KYC & AML Procedure | RaincityEx

AML/KYC

Last Updated: March 19, 2021
AML refers to "Anti-Money Laundering". KYC refers to "Know Your Customer".

Introduction

We strive to protect our Clients from fraudulent and scam activities in the cryptocurrency marketplace. It is possible, that certain crypto assets are used for scams or other criminal activity, as defined by Federal laws. In order to prevent this, it is necessary to take measures to ensure customer verification and security of monetary transactions. One of the best measures is AML/KYC procedure, which allows us to confirm, that you are a law-abiding individual or corporation.

 

RaincityEX service has a risk scoring system which allows us to spot suspicious activity. If a transaction is flagged by the system, it is put on hold and the Client will be asked to pass AML & KY–° verification. For the reasons of security, we are not able to disclose specific criteria of our system, however, it has proven to be very effective against money launderers and fraudulent activities.

 

RaincityEX service reserves the right to apply the AML/KYC procedure to certain Clients, addresses and particular transactions of crypto assets. Application of the AML/KYC procedure is based on RaincityEX internal policies and aimed at preventing and mitigating possible risks of RaincityEX being involved in money laundering as well as any other illegal activities.

 

Please be informed, that RaincityEX reserves the right to appoint Third-party service provider in order to fulfil AML/KYC procedure on behalf of RaincityEX. While processing your information, such service provider completely complies our Privacy Policy in respect of your personal information.

 

RaincityEX will provide the information collected during AML/KYC procedure to the competent authorities upon legitimate request.

 

RaincityEX will not enter a business arrangement with individual or entity suspected of or directly involved in money laundering, or in which the funds have been the source of illegal activity.

AML and KYC Procedure

AML/KYC procedure might be applied in respect to those crypto assets payins, which are determined by our risk prevention system as suspicious. In these cases, RaincityEX will contact the Client by email registered with account or transaction.


AML/KYC procedure includes confirming the identity of Cleint by means of:

  1. A high-quality photo of their ID (passport or driving license) valid in their country;
  2. Proof of the origin of funds;
  3. Any other applicable documentation.

Upon successful completion of the AML & KYC verification, the transaction that was put on hold will be processed.

In response to RaincityEX request for a Client’s documentation, RaincityEX takes all possible measures to recognize the deceptive documentation or other false information and reserves the right to investigate certain Cleints or transactions which have been detected to be risky or suspicious.

If there is any reasonable doubt that any information provided by the Client is wrong, untruthful, outdated or incomplete, RaincityEX has the right to send the Client a notice to demand corrections or terminate all of the Services to the Client.

Disclaimer

Any procedure updates that may be RaincityEx will be delivered to our Client’s via email and other means as well as on our website RaincityEX.com

Contact Us

If you have any questions about AML/KYC procedure, please contact us via legal@raincityex.com