AML/KYC Policy

Crybex exchange adheres to the international anti-money laundering policy – AML (Anti Money Laundering) policy, as well as the KYC (Know Your Customer) policy.

AML, Anti-Money Laundering, is a set of legislative and regulative policies aimed at preventing illegal income and its incorporation into the legal economy. The main objective of AML is to detect and suppress activities related to money laundering and terrorist financing.

KYC, Know Your Customer, is a procedure used by financial institutions and other organizations to identify and verify the identity of their customers. The purpose of KYC is to prevent the use of a company’s services for illegal purposes, such as money laundering and terrorist financing.

The main components of KYC are: collecting customer information, verifying customer identity, understanding the nature of customer activities, monitoring customer activity, and updating customer data.

KYC procedures are an important tool in preventing financial crime and ensuring the safety and transparency of financial transactions.

Responsibilities of the parties:

1. Service undertakes to take all possible and available actions to prevent attempts of illegal trade, financial fraud and money laundering using the services of the Crybex. These actions inсlude, but are not limited to, providing feasible assistance to law enforcement agencies in searching for and catching financial terrorists involved in illegal money laundering activities.

2. Crybex undertakes to explain the terms, procedures, and to assist the User in the proper submission of documents for the merchant service.

3. User undertakes to:
– independently carry out AML-checking of funds and analysis of the risk level of funds, before transferring the latter as payment of the Order.
– To exclude in his/her practical activities using the Service any actions the execution of which can cause direct or indirect damage to the anti-money laundering and anti-money laundering (see 5AMLD/6AMLD);
– to exclude any possible facilitation of illegal trade and any other illegal transactions using the services of the Service;
– to exclude any possible assistance to financial fraud, not to use the Service for the purposes of creation and distribution of pyramids, as well as for other actions contrary to the law and legal norms;
– to exclude all possible circumvention of sanctions of services, platforms, individuals or citizens under the restriction;
– Independently calculate and pay all taxes required by the tax laws of the location of the User.

4. Crybex automatically performs AML checking. If the risk level exceeds 45% in total or 8% for one of the high-risk keys, as follows: Dark Service, Stolen Coins, Fraud Shop, Illicit Actor/Organization, High-Risk Jurisdiction, Lending Contract, Dark Market, Illegal Service, Mixer, Ransom, Scam, Terrorism Financing, Gambling, Fraudulent Exchange, Sanctions, Child Exploitation, Enforcement Action; coins can be frozen by the Merchant Service for AML/KYC procedure under the international AML policy.

5. Funds may need to go undergo AML/KYC procedures, the details of which vary on a case-by-case basis, in order to unlock the funds.

6. Crybex is committed to requesting all documents necessary to go through the AML/ KYC procedure. This procedure may inсlude the following documents: KYC (verification of identity), Source of funds, Proof of funds, SOW (proof of source of wealth).

7. Crybex has the right to request additional materials from the user to go through the AML/KYC procedure.

8. The decision to unfreeze funds is made by the service-merchant who accepts the funds.

9. Crybex makes no guarantee that funds will be unblocked after going through the AML/KYC procedure.

10. Crybex may charge an additional fee, for work performed, involvement of AML officer, legal advice during AMl/KYC filing for service-merchant.