The AML/KYC Policy covers the following issues:
- Verifying the customers’ background.
- Responsible for compliance.
- Monitoring transactions.
- Risk assessment
AURIX believes that if it knows its client and understands its procedures well, it will be better prepared to assess risks and identify suspicious activity. The bank correspondence relationship shall not be established with “shell banks” and financial institutions if there are any doubts about whether or not the financial institution has a correspondent banking relationship with the “shell bank”.
AURIX is committed to establish and maintain policies, controls, procedures to manage and reduce money laundering and terrorist financing risks. These policies will be revised periodically to ensure that they are up-to-date and will include:
- risk management by AURIX to prevent the use of its business for money laundering and/or terrorist financing.
- requests for customer background checks, paying particular attention to customers at high risk, for example, Politically Exposed Persons (PEPs).
- internal checks
- the independent audit of policies, checks, and procedures.
- keeping records
- monitoring policy compliance
Internal policies, procedures, and checks
After the user sends all these documents, the account must be validated by an Aurix employee in charge of this process. The main rule is for the customer to be at least 18 years old and an EU citizen.
All new customers shall be verified in the following databases:
- The criminal database, available on the Romanian Ministry of Home Affairs website
- The Romanian Court portal
- Political involvement
The fiat payment can only be made if the account owner is the same as the bank account owner. Any bank account added by a customer must be verified by an Aurix employee before being used for transactions.
If a transaction is part of the following types of transactions, we shall report this to the FIU (The Financial Intelligence Unit):
- Suspicious transaction;
- Cash transaction – applies to all cash transactions in RON, for amounts greater than 10,000 EUROs, regardless of whether there is one transaction or several, with a potential connection between them;
- External transfers – apply to all external transfers for amounts greater than 10,000 EUROs.
We monitor all transactions and when one seems suspicious, we shall request additional information from our customers, such as proving the source of the digital currencies. All customer documents will be stored by our company for a period of 5 years.
Verifying the customers background.
One of the international standards for preventing illegal activity is the customers background check. Checking the customers background means identifying the customer and verifying his/her real identity based on documents, data, or information, both at the time of initiating a business relationship with him/her, as well as doing this on a regular basis.
The customers shall provide the following identification information:
- Full name
- Date of birth
- Country of residence/location
- Email address
- Mobile phone number
- ID card
- Bank account
Our customers are monitored both by having their identity checked and their transactional patterns analyzed. We will monitor your account activity for unusual volumes, patterns, or types of transactions.
The procedure implies:
- The daily check of users so that they don’t get “blacklisted”;
- the management of cases and documents;
AURIX will redirect any suspicious transaction to the Financial Intelligence Unit whenever a suspicious activity is identified in the customers accounts.
Aurix has the right to request the source of funds at any time, regardless of the amount traded.