AML/KYC Policy

Last Revised 27.07.2023

  1. INTRODUCTION

This AML/KYC Policy (hereinafter referred to as the “Policy”) sets forth the rules, principles and procedures that BLK TRADE s.r.o., its subsidiaries and affiliated parties (hereinafter referred to as the “Company”) follows for detecting and preventing any financial crime, including money laundering and the funding of terrorism, in accordance with all relevant and mandatory applicable laws.

This Policy is an integral part of the Company’s Terms of Services – i.e. the terms and conditions, which are at all times available on the Company’s Website. The Policy specifies the main and general principles and rules, applicable for the purposes of detecting and preventing any financial crime, including money laundering and the funding of terrorism, in accordance with all relevant and mandatory applicable laws.

The Company is strongly committed to preventing the use of its Services for money laundering or any other activity which facilitates money laundering, the funding of terrorist and/or any other criminal activities, or any other illicit purposes.

The Company has its own implemented internal procedures (hereinafter referred to as the “Procedures”), developed and implemented in accordance with the national Act No. 253/2008 on selected measures against money laundering and terrorist financing, as well as other national and /or European Laws for combating money laundering and terrorist financing applicable (hereinafter altogether referred to as the “AML/CFT Laws”). The Procedures are administered by the Company’s Director, the AML Officer (MLRO), and his team, together referred to as the Compliance Department in strict accordance with the AML/CFT Laws.

The Company’s Compliance Department is tasked with monitoring compliance with the relevant AML/KYC regulations and administrating the Procedures within the Company in strict accordance with applicable laws

  1. THE COMPANY’S PROTECTION MEASURES

In our efforts to counter money laundering and terrorist financing and be in compliance with the applicable Legislations, we apply the following:

  • identification of customers or persons participating in an occasional transaction and verification of the submitted information;
  • identification and verification of a representative of a customer or person participating in an occasional transaction and their right of representation;
  • identification of the beneficial owner and, for the purpose of verifying their identity, taking measures to the extent that allows the Company to make certain that it knows who the beneficial owner is, and understands the ownership and control structure of the customer or of the person participating in an occasional transaction;
  • understanding of business relationships, an occasional transaction or operation and, where relevant, gathering information thereon;
  • gathering information on whether a person is a politically exposed person, their family member or a person known to be close associate;
  • monitoring of a business relationship.

 

The Company has the right to request additional, new and/or updated data, documents and/or information from any User at any time, even if such User has been identified before in accordance with applicable laws.

In an event that the Company reasonably suspects suspicious transaction(s), it shall conduct additional questioning regarding the User’s activity by the means of the AML/KYC Questionnaire, and request any additional data, documents and/or information, that may be required for these purposes and in accordance with applicable AML/CFT Laws, as well as FAU requirements and guidelines.

In case the User has not provided any data, document, information and explanation about the suspicious transaction(s), a complete set of requested documents, and/or has presented suspicious or unusual data, documents and other information that the Company cannot verify, the Company will reasonably suspect that the User’s business, activities and transaction(s) may be connected to money laundering, terrorism financing or other illegal activity, business and transaction(s). In such cases the Company files a report on the FAU website, reporting the suspicious activity, business and transaction(s) and reserves the right to suspend the User’s account, suspected of such activities, business and transaction(s) at its sole discretion.

The Company may stop and refuse providing Services to Users and/or report such Users to the FAU, if they do not provide the Company with requested data, documents and/or information in accordance with applicable laws.

In adddition the Company:

  • Conducts AML/CFT staff (employee) training;
  • Conducts a periodic AML/CFT audits (including internal and external);
  • Maintains and updates User data, documents and other information;
  • Reports suspicious transactions to the relevant financial authority in accordance with AML/CFT Laws (i.e. to the Financial Analytical Unit – FAU);
  • Takes all other necessary and developed steps and measures to detect and prevent any financial crime, including money laundering and terrorism financing, in accordance with AML/CFT Laws.

 

  1. KYC PROCEDURES AND VERIFICATION

The Company implements and applies different AML/KYC Verification Levels to detect and prevent any financial crime, including money laundering and the funding of terrorism, in accordance with AML/CFT Laws.

The Company’s Verification Level, conducted on each User, shall directly influence the amount of activities the User can perform on the Company’s website. For the purposes of the Company’s Verification Levels, the following terms shall have the following meaning: The Valid ID shall mean an identity card and/or passport, driving license and the Proof of Residence shall mean a bank statement, utility bill, insurance, credit card statement and/or tax statement issued within the last 3 (three) months.

In accordance with the applicable AML/CFT Laws, as well as the Company’s internal compliance procedure rules, when making a transaction or a series of linked transactions and/or at any time requested by the Company, a User shall provide a Proof of Funds, which shall mean any document that verified the lawful source of User’s funds, such as copies of company’s accounts, agreements, bank statements and so on.

For the purposes of the Company’s Verification Levels and/or at any time the Company may also send a User an AML/KYC Questionnaire, which shall mean a series of questions and/or a video-call with the Company’s Compliance Department in order to detect and identify the intent and the source of funds, that are subject to User’s business, transactions and activities, as well as to rule out any illicit purpose.

  1. RISK ASSESSMENT PRINCIPLES

When carrying out risk assessment, as well as initial and/or ongoing Procedures, the Company takes into account the risk factors, including the User’s and the geographical risk characteristics.

When carrying out risk assessment, the Company takes into account the untruthful, false and/or incomplete data, information, documents and facts, including but not limited to discrepancies in ID documents provided, fictitious person, stolen identity, pervious financial crime record, terrorist record, wanted person and so on.

When carrying out risk assessment, the Company also pays attention to the performance of suspicious, high-volume and unusual transaction and/or series of linked transactions by its User(s).

When carrying out risk assessment, the Company, in accordance with its internal procedure rules, may apply simplified or enhanced AML/KYC measures in accordance with the AML/CFT Laws and based on the results (outcomes) of the risk assessment.

The Company has its own developed and implemented list of countries, with whom it does not work with. The list of countries is based on the list of countries identified by the EU as high risk, as well as the list of countries identified as being at risk by the Financial Action Task Force (FATF). The lists created by EU and FATF are essential for assessing the risk of Users, transactions and/or business relationships.

  1. RESTRICTED BUSINESS AND JURISDICTIONS

 To minimize any risk of money laundering and terrorist financing our Company does not provide services to clients that their activities are associated with any high risk or banned activities. For example:

  • Unlicensed Gambling, casinos, betting companies.
  • Unlicensed Financial Institutions
  • Non-regulated Charities.
  • Clients who are involved in adult entertainment;
  • Clients dealing with weapons;
  • Companies with bearer shares form;
  • Client accounts in the name of a third person;
  • Shell banks;
  • Clients listed in sanction lists (i.e. OFAC, UN, European)

 

Further, the Company does not accept Clients from the following jurisdictions:

  • Afghanistan
  • American Samoa
  • Angola
  • Anguilla
  • Bahamas
  • Barbados
  • Belarus
  • Belize
  • Benin
  • Bonaire, Saint Eustatius and Saba
  • Botswana
  • British Indian Ocean Territory
  • Burkina Faso
  • Burundi
  • Cambodia
  • Cameroon
  • Central African Rep
  • Chad
  • Christmas Island
  • Cocos (Keeling) Islands
  • Colombia
  • Congo (Brazzaville)
  • Congo, the Democratic Republic
  • Cook Islands
  • Cuba
  • Djibouti
  • Dominica
  • Egypt
  • El Salvador
  • Equatorial Guinea
  • Eritrea
  • Ethiopia
  • Fiji
  • Gaza Strip (Palestinian Territory)
  • Ghana
  • Guam
  • Guinea
  • Guinea Bissau
  • Haiti
  • Iran, Islamic Republic of
  • Iraq
  • Jamaica
  • Kiribati
  • Lebanon
  • Liberia
  • Libya
  • Mali
  • Myanmar
  • New Caledonia
  • Nicaragua
  • Niger
  • Nigeria
  • Norfolk Island
  • North Korea
  • North Mariana Islands
  • Pakistan
  • Palau
  • Panama
  • Russian Federation
  • Rwanda
  • Saint Barthelemy
  • Saint Martin (French part)
  • Saint Pierre and Miquelon
  • Samoa
  • Seychelles
  • Sierra Leone
  • Somalia
  • South Sudan
  • St Maarten
  • Sudan
  • Syria
  • Tajikistan
  • Tokelau
  • Trinidad & Tobago
  • Turkmenistan
  • Uganda
  • United States Virgin Islands
  • Vanuatu
  • Venezuela
  • West Bank (Palestinian Territory)
  • Western Sahara
  • Yemen
  • Zambia
  • Zimbabwe
  • Western Sahara
  • Yemen
  • Zambia
  • Zimbabwe

The above list is not exhaustive. The Company might not accept clients dealing with other high business activities which are not align with its risk appetite.

  1. DATA RETENTION

The Company will store your personal data collected for the purpose of establishing business relationship with you for minimum period of 5 years from the date of terminating your business relationship with the Company.

You may find additional information on collection and storage of your personal data in the Company’s Privacy Policy.

By applying for an account with us you agree to promptly provide us with all the information that we reasonably request in order to comply with all applicable laws and regulations relating to anti-money laundering.

  1. CONTACT US

 If you have any questions about this AML/KYC Policy, procedures and/or any other AML/KYC-related matters or any complaints about Company’s Services, you may contact us at info@blk-trade.com