The Verator Anti-Money Laundering and Know Your Customer Policy (hereinafter - the "AML/KYC Policy") is designed to prevent and mitigate the risk of verator.io being involved in illegal activities.

Both international and local regulations mandate Verator to establish effective internal procedures and mechanisms to deter activities such as money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption, and bribery. Furthermore, Verator is obligated to take action upon detecting any suspicious activity among its customers.
This AML/KYC Policy applies to all Verator customers. By creating an account on our website and/or using our services, customers agree to adhere to this AML/KYC Policy and pledge to comply with its procedures.
Verification procedures
Customer due diligence (CDD) is an internationally recognized standard for preventing illegal activities. Verator follows this standard by implementing its own verification procedures, which are in accordance with anti-money laundering (AML) and Know Your Customer (KYC) frameworks.
  • Identity verification
Verator requires customers to provide reliable and independent source documents, data, or information (e.g., national ID, international passport, driver's license, bank statement, utility bill) for identity verification in accordance with the AML/KYC Policy. Verator reserves the right to collect this identification information from customers.
To verify the authenticity of the provided documents and information, Verator will use all legal methods available. Additionally, Verator reserves the right to investigate customers who are considered risky or suspicious.
Verator may conduct ongoing identity verification, especially if identification information changes or if a customer's activity appears suspicious or unusual. Verator also reserves the right to request updated documents from customers, even if they have previously passed identity verification.
Customer identification information will be collected, stored, shared, and protected in strict compliance with Verator’s Privacy Policy and related regulations.
By confirming the customer’s identity, Verator aims to mitigate potential legal liabilities in cases where its services are used for illicit activities.
  • Card verification
To use payment cards with Verator's services, customers must complete the card verification process as detailed on Verator's website.
Sanctions and PEP lists screening.
Verator has established procedures to screen customers against government-sanctioned lists and Politically Exposed Persons (PEP) lists. These procedures encompass the following:
  1. Screening during the onboarding process when the customer submits their application.
  2. Manual review by the Compliance Officer for each anti-fraud and AML alert.
  3. Monthly automated re-checks of all customer databases using a script.
Compliance Officer
The Compliance Officer is authorized to interact with law enforcement agencies involved in preventing money laundering, terrorist financing, and other illegal activities.
Appointed by Verator, the Compliance Officer is responsible for ensuring the AML/KYC Policy is effectively implemented and enforced. Key responsibilities include:
  1. Collecting customer identification information.
  2. Developing and updating internal policies and procedures to ensure proper preparation, review, submission, and retention of all required reports and records in compliance with applicable laws and regulations.
  3. Monitoring transactions and investigating any significant anomalies from normal activity.
  4. Implementing a records management system for appropriate storage and retrieval of documents, files, forms, and logs.
  5. Regularly updating risk assessments.
  6. Providing law enforcement with necessary information as required by applicable laws and regulations.
Transaction Monitoring

Verator employs transactional analysis and identity verification to thoroughly understand its customers. Utilizing data analysis, Verator assesses risks and detects suspicious activities. The company's compliance tasks include data capture, filtering, record-keeping, investigation management, and reporting. Key functionalities of the system include:
  1. Daily screening of customers against recognized "blacklists" such as OFAC: This process involves aggregating transfers based on multiple data points, placing customers on watchlists or denial lists, initiating investigations as necessary, sending internal communications, and completing statutory reports when applicable.
  2. Management of cases and documents: Ensuring efficient handling and organization.

Aligned with its AML/KYC Policy, Verator monitors all transactions and reserves the right to:
  1. Report suspicious transactions to law enforcement through the Compliance Officer.
  2. Request additional information and documents from customers in case of suspicious transactions.
  3. Suspend or terminate a customer's account if there is reasonable suspicion of illegal activity.

This list is not exhaustive, as the Compliance Officer continuously monitors customer transactions to determine whether they should be reported as suspicious or treated as legitimate.
Risk Assessment
In line with international standards, Verator has implemented a risk-based approach to combat money laundering and terrorist financing. This strategy ensures that preventive and mitigating measures are proportional to the identified risks, allowing for efficient resource allocation. The core principle of this approach is to prioritize resources, directing the most attention to the highest risks.
Contact Information

If you have any questions or need more information about this AML/KYC Policy, please contact us at info@verator.io.

 

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