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AML/KYC Policy Switzerland

1. INTRODUCTION

1.1. This AML/KYC Policy (hereinafter referred to as the “Policy”) sets forth the rules, principles and procedures that Xchange360 SA, 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.

1.2. 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.

1.3. 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.

1.4. The Company is subject to provisions on Anti Money Laundering (AML) under the laws of Switzerland, (hereinafter collectively referred to as the ‘AML/CFT Laws’).  which are in accordance with the FATF recommendations. Switzerland is a member country of the Financial Action Task Force FATF.This means in particular that Xchange360 SA has to identify its customers and establish the beneficial owner’s identity. The AML compliance policies approved by the Management Board include inter alia the processes for the identification of the customers and establishing the identity of the beneficial owner. The policies also cover the collection of information regarding the customers’ business activities, relationships with Politically Exposed Persons and record retention procedures. d his team, together referred to as the Compliance Department in strict accordance with the AML/CFT Laws.

1.5. 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.

2. THE COMPANY’S PROTECTION MEASURES 

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

  1.  identification of customers or persons participating in an occasional transaction and verification of the submitted information;
  2.  identification and verification of a representative of a customer or person participating in an occasional transaction and their right of representation;
  3.  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;
  4.  understanding of business relationships, an occasional transaction or operation and, where relevant, gathering information thereon;
  5.  gathering information on whether a person is a politically exposed person, their family member or a person known to be close associate;
  6.  monitoring of a business relationship.


2.2. 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.

2.3. 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.

2.4. 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 will file a suspicious activity report with the Money Laundering Reporting Office Switzerland (MROS) in accordance with the Swiss Anti-Money Laundering Act (AMLA), and reserves the right to suspend or restrict the User’s account suspected of such activities at its sole discretion.

2.5. The Company may stop or refuse to provide Services to Users and/or report such Users to MROS if they do not provide the Company with requested data, documents or information in accordance with applicable Swiss laws and regulations, including the AMLA.

2.6. In adddition the Company:

  1.  Conducts AML/CFT staff (employee) training; 
  2.  Conducts a periodic AML/CFT audits (including internal and external); 
  3.  Maintains and updates User data, documents and other information; 
  4.  Reports suspicious transactions to the relevant financial authority in accordance with AML/CFT Laws. 
  5.  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.


3. KYC PROCEDURES AND VERIFICATION

3.1. 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.

3.2. 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.

3.3. 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.

3.4. 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.

4. RISK ASSESSMENT PRINCIPLES 

4.1. 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.

4.2. 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.

4.3. 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).

4.4. 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.

4.5. 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.

5.RESTRICTED BUSINESS AND JURISDICTIONS 

5.1. 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:

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

     

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

  1.   AFGHANISTAN
  2.   BELARUS
  3.   BURKINA FASO
  4.   BURUNDI
  5.   CENTRAL AFRICAN REPUBLIC
  6.   CONGO, THE DEMOCRATIC REPUBLIC
  7.   COTE D’IVOIRE (IVORY COAST)
  8.   CUBA
  9.   GAZA STRIP (PALESTINE)
  10.   GUINEA
  11.   GUINEA BISSAU
  12.   HAITI
  13.   IRAN
  14.   IRAQ
  15.   KOSOVO
  16.   LIBYA
  17.   MALI
  18.   MYANMAR
  19.   NICARAGUA
  20.   NORTH KOREA
  21.   RUSSIAN FEDERATION
  22.   SOMALIA
  23.   SOUTH SUDAN
  24.   SUDAN
  25.   SYRIA
  26.   VENEZUELA
  27.   WEST BANK (PALESTINIAN TERRITORY)
  28.   WESTERN SAHARA
  29.   YEMEN
  30.   ZIMBABWE

5.3. 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. 

6. DATA RETENTION

6.1. 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.

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

6.3. 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.

7.CONTACT US 

7.1. 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@xchange-360.com.

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