FYDO Limited - Anti Money Laundering Policy

  1. Aim

1.1 We recognise that we are in a privileged and responsible position running a digital asset/cryptocurrency exchange. We recognise that because of the nature of what we do, there is a particular risk whereby we and our legitimate users could be exploited by criminals for money laundering purposes.

1.2 Money laundering is the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin, so that they can be retained permanently or recycled to fund further crime. We are committed to protect ourselves and our legitimate users from being exploited in this manner by criminals and/or for criminal purposes.

  1. Process

2.1 In order to achieve the above, we have adopted the following customer due diligence (CDD) measures,  

(a) Identify those who use our services are legitimate;

(b) source of funds customers use on our exchange are legitimate; 

(c) refuse registration to any entity who we believe, after following our DD process, may be using our service for illegal purposes; and,

(d) refuse any customer under 18 years old. 

2.2 Appointing a Money Laundering Reporting Officer whose functions are to,

(a) periodically review our Anti Money Laundering Policy to ensure it continues to be current with ensuing UK and EU laws, regulations and policies and fit for purpose in protecting both us and our legitimate users from exploitation by criminals;

(b) decide if an applicant should be allowed to register as a FYDO Limited user;

(c) ensure our Anti Money Laundering Policy is upheld;

(d) keep and maintain updated compliance records;

(e) report criminal activity to the appropriate law enforcement agencies; and,

(f) develop, maintain and deliver anti-money laundering training to our staff.

2.3 In performing periodic checks on our customers’ trading activity history and suspect that our exchange and/or service is being manipulated and/or exploited by criminals, we will deny their use of our exchange and/or service and will report our suspicions and findings to the appropriate authorities.

  1. Registration

3.1 You may access the public areas of the platform which contain general information about FYDO Limited and our service without registering as a customer.

3.2 You need to be at least 18 years of age to register as a customer.

3.3 Registration process and provision of required documentary evidence as stipulated throughout the registration process forms an integral part of FYDO Limited’s AML Policy.

3.4 New customer registration process entails, 

(a) provision to FYDO Limited of all requested documentary evidence of identity, age, address, contact information in addition to any other proof requested by FYDO Limited 

(b) once FYDO Limited is in receipt of the documentary evidence per 3.4(a) above, FYDO Limited will carry out its’ CDD process which might involve undertaking additional security checks on you. This is referred to as Enhanced Due Diligence (EDD) where the customer and product or service combination is considered to be a greater risk such as Politically Exposed Persons (PEPs)  

(c) should FYDO Limited, in its sole and absolute discretion, become satisfied that you complied with all applicable requirements, FYDO Limited will provide you with a verified account to access our platform. For the avoidance of doubt, FYDO Limited may refuse to grant a verified account to any person and/or entity without stating a reason.

3.5 Please note that you will not be able to place an order under any circumstances until FYDO Limited has provided you with a verified account.

3.6 The Customer undertakes to provide FYDO Limited as soon as demanded with any and all information that FYDO Limited may require, or that in FYDO Limited’s sole and absolute discretion FYDO Limited considers necessary, including without limitation for the purposes of providing such information to any applicable governmental or regulatory authority in relation to regulatory compliance or anti money laundering laws and regulations. Failure to provide this information will delay your registration as a customer, or if you have already registered as a customer may lead to your use of the platform and services being suspended until such time as you have provided the required information.