AML regulations - CryptoGin

AML regulations

In accordance with both international and local rules and legislation, it is imperative that the CryptoGin exchange service implements effective internal procedures aimed at preventing any illegal activity and takes all necessary measures in this regard.

The AML/KYC policy includes the following aspects:

1.1 Proof of identity

The authentication procedure requires the user to provide the service administration with reliable documents, such as an international passport, an account statement, a utility bill, and others.

Also, the service reserves the right to conduct additional checks for certain suspicious users. The verification process includes the provision of documents confirming the user's identity.

  1. A civil passport;
  2. International passport;
  3. ID card.

To confirm the address, the user must provide one of the following documents:

  1. An extract from the bank, where the address of the actual residence is clearly indicated;
  2. A utility bill where the address of the actual residence is clearly visible;
  3. Tax documents where the address of the actual residence is clearly visible;
  4. A document issued by the local authorities and confirming the address of the actual residence, where the address of the actual residence is clearly visible.
(The document must have been received no more than three months ago)
1.2. Verifying the authenticity of a bank card

For users who want to make an exchange using a bank card, a preliminary verification of the authenticity of the card is required.

In accordance with international requirements, the service verifies transactions for risk using AML services.

In this regard, the transaction may be rejected if the overall risk level exceeds 70%. In addition, the service may refuse to provide services to the user if the risk exceeds 25% in the following categories:

  • Illegal Service
  • Darknet Marketplace
  • Darknet Service
  • Illicit Actor/Organization
  • High-Risk Jurisdiction
  • Gambling

or exceed 5% in the following categories:

  • Mixing Service
  • Sanctions
  • Enforcement action
  • Scam
  • Stolen Coins
  • Terrorism Financing
  • Fraud Shop
  • Fraudulent Exchange
  • Child Exploitation
  • Seized assets
  • Ransom

In case of identification of a high level of risk for a transaction, the user must undergo a KYC verification procedure to confirm his identity.

After carrying out the identity verification procedure, the Service will refund the User, of which 5% will be deducted. The specified documents must be sent to the address [email protected] where you need to additionally specify the application number and details for a refund.

If the global regulator (trading partners) blocks/freezes funds and/or payment systems due to the high AML factor, the service may take up to 180 working days to unlock it. In this case, the refund will occur only after full unblocking. A refund will be made minus 15% of the amount received.

The CryptoGin service strictly warns users against using its services to legalize illegally obtained funds, finance terrorism, fraud in all its forms, as well as to purchase prohibited goods and services.

To prevent illegal transactions, the service sets certain requirements for all applications created by the user:

3.1. The sender and the recipient of the payment in the application must be the same person. The use of the service for transfers to third parties is strictly prohibited. 3.2. The user is obliged to provide reliable and up-to-date personal data when filling out the application and any other information transmitted to the service. 3.3. If the administration of the service has reasonable suspicions that the user is trying to use the service for money laundering or for other illegal operations, the administration has the right:
  • temporarily suspend the user's operation;
  • request documents confirming the user's identity from the user;
  • request additional information related to payments;
3.4. All information provided by the client can be transferred to the regulatory authorities in the following cases:
  1. at the request of law enforcement agencies;
  2. in accordance with the decision of the judicial authorities of different jurisdictions;
  3. at the request of payment system administrations.

The Service reserves the following rights:

  1. Require the user to provide additional information revealing the origin of digital assets and/or confirming that these assets were obtained legally.
  2. Block the user's account and all related transactions, transfer information and documents about the case to financial regulatory authorities and/or law enforcement agencies, in accordance with the place of registration of the service and, if necessary, to the client's registration address.
  3. Require the user to provide identity documents, video verification, registration address and solvency.
  4. To return digital assets only to the details from which the transfer was made, after a full check by the service's security service, if the legal origin of the client's funds can be confirmed.
  5. To refuse the user to withdraw funds to the account of third parties without explaining the reasons.
  6. Freeze the user's funds until the incident is fully investigated.
  7. Monitor the entire transaction chain to identify suspicious transactions.
  8. To refuse to provide the service to the user if the service has reasonable suspicions of the illegal origin of digital assets or in the case when it is impossible to track the entire chain of movement of assets from the moment of their appearance, and to hold funds in special accounts of the service.