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CoinFarm OÜ
AML Policy and Verification Procedure

BitExChain.com is a trading name of CoinFarm OÜ, a company registered under the laws of Estonia, registered number 14767047, with a registered and operational address is Rännaku pst 12 Nõmme linnaosa, Harju maakond 10917, Tallinn, Estonia

Regional Representation Compliance based on FATF recommendations


Every three months, FATF updates a list of high-risk countries. This list is determined by the strength of laws against money laundering in a specific country, how much it cooperates in developing tools to counter laundering, and in providing data. So therefore, we do not work with users from blacklisted countries and we thus increase the security and compliance of our platform even more.

Being part of the Cryptocurrency Regulatory group and fulfilling applicable requirements Laws are updated continuously, and to comply with them, constant monitoring is necessary. We participate in crypto alliances, track FATF listings, and interact with FCA requirements groups. Of course, we do not forget about the local British law, tracing the requirements of Her Majesty’s Treasury (HM Treasury).

We have implemented the framework of AML Policy in order to ensure that all the necessary steps are taken to achieve the full safety of our services. In this AML Policy we are committed to follow the provisions specified in the Estonian AML laws, EU and international AML guidelines.

Overall, the BitExChain.com AML/CTF procedures are in line with the requirements of:


We guarantee the timely implementation of legislative changes. Any exchange wishing to stay afloat must comply.

We guarantee the timely implementation of legislative changes. Any exchange wishing to stay afloat must comply.


AML/KYC Policy covers the following matters:

1. Account Verification

One of the international standards for preventing illegal activity is Know Your Customer (KYC) and Anti-Money Laundering (AML) verification procedures. BitExChain.com follows and monitors those procedures carefully under the general international standards. Furthermore, BitExChain.com follows the AML/KYC requirements setfourth by the license provider (Financial Inteligence Unit FUI, Ministry of Economics, Estonia). BitExChain.com reserves the right to decline or approve a User's verification at its sole discretion. Furthermore, BitExChain.com reserves the right to require and ask the User for any further documents needed in order to complete the verification procedures. A User will not be able to perform any exchange activities, sell or purcahse, or withdraw any Crypto currency or Fiat currency, prior to successfully completing the following verification procedure and verify the following:

Proof of Identity (POI)

BitExChain.com will accept the following Government-Issued picture identification IN COLOR as a POI:
(1) Passport
(2) Drivers License (For some countries)
(3) National ID card (For some countries)
*Any document must be valid and with at least 6 months to expiration.

* BitExChain.com will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used and BitExChain.com reserves the right to investigate certain Users who have been determined to be at high risk or suspicious.

* BitExChain.com reserves the right to verify a User’s identity (POI) in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User) or deemed at high risk by BitExChain.com at its sole discretion. In addition, BitExChain.com reserves the right to request up-to-date documents from the Users, even though they have successfully completed an identity verification in the past.

*User’s identification information will be collected, stored, shared and protected strictly in accordance with the BitExChain.com's Privacy Policy and related regulations.

*Once the User’s identity has been verified, BitExChain.com is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.

Proof of Payment (POP)

BitExChain.com will verify any payment method used to fund an account with Fiat currencies. The User must provide a clear image or scan of the credit/debit/prepaid card used to fund the account. Images of the front side of the card must be provided.

Proof of Address (POA)
BitExChain.com will accept the following documents IN COLOR as a form of a POA:
Utility Bill - Must be no older than 3 months. POA must clearly show the User's full name and full address. The address in the POA must match the address entered by the client at the time of the account opening. In the case that a User's residential address has changed from the original address provided, a new POA must be provided. The new POA will need to be approved once again by BitExChain.com's compliance team in order to allow full site functionality.

Acceptable POA:
Gas/Water/Cable/Electricity Bill and Bank Statement.
Please note that cellphone bills will NOT be accepted as a valid form of POA.

During the registration process, the client is required to provide us with the following:

Required Information for the verification of the natural person:

• First and last name
• Country of residence
• Registration address (Country, Post code, State(optional), City, Region(optional), Street, Building number, Flat/Room)
• Date of birth (dd mm yy)
• Email address
• Mobile number to receive a one-time passcode (OTP)
• Picture of government-issued ID
• Proof of Address (the photo of document, that confirms address of the Client should be uploaded (not older than three months and clear visible)
• Selfie

Verification of the email address and additional phone verification.
After the check email should be send from BitExChain.com to the Client, that his/her verification is completed and account is unlocked.
After the Client login, he should have the possibility to secure his account by enable 2FA or confirmation code via email options.

2. Account Status



Incomplete
Description: Your application is pending our team's review • This is a case-by-case process and may take anywhere from a few hours to a couple of business days, depend on many factors (e.g. your country of application, nationality, quality of the pictures, etc.) If your status does not change within 3 business days, please contact Support through the in-app chat (Contact Support). You may be asked to provide us with additional information. Please be mindful of our instructions and never send us any personal information we did not request (including pictures, scans, PDFs, etc.)

Pending
Description: An issue occurred with one or more of the above-listed elements in your application and we need you to repeat the process • Tap "Resubmit" and follow the ID/selfie submission process again. If it happens 2-3 times and you’re not receiving any communication from us, please use the in-app chat to find out more about the issue.

Approved
Description: Your verification is complete and you can proceed to-
• Buy/sell/store/send/track cryptocurrencies

3. Recommendations for Capturing Document Images



1. Place ID on a dark surface.
Document verification works best when there is contrast between the ID and the surface on which it is placed. Preferably a plain black paper or a black sheet with no text or printing on it. 2. Place ID on a plain surface.
It should not be placed on a newspaper, magazine, keyboard, countertop or on your thigh. Holding the document in hand and scanning it may result in a failed verification. Any key elements that are obstructed (barcodes or text) may result in a failed verification. Use a plain dark background and ensure fingers are not obscuring the document.
3. All 4 corners visible.
When your image an ID/passport, align the edges of the ID or passport bio page within the camera screen and ensure ID should cover 80% of the overall image.
4. Right distance between the ID and device.
Hold the device over the ID at a distance where the document is completely inside the camera screen. For Passport ensure bio page only.
5. No glare.
When you scan the document, please ensure there is no glare on it. You might have to scan it multiple times if there is glare.
6. Avoid dark areas.
Scan the document in well-lit room or area (not in a darkened room or area). Normal day light or a well-lit room is ideal.
7. Avoid Skewing of image
Images should not be skewed / angled (2-3 degrees is acceptable)
8. Hold steady.
Try to not to shake the device when you are taking the image of the ID document.

3.1 Image Attribute Recommendations



The larger the file, the longer it takes to process the image and generate a response. Maximum file size: 4MB per image; High Resolution Color image; 8 Megapixel camera with 3264 x 2448 pixel resolution or better; Minimum supported physical resolution is 300DPI (dots per inch); 24 Bit color depth (8 Bit Grayscale is the minimum acceptable image depth); Black and white images are not acceptable; JPEG is recommended but PNG is also acceptable; Images should not be skewed / angled (2-3 degrees is acceptable); Use diffused lighting that won’t add glare; Ensure no shadows or holographic reflection are captured in the ID image; Use a plain dark background that contrasts the color of the ID to clearly detect edges; Ensure all the edges of the ID are visible and no edge is cutoff; ID image should be non-blurry and well-focused; ID Image should cover 80% of the overall image

4. Constant Ongoing Transaction Monitoring



If we note a suspicious transaction, it is blocked to allow our platform to ensure there is no fraudulent behavior. After a customer has been approved, BitExChain.com performs a comprehensive process of transaction monitoring. This is accomplished with the BitExChain.com system, developed to utilize internally developed automated fraud prevention and risk management system.

5. Having an experienced Chief Compliance Officer



Having an experienced AML specialist is crucial. This person has access to all our data and is responsible for the development, implementation, and maintenance of a risk assessment framework for anti-money laundering. The CEO of the company can perform this function, but for us, it is vital to have an experienced individual with an independent outlook on the situation and a working knowledge of the company. We have just such a person who keeps abreast of innovations in legislation and implements them to the company.

6. An experienced AML Department



We are very proud of our financial security monitoring department and the antifraud system that has been developed and implemented. It is similar to the scoring systems in banks and enables us to check the quality of all the transactions.

7. Secure Record Keeping



We always take serious measures to maintain strict confidentiality and the security of any information received during the verification process according to our user agreement, privacy policy, and GDPR requirements. All user data is stored on encrypted servers accessible by the AML officer alone. And of course, all stored documents are digitally imprinted with a protective watermark.

*To conclude

Being a cryptocurrency exchange, we are not just responsible for the monetary assets of our clients, we are also very focused in the field of combating illegal money circulation. We take this very seriously and utilize a lot of resources, not only to meet the requirements, but also to fulfill this important mission with absolute integrity.

FAQ:



Why do you need this information?
Compliance is one of our core competence areas

The app won't scan my ID or take my selfie?
Please try the manual upload feature if you have been unsuccessful in scanning your document and/or selfie on your initial attempt.

The following steps will help you to go through the verification process faster:

1. Full Legal Name: Make sure that the name you type is the same as the one on the document you provide. If the document uses abbreviations or initials, please use your full names instead. Make sure there are no spelling mistakes
2. Take a Good ID Picture: Take the picture of the ID in a well-lit environment. Make sure all four corners of the document are visible and there are no reflections (if your phone’s flashlight is on, be sure to switch it off). Clean the lens, hold the phone steady, position the camera in a way that the picture frame touches the edges of the document – once it does, the picture will be taken automatically. After the picture has been captured, make sure that the information on it is legible. If you’re not sure of the quality, retake the picture before submitting.
3. Take a Good Selfie Picture: When taking the selfie, hold the camera steady and follow the green dot with your eyes (this process uses video and photo camera), without turning your head. Try to remain still as much as possible – it won’t take long!