Last Updated: 20 June 2024
1. Introduction
Vorex.Ai (“we,” “us,” or “our”) is committed to maintaining the integrity of the financial system and preventing financial crime, including money laundering and terrorist financing. This Know Your Customer and Anti-Money Laundering Policy (“KYC & AML Policy”) outlines the procedures and practices we have implemented to comply with applicable Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) laws and regulations.
This policy applies to all Vorex.Ai employees, agents, contractors, and any other parties acting on our behalf who have access to or process customer information.
2. Our Commitment
Vorex.Ai is committed to:
Complying with Laws and Regulations: We will comply with all applicable KYC and AML laws and regulations in the jurisdictions where we operate.
Preventing Financial Crime: We will take proactive measures to prevent, detect, and report any suspicious activity related to money laundering, terrorist financing, or other financial crimes.
Customer Due Diligence: We will conduct thorough due diligence on our customers to verify their identities and assess their risk profiles.
Ongoing Monitoring: We will continuously monitor customer accounts and transactions for suspicious activity.
Record Keeping: We will maintain accurate and complete records of our KYC and AML activities.
Training and Awareness: We will provide regular training to our employees and relevant third parties on KYC and AML compliance.
3. Customer Due Diligence (CDD)
3.1 Customer Identification and Verification
We will verify the identity of our customers using a risk-based approach. For individuals, we may require:
Full legal name
Date of birth
Residential address
Government-issued photo identification (e.g., passport, driver’s license)
For legal entities, we may require:
Legal entity name
Business registration documents
Information on beneficial owners and controlling persons
3.2 Enhanced Due Diligence (EDD)
We will conduct enhanced due diligence on customers who pose a higher risk of money laundering or terrorist financing. This may include:
Obtaining additional information about the customer’s business activities and source of funds.
Conducting independent research on the customer and their associates.
Seeking approval from senior management before establishing a business relationship.
4. Ongoing Monitoring
We will continuously monitor customer accounts and transactions for suspicious activity, including:
Unusual transaction patterns
Large or unusual cash transactions
Transactions involving high-risk jurisdictions
Attempts to circumvent KYC or AML controls
5. Reporting Suspicious Activity
We are obligated to report any suspicious activity to the relevant authorities. We will file Suspicious Activity Reports (SARs) or other required reports as mandated by law.
6. Record Keeping
We will maintain accurate and complete records of our KYC and AML activities, including:
Customer identification and verification documents
Transaction records
Suspicious activity reports
Training materials
These records will be kept for a minimum period as required by applicable laws and regulations.
7. Risk Assessment
We will conduct regular risk assessments to identify and assess the money laundering and terrorist financing risks we face. This will include:
Identifying our customers and their risk profiles.
Assessing the geographic locations where we operate.
Evaluating our products and services for potential vulnerabilities.
8. Training and Awareness
We will provide regular training to our employees and relevant third parties on KYC and AML compliance. This training will cover:
Relevant laws and regulations
Customer due diligence procedures
Transaction monitoring
Reporting suspicious activity
9. Independent Audit
We will engage an independent third party to conduct periodic audits of our KYC and AML program to ensure its effectiveness.
10. Policy Updates
We reserve the right to update this KYC & AML Policy at any time to reflect changes in laws, regulations, or our business practices. We will post any updates on our website.
11. Contact Us
If you have any questions about this KYC & AML Policy, please contact us at: [email protected]