With the development of the online transaction market, the number of scammers has proportionally increased. Their goals remain invariably simple: to intercept by any means, to gain access to clients" assets.

However, financial services have something to oppose. Our resource uses the AML KYC verification system (hereinafter referred to as the AML / KYC Policy), which allows you to understand the risks and prevent illegal financial transactions on the network.

1. Basic concepts

1.1. The AML / KYC policy of the Cointrop.com service consists of a number of provisions, functions that are aimed at counteracting illegal financial schemes. This allows you to identify and block potentially dangerous transactions at an early stage. This document contains the main provisions related to the operation of the AML / KYC Policy, as well as relationships with clients - participants in the service.

1.2. The AML/KYC policy provides for the following operations:

  • identification of responsible persons who control and monitor financial transactions;
  • reporting by employees of any potential violations to regulatory authorities;
  • defining the responsibilities of management, providing information about the risks involved;
  • documentation of transactions aimed at countering fraudulent transactions;
  • training service personnel to identify and combat illegal transactions;
  • response following the decision of the regulatory authorities.

1.3. Our service provides full control of internal financial transactions that meet international standards. This allows us to effectively identify dangerous transactions, the type of terrorist financing, trafficking in drugs, weapons, etc.

2. Identity verification and verification technology

2.1. This algorithm is embedded in the structure of the service. The technology is aimed at identifying persons involved in financial transactions and performing them. This allows you to minimize the number of potentially unwanted transactions.

2.2. The scheme for carrying out personal identification has the following form:

  • passport photo (foreign, state);
  • statement of utility bills, which clearly indicates the address and initials of the payer (not older than six months);
  • driver"s license image;
  • photo of a credit card.

2.3. Note that the administration of the site has the right to require other documents to confirm the identity. This is due to the need for more thorough verification of the client making a specific financial transaction.

2.4. In the case of transactions with a large amount of assets, the client must provide an image of a printed declaration filled out by hand. Additionally, you will need a photo in the form of a selfie with a passport and a client"s credit card.

2.5. The service accepts and processes only high-quality copies, images of personal documents. Blurry, distorted and other photos with defects are not taken into account. The client will not be able to go through the identification procedure by sending such documents, since this is regarded by the site administration as a violation.

2.6. Please note that making changes, hiding important client identification information or providing knowingly false information is not accepted by the service. The system blocks such client attempts and stops the scan. In order to complete the identification, you must go through all the steps again.

2.7. We normally treat the mistakes of clients made due to inattention. These may be small spelling blots, defects in filling out personal information, and others. If you find such errors, you should contact the support service, specialists will help with corrections. The service is loyal to its customers and is always ready to help in solving problems.

3. The essence of AML/KYC technology

3.1. The AML/KYC policy is a comprehensive measure to identify potentially unreliable clients who are prone to or perform unwanted financial transactions. During identification are used:

  • personal documents of the client;
  • bank details, cards;
  • other documents related to the identity of the client.

3.2. The AML/KYC policy takes into account only documents issued and issued by government agencies. Thus, the risk of counterfeiting potentially important papers is eliminated. The client will not be able to correct, hide or distort information entered in state registers.

3.3. The Cointrop.com service constantly checks the data of its participants to exclude unwanted persons. However, full verification according to the AML / KYC Policy begins in cases where the system detects unwanted transactions or a hint of them.

3.4. The service undertakes to perform round-the-clock control over all customer activities in order to avoid illegal actions. This allows you to identify and block suspicious activity that differs from standard currency transactions. The administration has the right to stop any transaction that falls under the rules of the AML / KYC Policy and is unreliable. Further verification is carried out in accordance with the rules of the country where the online service is located.

3.5. Completed transactions are not deleted, but end up in a digital archive, a database is formed that helps to identify fraudsters. Supervisory authorities have additional access to the archive if requested.

3.6. According to the AML / KYC Policy, Cointrop.com has the right to organize advanced identity verification within the framework of international rules. This process allows for a more detailed risk assessment and a thorough analysis of an unreliable client. In case of the slightest suspicion of dishonesty, the transaction is blocked, and the user"s digital assets are frozen. If the client cannot prove the transparency of their income, then this will allow the service to transfer information to regulatory authorities. Such security measures allow honest service participants not to be afraid for their transactions and third-party interference in them. In addition, the risks of sponsoring terrorism, banditry and money laundering are significantly reduced. With such clients, the platform terminates cooperation without the possibility of restoring business relations.

3.7. Particular attention is paid to those persons who are trying to impersonate another person. According to the AML / KYC Policy, the service immediately reports such cases to the competent authorities. Such information includes:

  • client"s name;
  • Personal Information;
  • activity on the service;
  • contact details of persons with whom the fraudster communicated during the analyzed period of time.

3.8. We remind each participant that attempting to impersonate another person is regarded as illegal activity. Such situations can lead to real criminal prosecution.

4. Persons subject to local or international sanctions

4.1. Multi-stage verification includes identity verification for the presence in the databases of black lists. This is due to the regular imposition of sanctions in the EU against specific citizens.

4.2. Our service:

  • does not provide financial services to clients whose name is blacklisted at any level;
  • suspends cooperation with already active participants whose information about entering the sanctions bases has been confirmed;
  • prohibits cooperation at any level with potentially unwanted clients;
  • works only with verified citizens, whose activity on the service is completely transparent.

4.3. A client who has fallen under sanctions is not able to carry out financial transactions of any level. An attempt to hide information about being blacklisted is considered a gross violation of the AML/KYC Policy. The accounts of such participants are instantly blocked, cooperation is interrupted, and the data is transferred to the competent authorities.

4.4. It is worth remembering that experienced scammers always find tricks and loopholes in security systems. Their activity can negatively affect respectable clients. Therefore, each participant must monitor the operations he performs. Constant control makes it possible to reduce the influence of fraudsters and secure your assets.

5. Assessing the risks of cooperation

5.1. The AML/KYC policy provides for the use of risk assessment technology when making currency transactions. The Cointrop.com service provides a full range of algorithms that allow you to evaluate a potential deal in a multi-level scheme.

5.2. Risk assessment allows:

  • accurately qualify the transaction as unwanted or dangerous;
  • block the operation at the initial level if signs of fraud are detected;
  • allocate service resources efficiently (more risk, more careful attention);

5.3. Risk assessment provides an opportunity not only to prevent fraud, but also to mitigate the consequences.

6. Criteria for suspicion

6.1. AML/KYC policy provides for the use of transaction evaluation. Signs of fraud include:

  1. The client uses the signature of third-party people, cannot personally fill out the document.
  2. The face has previously been seen engaging in dishonest activity.
  3. The appearance of the client differs from that declared during identification.
  4. The client cannot prove the necessity of the transaction he created.
  5. The operation has a non-standard appearance, different from the traditional ones.
  6. The rates are exaggerated and inappropriate for this financial action.
  7. The client makes non-standard small or large transactions for no apparent reason, moreover, they are not related to the activity of the participant.
  8. Assets are regularly transferred to other accounts, to other states.
  9. The client does not make any statements about the transaction, does not describe it.
  10. The participant performs an unreasonably large operation, which is not supported by his activities.
  11. The User refuses to conduct personal identification under the AML/KYC Policy.
  12. Traces of a fictitious transaction were found behind the transaction.
  13. The client prefers cash payments.
  14. The participant is seen in lobbying the interests of third parties not related to participation in the service.
  15. The transaction is a large amount in cash (equivalent to 10,000 euros). At the same time, the client has made similar transactions before.
  16. The Participant uses banking organizations that are under sanctions or located in those countries that are blacklisted by international regulators.

6.2. If at least one of the above circumstances is revealed, the service reserves the right to suspend cooperation until the circumstances are clarified. At the same time, current transactions are blocked, and the assets in the use of the client are frozen.

7. Situations in which the service refuses to service assets and cooperation

7.1. Our service does not provide services in the following situations:

  1. The client at the time of account registration or personal identification has not reached the age of majority.
  2. Third parties who represent the interests of the user.
  3. Participants who refuse to provide data for verification or provide incomplete data.
  4. The user was seen in provocations in relation to other participants in the foreign exchange market.
  5. Documents were presented confirming, in whole or in part, involvement in illegal financial transactions.
  6. The person is wanted, under international sanctions.
  7. The user is connected in any way with another person who committed illegal financial acts.
  8. The person belongs to the PEP category (person performing work in state apparatuses: ministers, heads of state, members of parliament, etc.).
  9. The user is associated with another person who is classified as potentially dangerous in terms of financial transactions.
  10. The Client is a citizen of, or is associated with, another person who has the citizenship of a potentially high-risk country.

7.2. The service has the right to refuse to complete a transaction or further cooperation without explanation.

8. Consent of the client. Support service

8.1. By deciding to participate in this service, the Client automatically confirms familiarization and agreement with the accepted clauses.

8.2. If you have any questions, as well as problems related to the use of this service and compliance with its rules, please contact the Cointrop.com online service support service.