CASHOUT LIMITED Anti-Money Laundering and Know Your Customer Policy (hereinafter - the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of CASHOUT LIMITED being involved in any kind of illegal activity.
Both international and local regulations require CASHOUT LIMITED to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, the proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its Users.
AML/KYC Policy covers the following matters:
1. Verification procedures.
2. Compliance Officer.
3. Monitoring Transactions.
4. Risk Assessment.
1. Verification procedures
One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, CASHOUT LIMITED establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.
CASHOUT LIMITED’s identity verification procedure requires the User to provide CASHOUT LIMITED with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes, CASHOUT LIMITED reserves the right to collect User’s identification information for the AML/KYC Policy purposes.
CASHOUT LIMITED will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and CASHOUT LIMITED reserves the right to investigate certain Users who have been determined to be risky or suspicious.
CASHOUT LIMITED reserves the right to verify User’s identity on an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, CASHOUT LIMITED reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
Once the User’s identity has been verified, CASHOUT LIMITED is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
2. Compliance Officer
The Compliance Officer is the person, duly authorized by CASHOUT LIMITED, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of CASHOUT LIMITED anti-money laundering and counter-terrorist financing, including but not limited to:
a. Collecting Users’ identification information.
b. Establishing and updating internal policies and procedures for the completion, review, submission, and retention of all reports and records required under the applicable laws and regulations.
c. Monitoring transactions and investigating any significant deviations from normal activity.
d. Implementing a records management system for appropriate storage and retrieval of documents, files, forms, and logs.
e. Updating risk assessment regularly.
f. Providing law enforcement with information as required under the applicable laws and regulations.
The Compliance Officer is entitled to interact with law enforcement, which is involved in the prevention of money laundering, terrorist financing, and other illegal activity.
3. Monitoring Transactions
Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transnational patterns (what they do). Therefore, CASHOUT LIMITED relies on data analysis as a risk-assessment and suspicion detection tool. CASHOUT LIMITED performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:
1) Daily check of Users against recognized “blacklists” (e.g. OFAC), aggregating transfers by multiple data points, placing Users on watch and service denial lists, opening cases for investigation where needed, sending internal communications and filling out statutory reports, if applicable;
2) Case and document management.
With regard to the AML/KYC Policy, CASHOUT LIMITED will monitor all transactions and it reserves the right to:
· ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer;
· request the User to provide any additional information and documents in case of suspicious transactions;
· Suspend or terminate User’s Account when CASHOUT LIMITED has reasonable suspicion that such Users engaged in illegal activity.
The above list is not exhaustive and the Compliance Officer will monitor Users’ transactions on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bonafide.
4. Risk Assessment
CASHOUT LIMITED, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, CASHOUT LIMITED is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.
5. GOVERNING LAW & JURISDICTION
a) This Agreement shall be governed by and construed in accordance with the laws of the United Kingdom.
b) The parties agree to irrevocably submit to the exclusive jurisdiction of the courts in London for the resolution of any disputes arising from this Agreement or in connection therewith or pursuant thereto.
This Agreement shall bind and inure to the benefit of the parties, and their respective successors and permitted assigns.
a) The invalidity or unenforceable of any provision of this Agreement shall not in any way affect, impair or render unenforceable this Agreement or any other provision contained herein, which shall remain in full force and effect.
b) This Agreement shall be considered divisible as to such provision, which is deemed to be invalid or unenforceable and the remainder of this Agreement shall be enforceable and binding on the Parties.
No provision of this Agreement may be waived or changed except by a writing signed by the party against whom such waiver is sought to be enforced. The failure or omission by either party at any time to enforce or require strict or timely compliance to any provision of this Agreement shall not affect or impair that provision or any other provision in any way or the rights of such party hereof, to avail itself of the remedies it may have in respect of any subsequent breach of that or any other provision.
The Recitals, Schedules, and Annexes in this Agreement shall form part of this Agreement and the contents thereof shall be read into this Agreement. Headings are for the purpose of easy reference and shall not affect the meaning or interpretation of this Agreement.
This Agreement, and the other agreements contemplated hereby constitute the entire agreement.
a) This Agreement is subject to confirmation by the Government of the United Kingdom of the legality of dealing in Cryptocurrencies including bitcoins and in the event that the Government of United Kingdom was to hold such dealing to be invalid or illegal in the United Kingdom, this Agreement shall stand automatically terminated without further notice to User.
b) CASHOUT LIMITED has given full disclosure of the current Government and regulatory status with respect to Cryptocurrencies including bitcoins in the United Kingdom and the risk involved in dealing with or investing in the same. The User is deemed to have understood, agreed to and accepted the risk and costs of such investment.
a) These terms may be periodically reviewed and revised. The revised draft will be uploaded on the CASHOUT LIMITED Website and will reflect the modified date of the terms. The User is required to periodically visit the website and review terms and any changes thereto.
b) Continued use of the CASHOUT LIMITED Services constitutes the agreement of User to the terms contained herein and any amendments thereto.
c) This agreement or the responsibilities or benefits arising therefrom cannot be assigned by User save and except with the prior written consent of CASHOUT LIMITED.
All other provisions of the CASHOUT LIMITED Terms of Service shall be read into this policy and shall form part hereof, including Governing Laws and Jurisdiction, notices, severability, assignment and such or other provisions.