Know your Customer Terms
Last Updated: March, 2020
AML refers to "Anti-Money Laundering". KYC refers to "Know Your Customer".
Fighting the risk of scam and illegal activities, Casacriptos makes every effort to protect users and partners from fraud in all the possible ways. For that purpose, specific measures are taken to ensure customer verification and security of financial transactions. AML/KYC procedures are considered to be one of the best methods to achieve this. This enables us to confirm that the customer is a law-abiding individual or corporation.
Casacriptos has a risk-scoring based automated system aimed to spot suspicious activity during operations. A transaction will be put on hold if it is flagged by the system and the user will be asked to pass AML & KYC verification. For security concerns, we are not able to disclose the specific criteria of our system. However, our system has proven to be very effective against any money laundering and scam activities.
Casacriptos may share the information received as a result of the AML/KYC procedure with the legal authorities if provided a legitimate official request.
Casacriptos will never go for any agreement with an individual or entity alleged of or directly involved in money laundering or in which the funds sourced from illegal activities.
AML and KYC Procedure
AML/KYC procedure might be applied to the transactions which are flagged as suspicious by our automated risk prevention system. In such cases, the user has to contact the Service via email or online web chat and be ready to provide the transaction’s ID.
AML/KYC procedure consists of confirming the identity of User and, in some specific cases, rightful ownership of funds by provision of:
- 1. A high-quality photo of their ID (passport or driving license) valid in their country;
- 2. A high-quality selfie with the above-mentioned ID;
- 3. Any other applicable documentation.
When presented with the User’s documentation, Casacriptos shall take necessary measures to recognize deceitful documentation, forgery or any false information, and reserves the right to carry out an investigation of certain users or transactions flagged as suspicious.
The transaction will be executed only after the successful completion of the AML/KYC procedure.
If the Service receives any information from Law Enforcement agencies, regulatory authorities, legal entities or other competent authority that a customer's transaction/source address/destination address may be involved in any fraud, money laundering or other suspicious activity, Casacriptos reserves the right not to conduct any activity with customer's funds for the investigation period.
Due to the nature of the blockchain networks, should the user abandon contact with the Service for a substantial period of time while having not finished AML/KYC procedure, a refund or resuming the exchange is possible only after KYC is completed.
For fiat-to-crypto and crypto-to-fiat procedures, the Users are utilizing the services provided by Casacriptos’s third-party partners. The same partners of Casacriptos may also use our crypto-to-crypto services.
Casacriptos ensures that all its Partners have AML/KYC procedures in place. However, these partners have their own terms and proceedings of AML/KYC, to which the User’s consent has to be provided separately from the Casacriptos’s terms and proceeding of AML/KYC.
Casacriptos aims at providing quick and transparent service. Any changes or updates in the AML/KYC procedure are delivered to the users via email and other means as well as reflected at our official website Casacriptos.com