KNOW YOUR CUSTOMER (KYC) POLICY STATEMENT
Between £800 billion and $2 trillion USD is laundered every year which equates to 2-5% of world GDP (United Nations Office on Drugs and Crime 2017)
Around $1.5 trillion is paid in bribes by businesses and individuals each year. (World Bank 2017)
At JSEcoin we don’t want to be associated with money laundering and are taking active measures to comply with the governments know your customer regulations. https://www.gov.uk/guidance/money-laundering-regulations-your-responsibilities
This KYC policy applies to all customer relationships with transactions valuing over $10,000 USD.
For investors looking to transfer more than $10,000 USD it will be necessary to verify your account by sending us a scan of an official document which includes a photograph, identity, residential address and date of birth. Data will be kept for a minimum of five years from the transaction date.
KYC is an ongoing, risk‐based process to gather relevant information about our customers and their business and financial activities in order to:
- Facilitate the timely identification of customer activity that is inconsistent with established facts and information. JSEcoin is committed to deterring the use of its products and services for illegal purposes. The KYC policy and supporting procedures are a key component in the program to prevent and detect money laundering, terrorist financing, fraud and identity theft
- Meet our legal and regulatory obligation
Confirming Customer Identity
When establishing a relationship with a customer we will confirm the identity of a person or the existence of an entity within acceptable time frames using acceptable identification methods. When a product or service is being established, inquiries will be made to determine whether it will be used by or for the benefit of a third party. Where required, particulars of the third party and their relationship with the customer will be obtained prior to establishing the relationship.
Collecting and Recording Customer Information
We will collect and record all pertinent information regarding current and prospective customers including beneficial owners, intermediaries and other interested parties and will establish the purpose and intended nature of each relationship. Where applicable, we will record the type, volume and frequency of expected account activity and we will make inquiries into the source of incoming funds or assets. The extent of such measures will be determined on a risk‐sensitive basis.
Sharing Customer Information
We are obliged to report to the regulatory authorities suspicious transactions which could possibly be connected to money laundering activities.
Verifying Customer Information
We will take reasonable and appropriate measures to verify the key information provided by prospective customers to reliable independent sources. We will perform additional verification activities for relationships that represent a higher level of risk. We will refuse to enter into or continue relationships or conduct transactions with any person or entity that insists on anonymity or provides false, inconsistent or conflicting information where the inconsistency or conflict cannot be resolved after reasonable inquiry.
Monitoring and Updating Customer Information
We will monitor customer activity to identify and report transactions that may be indicative of illegal or improper activity. We will keep information regarding the customer and their business and financial activities as accurate, complete and up‐to‐date as necessary to fulfill the purpose for which it was collected. When changes in a customer’s financial behavior become apparent, we will take steps to determine the underlying reasons.