KYC / AML PoliciesXP BEE Group is committed to the
highest standards of compliance against money laundering (AML) and anti-terrorist financing (CTF). The
objective of the Companies Policy against Money Laundering and Terrorism Financing is to actively
prevent the risks of these matters. To help the government combat the financing of terrorism and money
laundering activities, the law requires all financial institutions to obtain, verify, and record
information that identifies each person who opens an account. We have an obligation to report suspicious
client activity relevant to money laundering.
Money Laundering: The process of converting funds
received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or
investments that appear legitimate to hide or distort the actual source of funds.
The money
laundering process can be divided into three sequential stages:
• Placement. At this stage,
the funds are turned into financial instruments, such as checks, bank accounts, and money transfers, or
they can be used to buy high-value goods that can be resold. They can also be physically deposited in
banks and non-bank institutions (eg exchange houses). To avoid suspicion on the part of the company, the
bleach can also make several deposits instead of depositing the entire sum at once, this form of
placement is called smurf.
• Layers. The funds are transferred or moved to other accounts and
other financial instruments. It is done to disguise the origin and interrupt the indication of the
entity that carried out the multiple financial transactions. Moving funds and changing their form makes
it difficult to track the money that is being laundered.
•Integration. The funds are
re-circulated as legitimate to purchase goods and services.
"XP BEE" adheres to the principles of
Anti-Money Laundering and actively prevents any action that targets or facilitates the legalization
process of illegally obtained funds. The AML policy means preventing the use of the company's services
by criminals, with the objective of money laundering, terrorist financing or other criminal activity.
To
prevent money laundering, "XP BEE" does not accept or pay in cash under any circumstances. The company
reserves the right to suspend the operation of any client, which may be considered illegal or, in the
opinion of the staff, related to money laundering.
Company procedures
"v" will ensure
that it is a real or legal person. "XP BEE" also performs all the necessary measures in accordance with
the applicable laws and regulations, issued by the monetary authorities. The AML policy is being met
within FX of “XP BEE” by the following means:
• know your client's policy and due diligence
•
monitor customer activity
• Registry mantenance
Know Your Customer - Due to the
company's commitment to AML and KYC policies, each company customer must complete a verification
procedure. Before “XP BEE” initiates any cooperation with the client, the company ensures that
satisfactory evidence is presented or other measures are taken that produce satisfactory proof of the
identity of any client or counterparty. The company also applies increased scrutiny to clients, who are
residents of other countries, identified by credible sources as countries, who have inadequate AML
standards or who may pose a high risk of crime and corruption and beneficial owners who reside in and
whose funds are sourced from named countries.
Individual clients
During the registration
process, each client provides personal information, specifically: full name; birthdate; country of
origin; and full residential address. The following documents are required to verify personal
information: A client submits the following documents (in case the documents are written in non-Latin
characters: to avoid delays in the verification process, it is necessary to provide a notarized
translation of the document in English ) due to KYC requirements and to confirm the indicated
information:
• Valid passport (showing the first page of the local or international passport,
where the photo and signature are clearly visible); or
• Driving license with photograph;
or
• National identity card (showing the front and back);
• Documents proving
current permanent address (such as utility bills, bank statements, etc.) containing the customer's full
name and place of residence. These documents should not be older than 3 months from the filing date.
Corporate
clients
In the event that the applicant company is listed on a recognized or approved stock
exchange or when there is independent evidence to show that the applicant is a wholly owned subsidiary
or a subsidiary under the control of said company, no further steps will normally be taken to verify the
identity. necessary. In the event that the company is not listed and none of the main directors or
shareholders already has an account with “XP BEE”, the following documentation must be provided:
•
Certificate of incorporation or any national equivalent;
• Memorandum and Articles of Association
and statutory declaration or any national equivalent;
• Certificate of good standing or other proof
of the company's registered address;
• Resolution of the board of directors to open an account and
grant authority to those who will operate it;
• Copies of powers of attorney or other authorities
granted by the directors in relation to the company;
• Proof of the identity of the directors in
case they deal with “XP BEE Group” on behalf of the Client (in accordance with the individual identity
verification rules described above);
• Proof of identity of the final beneficiary (s) and / or the
person (s) under whose instructions the signers of the account are empowered to act (in accordance with
the rules of individual identity verification described above).
Tracking customer activity
In
addition to collecting customer information, “XP BEE Group” continues to monitor the activity of each
customer to identify and prevent any suspicious transactions. A suspicious transaction is known as a
transaction that is not consistent with the legitimate business of the customer or with the transaction
history of the regular customer known by tracking customer activity. “XP BEE Group” has implemented the
named transactions monitoring system (both automatic and, if necessary, manual) to prevent criminals
from using the company's services.
Registry maintenance
Records must be kept of all
transaction data and data obtained for identification purposes, as well as all documents related to
money laundering issues (e.g. suspicious activity reporting files, AML account monitoring documentation
, etc.). Those records are kept for a minimum of 7 years after the account is closed.
Measures
taken
In cases of an attempt to execute transactions that "XP BEE Group" suspects are related to
money laundering or other criminal activity, it will proceed in accordance with applicable law and
report the suspicious activity to the regulatory authority.
"XP BEE Group" reserves the right to
suspend the operation of any client, which may be considered illegal or may be related to money
laundering in the opinion of the staff. “XP BEE Group” has full discretion to temporarily block the
suspicious customer's account or terminate a relationship with an existing customer.
Account Deletion
If you wish to delete your XP BEE account, please follow this link:
Account Deletion Request. By filling out the form, you can submit a request to delete your data.
Upon receiving your
request, we will process it within 3 business days. Once your account is deleted, all associated data
will be permanently lost. Please note that the deletion process is final, and data recovery will not be
possible.
If you have any questions or need further assistance, please contact us at
support@xpbee.io.