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反洗钱政策

WEEX_Winnie
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尊敬的唯客用戶您好！

 

一 导言

https://www.weex.com/（以下称“本网站”或“网站”）所提供得服务可能有被用于洗钱和资助恐怖主义的风险。在新加坡反洗钱和反恐融资（ “AML / CFT” ）法律法规的影响下，本网站将遵循法律法规得要求。这包括建立培训，流程和系统，以识别，管理和降低风险。其目的是为了保护网站的声誉，遵守相关法律并成为优秀的企业公民。

1.1本网站保证审慎遵守“了解你的客户”和反洗钱相关的法律法规且不得故意违反该《了解你的客户和反洗钱政策》。在网站合理控制的范围内，网站将采取必要的措施和技术为您提供安全的服务，尽可能使您免于遭受犯罪嫌疑人的洗钱行为带来的损失。

1.2本网站的了解你的客户和反洗钱政策是一个综合性的国际政策体系，包括您隶属的不同法律辖区的了解你的客户和反洗钱政策。本网站健全合规的框架确保网站在本地和全球层面均符合监管要求和监管水平，并确保本网站持续性运行。

二 介绍

2.1 什么是洗钱？

洗钱是隐藏或掩饰非法获得“脏”资金来源使其看似合法“干净”的过程。 洗钱减少了当局发现和没收的风险，它与其背后的犯罪活动一样严重。防止洗钱可以帮助减少犯罪。

2.2 什么是恐怖主义融资？

恐怖主义融资与洗钱有三个主要方面的不同之处：

1）其主要目的是掩盖资金的最终用途，而不是资金来源；

2）它可能涉及相对较少的资金，但这可能产生死亡，受伤和其他影响巨大的破坏活动；

3）虽然恐怖主义分子可能通过犯罪为其活动提供资金，但合法资金也可能被挪用以资助恐怖主义。

2.3 什么是怀疑？

有时会发现洗钱和恐怖主义融资（'ML / TF'），是因为一名成员以可疑的方式行事或其可疑的行为。 为了“怀疑”有效，网站必须有合理的理由相信洗钱和恐怖主义融资活动可能正在发生。为了支持这一点，员工接受识别和报告可疑事项的培训。

三 了解你的客户和反洗钱政策如下：

3.1颁布了解你的客户和反洗钱政策并时时更新以满足相应的法律法规规定的标准。

3.2颁布和更新运行本网站的一些指导原则和规则，且网站的员工将按照该原则和规则的指导提供服务。

3.3 设计并完成内部监测和控制交易的程序，如以严格的手段验证身份，安排组建专业团队专门负责反洗钱工作。

3.4 采用风险预防的方法对客户进行尽职调查和持续的监督。

3.5 审查和定期检查已发生的交易。

3.6 向主管当局报告可疑交易。

3.7身份证明文件，地址证明文件将会维持至少六年，交易记录的证明文件将会维持至少三个月，如被提交给监管部门，恕不另行通知您。

四 身份信息与核实确认

4.1 身份信息

4.1.1 根据不同的司法管辖区的不同规定及不同的实体类型，本网站收集的您的信息内容可能不一致，原则上将向注册的个人收集以下信息：

个人基本信息：您的姓名，出生日期及国籍等可获得的其他情况。身份验证应该是根据官方或其他类似权威机构发放的文件，比如护照，身份证或其他不同的辖区要求的和引发的身份证明文件。

有效的照片：在您注册之前，您须提供您将您的身份证件放在胸前的照片；

联系方式：电话/手机号码和/或有效的电子邮件地址。

4.1.2如果您是一个公司或其他合法实体，网站将收集以下信息以确定您或信托帐户的最终受益人：

公司注册，登记证；公司的章程与备忘录副本；公司的股权机构和所有权说明的详细证明材料，证明决定本网站账户的开立以及执行的授权委托人的董事会决议；按照要求需要提供的公司董事，大股东及本网站账户有权签字人的身份证明文件；该公司的主要营业地址，如果与公司的邮寄地址不同，提供邮寄地址。如果公司在本地的地址与它的主要营业地址不一致的，则被视为风险较高的客户，需要提交额外附加文件；

根据不同的司法管辖区的不同规定及不同的实体类型，网站要求的其他认证和权威部门发布的文件以及网站认为必要的文件；

4.2确认核实

4.2.1网站要求您提供身份证明文件的全部页面内容；

4.2.2 网站要求您提供您将您的身份证明文件放在您胸前的照片；

4.2.3证明文件的副本一般应核和原始凭证进行核对。然而，如果某个可信赖的合适的认证人可证明该副本文件是原始文件准确而全面的复制的，该副本可接受。这样的认证人包括大使、司法委员、地方治安官等；

4.2.4 对识别最终受益人和账户控制权的要求是确定哪些个人最终所有或控制直接客户，和/或确定正在进行的交易是由他人代为执行。如果是企业，则大股东的身份（例如那些持有10％或以上的投票权益）应被验证。一般，持股25 ％会被认定为正常风险内，其股东身份须验证；持股10%或拥有更多的投票权或股票时被认定为高风险的情况，股东身份须加以验证。

4.2.5 网站保留选择市场和司法管辖区经营业务的权利，并可自行决定在如下国家限制或拒绝提供本服务：巴哈马，博茨瓦纳，加纳，巴拿马，叙利亚，特立尼达和多巴哥，也门以及津巴布韦。

五 监控交易

5.1 本网站根据安全性和实际交易情况时时设置和调整日常交易和提币最高限额;

5.2如果交易频繁集中发生在某个注册用户或存在超乎合理的情况，网站的专业团队将评估并决定他们是否可疑;

5.3网站凭借自身的判断认定为可疑交易的情况，网站可能会采取暂停该交易、拒绝该交易等限制性措施，甚至如果可能将尽快逆转该交易，同时向主管部门报告，但不会通知您;

5.4网站保留拒绝来自于不符合国际反洗钱标准辖区的人或可被视为政治公众人物的人的注册申请，本网站保留随时暂停或终止根据网站自身判断为可疑交易的交易，但网站这样做并不违反对您的任何义务和责任。

 

Weex团队

 

Weex’s AML/KYC Policies

Dear Weex users:

 

Please read the Weex's AML/KYC Policies carefully.

WEEX’S AML/KYC POLICIES AND PROCEDURES dated 25 March 2020 (“POLICY”)

No. of pages: 17

 

This Policy relates to WEEX’s anti-money laundering and countering the financing of terrorism (“AML/KYC”) policies and procedures and is in part, guided by MAS  Notice PSN02 dated 5 December 2019. This Policy is solely for the purpose providing general information and is not, in any way, legally binding either on WEEX and/or on any other person(s) (natural or otherwise). This AML/KYC Policy is drafted

on the 4th day of March 2020, and may not take into account any legal and/or further regulatory change(s) relating to AML/KYC after the 4th day of March 2020.

  1. WEEX’s Principles and Approach to AML/KYC Efforts 

WEEX is committed to supporting AML/KYC efforts, in principle, we are committed to, amongst other things:

  1. exercising due diligence when dealing with our customers, natural persons appointed to act for our customers’behalf;
  2. conducting our business in conformity with high ethical standards, and to, as far as possible, guard against establishing any business relations that is or may be connected with or may facilitate money-laundering or terrorism-financing;
  3. we will, to the fullest extent possible, assist and cooperate with relevant law authorises of Singapore to prevent the threat of money-laundering andterrorism-financing.
  4. WEEX’s Approach to Risk Assessment and Risk Mitigation

Risk Assessment

 

WEEX is a “digital payment token service” provider as defined by the Payment Services Act 2019 (No. 2 of 2019). We envisage that the majority of our customers would be retail customers, and that we would as of the date of this Policy, be mainly operating in the Republic of Singapore.

In this regard, we would:

  1. document and/or collect documentation in relation to:

1) the identities of our customers;

2) the countries or jurisdictions that our customers are from or in; and 

  1. ensure that, to the best of our knowledge, skill and ability, that our customers, connected persons of a customer, natural persons appointed to act on behalf of a customer, beneficial owners of a customer will be assessed and screened with the assistance of the Singapore List of Designated Individuals and Entities which as of the date of this Policy include categories such as:
  2. the Democratic People’s Republic of Korea;
  3. the Democratic Republic of the Congo;
  4. Iran;
  5. Libya;
  6. Somalia;
  7. South Sudan;
  8. Sudan;
  9. Yemen;
  10. the UN 1267/1989 Al-Qaida List;
  11. the UN 1988 Taliban List;
  12. persons identified in the First Schedule of the Terrorism (Suppression of Financing) Act (Cap. 325).

Risk Mitigation

 

If identified, we shall not deal with any persons identified in the Singapore List of Designated Individuals and Entities.

  1. Our Approach to New Products, Practices and Technologies 

We shall be properly advised, in relation to, identifying and assessing the money laundering and terrorism financing risks that may arise in relation to:

  1. the development of new products and new business practices, including new delivery mechanism;
  2. the use of new or developing technologies for both new and pre- existing

We shall especially pay special attention to any new products and new business practices, including new delivery mechanism, and new or developing technologies, that fav our anonymity such as digital tokens (whether security, payment and/or utility tokens) that fav our anonymity.

  1. Our Approach to Customer Due Diligence (“CDD”)

We do not open, maintain or accept anonymous accounts or accounts in fictitious names.

We do not establish business relations with, or undertake a transaction for a customer that we have any reasonable grounds to suspect that the assets or funds of a customer are proceeds of drug dealing or criminal conduct as defined in the Corruption, Drug Trafficking and other Serious Crimes (Confiscation of Benefits) Act (Cap. 65A) or the Terrorism (Suppression of Financing) Act (Cap. 325). We shall lodge a Suspicious Transaction Report and extend a copy to the Monetary Authority of Singapore for such transactions.

We perform Customer Due Diligence:

  1. when we establish business relations with any customer;
  2. when we undertake any transaction for any customer whom we had not established business relation swith;
  3. when we effect or receive digital payment tokens by value transfer for any customer whom we had not established business relations with;
  4. when we have suspicion of money-laundering or terrorism financing;
  5. when we have doubts about the veracity or adequacy of any information

When we suspect that there are 2 or more transactions are or may be related, linked or the result of a deliberate restructuring of an otherwise single transaction into smaller transactions in order to evade the measures provided for in MAS Notice No. PSN02, we shall treat the transactions as a single transaction and aggregate their values for the purpose of complying with MAS Notice No. PSN02.

 

Identifying our Customers

 

We shall identify each of our customers.

To identify our customers, we shall obtain, at least:

  1. their full names, including galiases;
  2. their unique identification numbers (such as an identity card number, birth certificate number, or passport number, or where the customer is not a natural person, their business registration numbers); or
  3. their registration address, or if applicable, their registered business address, and if different, their principal place of business;

AND

  1. their date of births, establishment, incorporation or registration; and
  2. their nationality, place of incorporation or registration

Where the customer is a legal person or legal arrangement, we shall apart from obtaining the relevant information as aforesaid above, identify its legal form, constitution and powers that regulate and bind the legal person or legal arrangement; we shall also identify connected parties of it (e.g. directors,

partners of and/or persons having executive authority of it), by obtaining at least the following information of each connected party:

  1. full name, including aliases; and
  2. unique identification number such as identify card number, birth certificate number, or passport number of the connected party).

Verifying the Identities of our Customers

We shall verify the identities of our customers using reliable, independent source data, documents or information. Where our customers are a legal person or legal arrangement, we shall verify the legal form, proof of existence, constitution and powers that regulate and bind the customer, using reliable, independent source data, documents or information.

Identifying and Verifying the Identities of Natural Persons Appointed to Act on

 a Customer’s behalf

Where a customer appoints 1 or more natural persons to act on his behalf in establishing business relations with us, or if the customer is not a natural person we shall:

  1. identifies each natural person who acts or is appointed to act on behalf of the customer by obtaining:
  2. their full name;
  3. their unique identification number;
  4. residential address;
  5. date of birth;
  6. nationality; and'
  7. verifies the identities of the aforesaid natural persons using reliable, independent source data, documents or

We shall also verify due authority of each natural person appointed to act on behalf of our customers by obtaining:

  1. appropriate documentary evidence authorizing the appointment of such natural persons by our customers;
  2. the specimen signature of each natural person

Where the customer is a Singapore Government entity, we shall only obtain such information as may be required to confirm that the customer is a Singapore Government entity as asserted.

Identifying and Verifying Beneficial Owners

We will inquire if there exit any beneficial owners in relation to a customer.

Where there are 1 or more beneficial owners in relation to a customer, we shall identify the beneficial owners and take reasonable measures to verify the identities of the beneficial owners using relevant information or data obtained from reliable, independent sources. We shall:

if the customer is a legal person –

  1. identify the natural persons (whether acting alone or together) who ultimate own the legal person;
  2. where there is doubt as to whether as to whether natural persons who ultimately own a legal person are the beneficial owners or where no natural person ultimately own the legal person, identify the natural persons (if applicable) who ultimately control the legal person or have ultimate effective control of the legal person; and
  3. where no natural persons are identified, identify natural persons having executive authority in such legal persons;

if the customer is a legal arrangement –

  1. for trusts, identify the settlor, the trustee, the protector (if applicable), the beneficiaries, any natural person exercising ultimate ownership, ultimate control or ultimate effective control over the trust; and
  2. for other types of legal arrangements, identify person in equivalent positions.

Where our customer is not natural person, we shall identify the nature of our customers’ business, its ownership and control structure.

As per MAS Notice No. PSN02, we shall be required if there exist any beneficial owners for customers who are:

  1. an entity listed on the Singapore Exchange;
  2. an entity listed on a stock exchange outside of Singapore that is subject to regulatory disclosure requirements; and requirements relating to adequate transparency relating to its beneficial owners;
  3. a financial institution set out in Appendix 1 of MAS Notice No. PSN02;
  4. a financial institution incorporated or established outside Singapore that is subject to and supervised for compliance withal/CFT requirements consistent with standards set by FATF; or
  5. an investment vehicle where the managers are financial institutions set out in Appendix 1 of MAS Notice No. PSN02, or incorporated or established outside Singapore but are subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF;

unless we have doubts about the veracity of the CDD information, or suspect that our customers, business relations with, or transactions for the customer, may be connected with money laundering or terrorism financing.

We shall also document the basis for our determination that the requirements for paragraphs 6.16(d) and 6.16(e) of MAS Notice No.

PSN02 have been duly met.

Information on the Purpose and Intended Nature of Business Relations and Transaction Undertaken without an Account Being Opened*

We shall, when processing the application to establish business relations or undertake transactions without being opened, understand and as appropriate, obtain from the customer information as to the purpose and intended nature of business relations or transaction.

Review of Transactions Undertaken without an Account Being Opened*

Where we undertake one or more transactions for a customer without an account being opened (“current transaction”), we shall review the earlier transactions undertaken by that customer to ensure that the current transaction is consistent with our knowledge of the customer, its business and risk profile and where appropriate, the source of funds.

Where we establish business relations with a customer, the payment service provider shall review any transaction undertaken before the business relations are established, to ensure that the business relations are consistent with our knowledge of the customer, its business and risk profile and where appropriate, the source of funds.

We shall pay special attention to all complex, unusually large or unusual patterns of transactions undertaken without an account being opened that have no apparent or visible economic or lawful purpose. We shall, to the extent possible, inquire into the background and purpose of the aforesaid transactions and document its findings with a view to making this information available to the relevant authorities should the need arise.

For the purposes of reviewing transactions undertaken without an account being opened as required by paragraph 6.19 of MAS Notice No. PSN02, we shall put in place and implement adequate systems and processes,

commensurate with the size and complexity of the payment service provider to ¾

  1. monitor its transactions undertaken without an account being opened for customers; and
  2. detect and report suspicious, complex, unusually large or unusual patterns of transactions undertaken without an account being

Where there are any reasonable grounds for suspicion that a transaction for a customer undertaken without an account being opened is connected with money laundering or terrorism financing, and where we consider it appropriate to undertake the transaction, the payment service provider shall substantiate and document the reasons for undertaking the transaction.

 

Ongoing Monitoring

We shall monitor business relations with our customers on an ongoing basis. We shall, during the course of business relations with a customer, observe the conduct of the customer’s account and scrutinize transactions undertaken throughout the course of business relations, to ensure that the transactions are consistent with our knowledge of the customer, its business and risk profile and where appropriate, the source of funds.

We shall perform our risk mitigation measures where the transaction involves a transfer of digital payment token to or receipt of a digital payment token from an entity other than:

  1. a financial institution as defined in section 27A (6) of the MAS Actor
  2. a financial institution incorporated or established outside Singapore that is subject to and supervised for compliance with AML/CFT requirements consistent with standards set by the FATF.

We shall pay special attention to all complex, unusually large or unusual patterns of transactions, undertaken throughout the course of business relations, that have no apparent or visible economic or lawful purpose. We shall, to the extent possible, inquire into the background and purpose of the aforesaid transactions and document its findings with a view to making this information available to the relevant authorities should the need arise.

For the purposes of ongoing monitoring, we shall put in place and implement adequate systems and processes, commensurate with the size and complexity of the payment service provider to ¾

  1. monitor its business relations with customers; and
  2. detect and report suspicious, complex, unusually large or unusual patterns of transactions undertaken throughout the course of business relations.

We shall ensure that the CDD data, documents and information obtained in respect of customers, natural persons appointed to act on behalf of the customers, connected parties of the customers and beneficial owners of the customers, are relevant and kept up-to-date by undertaking reviews of existing CDD data, documents and information, particularly for higher risk categories of customers.

Where there are any reasonable grounds for suspicion that existing business relations with a customer are connected with money laundering or terrorism financing, and where we consider it appropriate to retain the customer ¾

  1. we shall substantiate and document the reasons for retaining the customer; and
  2. the customer’s business relations with us shall be subject to commensurate risk mitigation measures, including enhanced ongoing monitoring.

Where we assess the customer or the business relations with the customer referred to in paragraph 6.32 of MAS Notice No. PSN02 to be of higher risk, the payment service provider shall perform enhanced CDD measures, which shall include obtaining the approval of our senior management to retain the customer.

CDD Measures for Non-Face-to-Face Business Relations or Non-Face-to- Face Transactions Undertaken without an Account Being Opened*

We shall develop policies and procedures to address any specific risks associated with non-face-to-face business relations with a customer or no face-to-face transactions undertaken without an account being opened for a customer (“non-face-to-face business contact”).

We shall implement the policies and procedures referred to in paragraph 6.34 of MAS Notice No. PSN02 when establishing business relations with a customer and when conducting ongoing due diligence.

Where there is no face-to-face contact, the payment service provider shall perform CDD measures that are at least as stringent as those that would be required to be performed if there was face-to-face contact.

Where a payment service provider conducts its first non-face-to-face business contact, the payment service provider shall, at his or its own expense, appoint an external auditor or an independent qualified consultant to assess the

effectiveness of the policies and procedures referred to in paragraph 6.34 of MAS Notice No. PSN02, including the effectiveness of any technology solutions used to manage impersonation risks.

We shall submit to the Authority a report of the assessment no later than one year after conduct of the payment service provider’s non-face-to-face business contact. Where there has been a substantial change in the policies and procedures referred to in paragraph 6.34 of MAS Notice No. PSN02, we shall appoint an external auditor or an independent qualified consultant to carry out an assessment of the new policies and procedures, and shall submit the report of the assessment to the Authority no later than one year after the implementation of the change in policies and procedures.

Reliance by Acquiring Payment Service Provider on Measures Already Performed

When we (“acquiring payment service provider”) acquires, either in whole or in part, the business of another payment service provider (whether in Singapore or elsewhere), we shall perform the measures as required by paragraphs 6, 7 and 8 of MAS Notice No. PSN02, on the customers acquired with the business at the time of acquisition except where the acquiring payment service provider has ¾

  1. acquired at the same time all corresponding customer records (including CDD information) and has no doubt or concerns about the veracity or adequacy of the information so acquired; and
  2. conducted due diligence enquiries that have not raised any doubt on the part of the acquiring payment service provider as to the adequacy of AML/CFT measures previously adopted in relation to the business or part thereof now acquired by the acquiring payment service provider, and document such

 

Measures for Non-Account Holder*

If we undertake any transaction for any customer who does not otherwise have business relations with us, we shall ¾

  1. perform CDD measures as if the customer had applied to the payment service provider to establish business relations; and
  2. record adequate details of the relevant transaction so as to permit the reconstruction of the transaction, including the nature and date of the transaction, the type and amount of currency involved, the value date, and the details of the payee or beneficiary

 

Timing for Verification

Subject to paragraphs 6.43 and 6.44 of MAS Notice No. PSN02, we shall complete verification of the identity of a customer as required by paragraph

6.9 of MAS Notice No. PSN02, natural persons appointed to act on behalf of the customer as required by paragraph 6.10(b) of MAS Notice No. PSN02 and beneficial owners of the customer as required by paragraph 6.14 of MAS Notice No. PSN02 before ¾

  1. the payment service provider establishes business relations with the customer;
  2. the payment service provider undertakes any transaction for the customer, where the customer has not otherwise established business relations with the payment service provider; or
  3. the payment service provider effects or receives digital payment tokens by value transfer for the customer, where the customer has not otherwise established business relations with the payment service provider.

We provider may establish business relations with a customer before completing the verification of the identity of the customer as required by paragraph 6.9 of MAS Notice No. PSN02, natural persons appointed to act on behalf of the customer as required by paragraph 6.10(b) of MAS Notice No.

PSN02 and beneficial owners of the customer as required by paragraph 6.14 of MAS Notice No. PSN02 if ¾

  1. the deferral of completion of the verification is essential in order not to interrupt the normal conduct of business operations; and
  2. the risks of money laundering and terrorism financing can be effectively managed by the payment service

Where we establish business relations with a customer before verifying the identity of the customer as required by paragraph 6.9 of MAS Notice No.

PSN02, natural persons appointed to act on behalf of the customer as required by paragraph 6.10(b) of MAS Notice No. PSN02, and beneficial owners of the customer as required by paragraph 6.14 of MAS Notice No.

PSN02, we shall ¾

  1. develop and implement internal risk management policies and procedures concerning the conditions under which such business relations may be established prior to verification; and
  2. complete such verification as soon as is reasonably

 

Where Measures Are Not Completed

Where we are unable to complete the measures as required by paragraphs 6, 7 and 8 of MAS Notice No. PSN02, we shall not commence or continue business relations with any customer, or undertake any transaction for any customer.

Where we are unable to complete the measures as required by paragraphs 6, 7 and 8, the payment service provider shall consider if the circumstances are suspicious so as to warrant the filing of an STR.

For the purposes of paragraphs 6.45 and 6.46, completion of the measures means the situation where the payment service provider has obtained, screened and verified (including by delayed verification as allowed under paragraphs 6.43 and 6.44) all necessary CDD information under paragraphs 6, 7 and 8, and where the payment service provider has received satisfactory responses to all inquiries in relation to such necessary CDD information.

 

Joint Accounts

In the case of a joint account, we shall perform CDD measures on all of the joint account holders as if each of them were individually customers of the payment service provider.

 

Screening

We shall screen a customer, natural persons appointed to act on behalf of the customer, connected parties of the customer and beneficial owners of the customer against relevant money laundering and terrorism financing information sources, as well as lists and information provided by the Authority or other relevant authorities in Singapore for the purposes of determining if there are any money laundering or terrorism financing risks in relation to the customer.

We shall screen the persons referred to in paragraph 6.49 of MAS Notice No.

PSN02 ¾

  1. when, or as soon as reasonably practicable after, we establish business relations with customer;
  2. before we undertake any transaction for any customer who has not otherwise established business relations with the payment service provider;
  3. before we effect or receive digital payment tokens by value transfer, for a customer who has not otherwise established business relations with us;
  4. on a periodic basis after we establishes business relations with our customers; and
  5. when there are any changes or updates to ¾
  6. the lists and information provided by the Authority or other relevant authorities in Singapore to the payment service provider; or
  7. the natural persons appointed to act on behalf of a customer, connected parties of a customer or beneficial owners of a

 

We shall screen all value transfer originators and value transfer beneficiaries as defined in paragraph 13 of MAS Notice No. PSN02, against lists and information provided by the Authority and any other relevant authorities in Singapore for the purposes of determining if there are any money laundering or terrorism financing risks.

 

We shall document the results of all screening.

  1. Our Approach to Enhanced Customer Due Diligence 

Politically Exposed Persons

 

We shall use all reasonable means to determine if a customer, any natural person appointed to act on behalf of a customer, any connected party of the customer or any beneficial owner of the customer is a politically exposed person, or a family member or close associate of a politically exposed person.

 

We shall, in addition to performing CDD measures, perform at least the following enhanced due diligence measures where a customer or any beneficial owner of the customer is determined by us to be a politically exposed person, or a family member or close associate of a politically exposed person:

  1. obtain approval from senior management to establish and continue business relations with the customer;
  2. establish by reasonable means, the source of wealth and source of funds of the customer and any beneficial owner of the customer; and
  3. conduct, during the course of business relations with the customer, enhanced monitoring of the business relations with the customer. We shall increase the degree and nature of monitoring for any transactions that appear unusual or 

 

Higher Risk Categories

We recognize that the following circumstances where a customer presents or may present a higher risk for money laundering or terrorism financing include but are not limited to the following:

  1. where a customer or any beneficial owner of the customer is from or in a country or jurisdiction in relation to which the FATF has called for countermeasures, the payment service provider shall treat any business relations with or transactions for any such customer as presenting a higher risk for money laundering or terrorism financing; and
  2. where a customer or any beneficial owner of the customer is from or in a country or jurisdiction known to have inadequate AML/CFT measures, as determined by the payment service provider for itself or notified to payment service providers generally by the Authority or other foreign regulatory authorities, the payment service provider shall assess whether any such customer presents a higher risk for money laundering or terrorism

We will perform enhanced CDD for customer who presents a higher risk for money laundering or terrorism financing or any customer the Authority or other relevant authorities in Singapore notify to us as presenting higher risk for money laundering and terrorism financing.

Our enhanced CDD measures will comply with directions issued by the Authority under section 27A of the MAS Act.

 

  1. Our Approach to Bearer Negotiable Instrument and Restriction of Cash Payout

 

We will not make any payment for any sum of money in the form of a bearer negotiable instrument.

We will not pay any cash in an amount that is equal to or exceeds S$ 20,000.00 in the course of carrying on our business.

 

  1. Our Approach to Value Transfer*

If we are the ordering institution, before effecting a value transfer, we shall:

  1. identify the value transfer originator and take reasonable measures to verify his or its identity (if we have not already done so); and
  2. record adequate details of the value transfer including but not limited to, the date of the value transfer, the type and value of digital payment token9s) transferred and the value date.

Value Transfers Below or Equal to S$ 1, 500.00

 

For value transfer below or equal to S$ 1, 500.00 and if we are an ordering institution, we shall include in the message or payment instructions that accompanies or relates to the value transfer:

  1. the name of the value transfer originator;
  2. the value transfer originator’s account number (or unique transaction reference number if applicable);
  3. the name of the value transfer beneficiary, and
  4. the value transfer beneficiary’s account number (or unique transaction reference number if applicable).

 

Value Transfers Exceeding S$ 1, 500.00

For value transfer exceeding S$ 1, 500.00 and if we are an ordering institution, we shall identify the value transfer originator and verify his or its identity, include in the message or payment instructions that accompanies or relates to the value transfer information required by paragraphs 13.4(a) to 13.4(d) of MAS Notice No. PSN02 and any of the following:

  1. the value transfer originator’s-
  2. residential address, or
  3. registered or business address, and if different, principal place of business;
  4. the value transfer originator’s unique identification number; or
  5. the date and place of birth, incorporation or registration of the value transfer

 

We shall immediately and securely submit to the beneficiary institution all value transfer originator and value transfer beneficiary information, and shall document all such information. Where we in the capacity as an ordering institution are not able to comply with the requirements set out in paragraphs

13.3 to 13.10, we shall not execute the value transfer.

If we are the beneficiary institution, we shall take reasonable measures to identify value transfers that lack the required value transfer originator or required value transfer beneficiary institution.

For value transfers where we as the beneficiary institution pays out transferred digital payment token(s) in cash or cash equivalent to a value transfer beneficiary in Singapore, we shall identify and verify the identity of the value transfer beneficiary (if the identity has not been previously verified).

We shall always conduct a review prior to executing a value transfer lacking the required value transfer originator or value transfer beneficiary information, and document our follow-up action. *

If we are the intermediary institution, we shall retain all information pertaining to a value transfer.

When we as an intermediary institution effect a value transfer to another intermediary institution or beneficiary institution, we shall immediately and securely provide the information accompanying the value transfer, to that other intermediary institution or beneficiary institution.

If we are a receiving intermediary institution, we shall keep a record for at least five years for all information received from an ordering institution or another intermediary institution.

We shall take reasonable measures to identify value transfers that lack the required value transfer originator or value transfer beneficiary information when straight-through processing.

 

  1. Record Keeping

We will keep proper records as required by paragraph 14 of MAS Notice No. PSN02 for a time period of at least 5 years.

 

  1. Personal Data* 

We will safeguard the personal data of our customers in the manner prescribed under paragraph 15 of MAS Notice No. PSN02.

 

  1. Suspicious Transactions Reporting (“STR”) 

We will inform the relevant authorities and file STR Reports as required by law and as guided by paragraph 16 of MAS Notice No. PSN02. We will also keep all records and transactions relating to all such transactions and STR Reports.

 

  1. Our Policies on Compliance, Audit and Training

Amongst other things, we shall appoint an AML/CFT Compliance Officer at the Management Level, maintain an independent audit function, and take proactive measures in regularly training our employees and employees on AML/CFT matters.

 

  1. Enterprise-wide money-laundering/terrorism financing risk assessment 

We will employ and enterprise-wide money-laundering/terrorism financing risk assessment in 3 phases:

 

Phase 1: Assessing inherent risk

We will assess the inherent risk in relation to our:

  1. customer or entity: we will make an assessment in relation to our customers and/or entities we deal with;
  2. product or services: we will and are mindful of who we serve in our cryptocurrency OTC services;
  3. transaction(s): we will keep monitor and keep track of any cryptocurrency-to-fiat exchange which is more than SGD 15, 000.00 per transaction (which is 75% of the stipulated cash limit of SGD 20, 000.00);
  4. Geographical level: we will not deal with customers from the List of Designated Individuals and Entities by the Monetary Authority of Singapore.

 

Phase 2: Assessing mitigating control

We will assess our mitigating controls in relation the aforesaid, any and/or all customer(s) whom we find suspicious will be first monitored, followed by exercising enhanced due diligence.

 

Phase 3: Assessing residual risk

We will assess our residual risks after assessing our mitigating controls.

 

  1. References 

We are, amongst other things, guided by:

  1. MAS Notice No. PSN02 (a copy of which is herein attached at Schedule 1);
  2. The Monetary Authority of Singapore Act (Cap. 186) (a copy of which is herein attached at Schedule 2).

 

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