This policy is to establish guidelines for LAX CORPORATE OÜ (“Company”), Estonia FIU License Number FVT000355, ‘Anti-Money Laundering’ and ‘Know Your Client’ (“KYC”) procedures for new and existing clients.
All of monetary transactions, to the best knowledge of the Company shall be free from any form of money laundering and terrorist activities. The Company operates with integrity and is committed to implementing the measures established. The Client’s failure to comply with the regulations set by the Company would mean termination of the account. If the Client is proven of committing money laundering, he is responsible for any damage or loss which may occur, and the Company is excluded from his fraudulent actions.
In an effort to counter money laundering and other illegal activity, we have decided not to support any cash transactions, regardless of their stated purpose. Our firm has the right to cancel or deny a transaction at any point if there are suspicions regarding its legality.
It is the Company’s AML Policy to apply to all clients the below mentioned general measures:
The Company’s KYC and due diligence procedures are applied by the Company’s Back Office when accepting clients to open exchange accounts.
Our Company does not provide services to clients that their activities are associated with any high risk or banned activities.
Furthermore, the Company does not accept clients from high risk countries, including but not limited to the following countries:
The KYC procedure is a requirement in order to comply with the International law provisions, including the ones designed to prevent money laundering. The following should be followed unless an amendment is sent from the Compliance Department stating otherwise.
When a client applies to open an account with us it is the Company’s duty to ensure that along with the application the following documents are received:
Is any document which may be used to prove a person’s identity. It should be valid. For European citizens, an Identification card is sufficient. For all other’s it should be a passport. In the absence of the passport, the identification with a driving license will be accepted instead.
A proof of residence is a document confirming where the client lives. It needs to have both the name of the individual and his/her address printed on it. Such documents are: Recent Utility Bill. This can be water bill, electricity bill, bank statement or bank reference letter, tax bill, municipality bill where home address is shown or
Bank Statement or
Local Authority Tax Bill or
Any other official document same with the abovementioned.
If a new client wishes to exchange Cryptocurrency to FIAT, he must also provide proof of ownership of account. Such document is a bank statement where the name and the address match the company’s records
Company’s Incorporation Documents
Depending on the amount the client wishes to exchange, the Company has formed Tiers where the required documentation differ. These Tiers are:
Assessment of client documents will be made on an annual basis. All client’s documents and record transactions will be kept safely and back-up for a minimum five (5) year period.
When transferring money for purchasing digital currency, the sender’s name and the information held on file, should match.
Money transfers from another party other than the account holder is strictly prohibited.
Furthermore, we will refuse any third-party transfers towards one of our Clients. In case there is any discrepancy on a transaction, we reserve the right to automatically cancel or suspend the transaction. Further to this, third parties are forbidden to conduct the transaction in replace of the Client.
Due to the nature of our business, the client should know that there is no cancel / refund possibility of the placed order, as placing the order signifies the completion of the transaction. While we are taking appropriate measures to avoid chargebacks, in may be inevitable that we may have chargebacks, therefore the Company will take the relevant actions to avoid such issues. In such cases, the Company applies the following to all of its clients prior to execute/complete client’s order:
For any possible claims against the Company, each case will be evaluated in detail and if found that all procedures were followed correctly as per requirements, the Company will challenge any chargeback that may arise.
LAX CORPORATE OÜ has the right to refuse any client without giving reason.These guidelines have been implemented to protect LAX CORPORATE OÜ and its clients.
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