.  verify the user's provided information against provided documents and publicly available information; and
  2.  conduct further verification/checks using trusted sources of information, including those containing designated person lists and sanctions

2. REJECTION OF USER

2.1          As set out above, we may reject any user for any (or no) reason.

2.2          Reasons for us rejecting a user from using the Platform or our Services may include if the user:

  1.  is located, organised or resident in a country or territory that is subject to sanctions, embargoes or similar measures issued by the United Nations or any other country;
  2.  any reasons pursuant to Applicable Laws;
  3.  is subject to negative screening results or their application contains other irregularities;
  4.  has provided incomplete, inaccurate or otherwise poor quality information;
  5.  has provided information that does not match with their provided documents and/or publicly available information;
  6.  is resident and/or a national of a jurisdiction that:
  1.  is not permitted to use the Platform or our Services; or
  2.  does not meet international AML/KYC standards;
  1.  is on the list of designated individuals or entities identified in the following statutes of Singapore and subsidiary legislation made under such statutes:
  1.  Monetary Authority of Singapore Act (Chapter 186);
  2.  The United Nations Act (Chapter 339);
  3.  The Terrorism (Suppression of Financing) Act (Chapter 325); or
  4.  any other law, regulation or rule as may be prescribed by the Monetary Authority of Singapore or the Ministry of Home Affairs or any government ministry agency or statutory board of Singapore from time to time;
  1.  is an individual who is or has previously been entrusted with a prominent public function, including a Head of State or Government, senior politician, senior government judicial or military officer, senior executives of state owned corporations and important political party official; or
  2.   is otherwise a person that we consider not to be suitable to use the Platform or our Services.

In certain circumstances following the above checks, we may be required to report any relevant knowledge or suspicion to the relevant authorities.

2.3          Our users may be subject to ongoing checks, to ensure that they continue to comply with this Policy and that we continue to comply with Applicable Laws. The checks may include those set out in Section 1, as well as the following monitoring activities:

  1.  monitoring transactions conducted via the Platform;
  2.  storing their identification documents for at least six years;
  3.  immediately suspending a user account without notice if we identify any suspicious activities or abuse of the Platform or our Services;
  4.  reporting all suspicious activities or abuse of the Platform or our Services to the relevant Governing Body; and
  5.  taking any other action deemed by us to be reasonably necessary for any reason, including to prohibit fraudulent transactions, report suspicious activities and assist in preventing money laundering, terrorist financing or other financial crimes. 

3. GENERAL

3.1  All sale and use of the Platform and our Services are subject to our Terms of Use and Privacy Policy.  

3.2  As part of our AML/KYC processes, we will collect, use and store all personal information in accordance with our Privacy Policy and Applicable Laws.  

3.3  We may use third party service providers and/or technology provided by third parties, to carry out some or all of the AML/KYC processes set out in this Policy and/or as required by law.

3.4  We may require the user to provide extra information before determining the status of any application by them to use the Platform or our Services. Such extra information may include:

  1. information that is required by specific jurisdictions;
  2. supplementary information where the information they have provided is incomplete, or to update their information at any time; or
  3. information that is required by Applicable Laws.  

4. QUESTIONS 

Please contact support@kryptos-x.me if you have any questions about this Policy.