As a user of XIBIT, you are required to comply with our anti-money laundering (AML) and know-your-customer (KYC) policies. These policies are designed to prevent money laundering and terrorist financing activities and to ensure the safety and security of our platform.
This AML/KYC policy outlines our approach to identifying and preventing money laundering and terrorist financing activities.
Customer Due Diligence
To comply with AML/KYC requirements, we require users to provide valid identification documents and other information to verify their identity. The information we collect includes:
- Full name.
- Residence address.
- Date of birth.
- Personal identification code.
- Contact information: phone number, email.
- Information on PEP status.
- Information on field of economic activity.
Other information might be requested for AML/CFT purposes.
Clients are requested to provide good quality, clear copies of documents, that prove identity and residence of the person. Not accepted: black and white copies, second copies, incomplete documents, documents with covered or damaged information, photos with flash or blur, dark pictures.
Proof of identity
Must be a document, issued by government, valid for next 3 month, front and back copy with all sides and corners.
Can be ID, passport, or a driver license. If client has a status of a temporary residence in a country, residence permit must be uploaded additionally.
Proof of residence
Must be a document, issued not earlier than 3 months from the date of submission, with a name of issuer, full address and name of the user.
Can be utility bill (for home utilities, like water or phone), document from the bank, or document from state authority.
Selfie with proof of identity
Must be a photo of good quality, with whole face and document visible, text on the document readable.
Evidence of source of funds
Must be provided for deposits over 10 000 EUR. If individual deposits combined surpass total amount of 20 000 EUR, we will request evidence of source of deposited funds or evidence of source of wealth of the client.
Source of deposited amount must be clear from provided documents without additional explanations. Bank statement should show ownership, accumulation of funds, in case if the source is one or several incoming operations – those should be present in the bank statement. If obtaining of funds is related to operation like sale of property, termination of investment etc, appropriate document should be also uploaded.
We might request the client to complete additional verification.
We may use third-party providers to assist us in verifying user identities and performing AML checks.
We conduct a risk assessment of our users based on the information provided during the KYC process. According to the results, clients might be requested to provide additional information, or renew identification information and documents.
Screening
Client applications are screened against lists of politically exposed persons (PEPs), sanctioned persons, persons with reputational issues like adverse media publications.
XIBIT does not enter into business relationships with persons, that are on abovementioned lists.
Screening lists used: UN, EU, OFAC, UK Treasury, Poland.
Transaction monitoring and Reporting
We monitor all transactions on our platform for suspicious activity, such as large or unusual transactions, transactions with high-risk countries or entities, or transactions that are inconsistent with a user's profile. We may use various tools and technologies to monitor transactions.
If we identify a transaction that is suspicious, we will investigate it further and may file a suspicious activity report (SAR) with relevant authorities. We may also freeze or block the user's account pending the investigation.
Record Keeping
We maintain records of all transactions and user information in compliance with applicable laws and regulations. We retain records for at least 5 years after the termination of the user's account.
Training and Compliance
We provide regular training to our employees to ensure they understand their roles and responsibilities in preventing money laundering and terrorist financing activities. We also ensure that our policies and procedures are regularly reviewed and updated to comply with any changes in applicable laws and regulations.
Conclusion
We are committed to preventing money laundering and terrorist financing activities on our platform. Our AML/KYC policy outlines our approach to identifying and preventing these activities and our commitment to complying with applicable laws and regulations. If you have any questions or concerns about our AML/KYC policy, please contact our customer support team.
