KYC Policy
Last updated: 13th July 2023
Introduction:
Our company, EMERGE Group, with our platform Emplifive, is committed to maintaining a secure and trustworthy platform for our users. In order to ensure the integrity of our services and comply with legal and regulatory requirements, we have implemented a Know Your Customer (KYC) policy. This policy outlines the procedures and requirements that all users must adhere to when using our platform.
Verification Process:
1.1 User Identification: During the onboarding process, users will be required to provide accurate and up-to-date information about themselves or their brand. This information may include but is not limited to, age, full legal name, date of birth, contact details such as email, and company information.
1.2 Identity Verification: To verify the identity of our users, we may request additional documentation, such as government-issued identification documents (e.g., passport, driver's licence), proof of address (e.g., utility bill, bank statement), and tax identification numbers.
1.3 Screening
To fulfil our KYC obligations, we will also screen our users as part of our responsibilities in combating financial crime. Some additional layers of screening include but is not limited to:
Risk-based KYC and AML checks for individuals and businesses
Sanctions screening
Prohibited business checks (see our Prohibited and Restricted Businesses List)
These documents will be securely stored and processed in accordance with our privacy policy.
1.4 Enhanced Due Diligence: In certain cases, we may conduct enhanced due diligence procedures for users who pose a higher risk based on factors such as transaction volume, origin of funds, or geographic location. This may involve requesting additional information or documentation to validate the legitimacy of the user and their activities.
Sanctions Screening:
2.1 General Sanctions List: Our platform maintains a comprehensive list of sanctioned individuals, organizations, and countries as provided by relevant regulatory authorities. We will screen all users against this list to ensure compliance with applicable sanctions laws. Any matches will be reported to the appropriate authorities.
Anti Money Laundering (AML) and Counter Terrorism Financing (CFT) Policies:
3.1 Monitoring Transactions: We will monitor user transactions for any suspicious or unusual activities that may indicate potential money laundering or terrorist financing. This includes monitoring transaction patterns, transaction amounts, and any sudden or significant changes in user behavior.
3.2 Reporting Obligations: If we identify any suspicious activity or have reasonable grounds to believe that a user is engaged in money laundering or terrorist financing, we will promptly report such activity to the relevant authorities as required by law. There are also numerous interventions that we might take, but common interventions include: changes to capabilities (such as pausing or slowing payouts, pausing processing of payouts), implementing reserve requirements, suspending, or deactivating accounts should there be a need to.
3.3 Training and Awareness: Our employees will receive regular training on AML and CFT policies to ensure they are knowledgeable about the risks associated with these activities and can effectively identify and report suspicious behavior.
Retention of Information:
We will retain user information and transaction records for a period of time as required by applicable laws and regulations. This includes maintaining accurate and up-to-date records of user identification documents, transaction details, and any related communications.
Data Protection and Privacy:
Compliance and Cooperation:
Users are expected to comply with our KYC policy and provide accurate and truthful information. Failure to do so may result in restricted access to our platform or termination of the user's account. Users are also expected to cooperate fully with any requests for additional information or documentation related to the KYC process.
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