AML site rules

Anti-Money Laundering (AML) and Know Your Customer (KYC) policies

Both international and local regulations require ExchangeMafia.com to implement effective internal procedures to prevent any illegal activity and take all necessary measures to do so.

The service adheres to practices in the field of combating the legalization (laundering) of proceeds from crime and the financing of terrorism (AML), as well as the Know Your Customer (KYC) policy.

To pre-check a transaction, you can use the Whitebit service.

The AML/KYC policy covers the following issues:

• Verification procedures;
• Transaction monitoring;
• Risk assessment.

1. Verification procedures

1.1. ID confirmation

The verification procedure requires that the User provide the Site with authentic documents (for example, an international passport, bank statement, utility bill). For such purposes, Exchangemafia.com reserves the right to collect user information as part of its Anti-Money Laundering and Know Your Customer policies.

Also, Exchangemafia.com reserves the right to additionally check certain Users who have aroused suspicion. The verification process includes the provision of documents confirming the User’s identity.

For individuals:

1) To confirm identity, the User must provide one of the following documents:
passport;
international passport;
ID card.
2) To confirm the address, the User must provide one of the following documents:

bank statement, which clearly shows the address of your actual residence;
utility bill, which clearly shows the address of your actual residence;
tax documents that clearly show the address of your actual residence;
A document confirming the address of your actual residence, issued by the local authorities, where the address of your actual residence is clearly visible.

For corporate clients:

1) To confirm identity, the User must provide one of the following documents:
civil passport of the director;
international passport of the director;
Director ID;
2) To confirm the address, the User must provide one of the following documents:

bank statement, which clearly shows the address of your actual residence;
utility bill, which clearly shows the address of your actual residence;
tax documents that clearly show the address of your actual residence;
A document confirming the address of your actual residence, issued by the local authorities, where the address of your actual residence is clearly visible.
3) To confirm that the User is an authorized representative of the organization, he must provide all of the following documents:

a document confirming the legal address of the company;
document on registration of a legal entity;
order on the appointment of a director;

4) Information about the final beneficiary:

civil passport of the final beneficiary;
international passport of the final beneficiary;
ID of the final beneficiary;
A document confirming the address of the final beneficiary. Ultimate Beneficiary, under Cypriot law, means the individual who owns or controls the User Account and/or the individual on whose behalf transactions are made.
1.2. Bank card verification

Users who want to make an exchange using a bank card must first verify it. Detailed instructions for completing verification can be found here.

2. Transaction monitoring

Verification of users is carried out not only by verifying their identity, but also by analyzing their transactions. Therefore, Exchangemafia relies on data analysis as a tool for assessing risk and detecting suspicious activity of Users.

Exchangemafia.com provides data collection, filtering, record keeping, investigation management and reporting. Regarding AML/KYC policy, Exchanger may monitor all transactions and reserves the right to:
request from the User any additional information and documents in case of suspicious transactions;
suspend or block a User’s account if Exchangemafia.com has reasonable suspicions that this User is engaged in illegal activities.
The above list is not exhaustive and transactions will be monitored on a daily basis to determine whether transactions should be considered suspicious.

3. Risk assessment

Exchangemafia.com, in accordance with international requirements, checks transactions for risk using AML services.

In this regard, the transaction may be rejected if the overall risk exceeds 50%. Also, the Service may refuse to provide services to the User if the risk exceeds 1.5% in the following categories:
Dark Service – coins associated with child abuse, terrorist financing or drug trafficking;
Dark Market – coins that were used for purchases on the darknet;
Scam – coins that were obtained by deceiving their clients;
Mixer — coins have been mixed to make tracing difficult or impossible. Often used for money laundering;
Illegal Service — coins associated with illegal activity;
Ransom — coins obtained through extortion or blackmail;
Exchange Fraudulent — coins from an exchange associated with fraud, illegal activity, or funds seized by the government;
Stolen — stolen coins;
Gambling — coins associated with unlicensed online casinos.
If a transaction is deemed high-risk, the User must undergo KYC verification to confirm their identity. The transferred funds will be refunded immediately afterward, minus the network transaction fee.

Exchangemafia.com reserves the right to:

1) request the User to provide additional information disclosing the origin of the digital assets and/or confirming that these assets were not obtained through criminal means;

2) Block the account and any transactions related to the User, and transfer all available information and documents related to the incident to financial regulatory and/or law enforcement agencies at the Service’s registered address and, if necessary, at the Client’s registered address;

3) Require the User to provide identity documents, video verification, registered address, and solvency;

4) Refund digital assets only to the original transfer details, after a full verification by the Service’s security service, if the legal origin of the Client’s funds can be verified (the exchange service does not charge additional fees for refunds, except for the network fee);

5) Refuse the User’s request to withdraw funds to a third-party account without explanation;

6) Hold the User’s funds until the incident is fully investigated;

7) Monitor the entire transaction chain to identify suspicious transactions;

8) refuse to provide the User with the service if the Service has reasonable suspicions about the legality of the origin of digital assets or in cases where it is impossible to trace the entire chain of movement of assets from the moment of their appearance, and withhold funds in special accounts of the Service.

4. Storage and Processing of Personal Data

Users’ personal data is processed for the following purposes:
providing cryptocurrency exchange services;
user identification;
executing financial transactions;
preventing fraud and illegal activities;
compliance with legal requirements (including AML/KYC);
improving the Website;
providing user feedback.

Legal Basis for Processing
Personal data is processed based on:
user consent;
the need to fulfill the user agreement;
legal requirements;
the legitimate interests of the website operator.

Storage of Personal Data
Users’ personal data is stored for the period necessary to achieve the processing purposes.
The Website takes the necessary organizational and technical measures to protect personal data from:
unauthorized access;
alteration;
disclosure;
destruction.
Data may be stored on secure servers and in information storage systems with limited access.

Transfer of Personal Data to Third Parties
Personal data may be transferred to third parties in the following cases:
to execute financial transactions;
to payment systems;
to AML/KYC verification services;
at the request of government agencies in accordance with the law.
Transfers are made only to the extent necessary to perform the relevant tasks.
Users wishing to conduct an exchange using a bank card must verify it beforehand.

In light of the above, Exchangemafia bears no legal liability for its use for money laundering, terrorist financing, or the purchase of prohibited goods and services. However, it undertakes to take all possible and available measures to prevent attempts to use the Exchangemafia Service for money laundering, terrorist financing, or the purchase of prohibited goods and services.
By making an exchange, the User, in accordance with the provisions of the current Exchangemafia exchange rules, agrees to all the terms of these policies and undertakes to comply with them.