KYC (Known Your Customer) policy – User Identification and Verification
Purposes of the user identification and verification is to prevent Star5.Exchange from being used in criminal activity (auction fraud, identity theft, etc.)
Star5.Exchange collects certain user identification information from each user who opens or maintains an account AND create first order via Star5.Exchange website. User may be asked to provide verification documents by Star5.Exchange. Verification is required when the amount of single order or total sum of all client’s orders is greater than 1000 USD / 1000 EUR. The user understands that the name, address, phone number and any other personal identification information including documents (such as passport, national ID, phone bills, electricity bills or other utility bills) must be true and correct details, belonging to the user.
User will be asked to provide scanned copy of valid photo ID (passport or government ID) and scanned copy of recent utility bill showing current address of residence. Verification process is one time process. Once user gets verified status, client is not required to sends verification documents again.
Example photo for identity verification:
The Anti-Money Laundering Policy
The Anti-Money Laundering Policy follows the standards of the Anti-Money Laundering and Combating of Terrorism Financing ( hereinafter called to as the “AML”) methods of Star5.Exchange.
Money laundering can be defined as procedure of converting money or other material values gained illegally (by terrorism, human trafficking, child pornography, drug dealing, illegal arm trade, corruption, etc.) into money or investments that appear to be legitimate. The purpose of money laundering is to hide traces of illegal source of funds.
Star5.Exchange is to execute due diligence whenever it is required to identify the customer and within the whole period of business relationship with the customer. All conditions are indicated in Terms and Conditions of our service.
The due diligence involves the following:
- Identification of the ultimate beneficial owner;
- Information accumulation on the purpose and intended nature of the business relationship;
- Collection of information necessary for consistent monitoring of business relationship including scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being performed are consistent with knowledge of the customer and his/her business and risk profile;
- Examination of the source of the funds involved in transaction.
Act of providing Star5.Exchange with false information, identification or not true contact details will be treated as a misuse of the service. Star5.Exchange is bound to report about such cases to the authorities of the country where illegal operations were executed.
All information must be recorded: identification data, due diligence, identification documents provided for account verification, information and documents on transfers, which require identification, other identification documents which can be required in the course of business relationship with the client.