1. AML (Anti-Money Laundering)

WalletMyCoin remains committed in providing a safe, globally-compliant and reputable service to its clients. As a company, we pride ourselves on the integrity and transparency of our business. WalletMyCoin relies on comprehensive and thorough AML (Anti Money Laundering) policies.

WalletMyCoin is legally registered and its infrastructure is physically located in Seychelles. WalletMyCoin insists on a comprehensive and thorough AML (Anti Money Laundering) compliance framework. This includes the monitoring of suspicious purchases and obligatory reporting to local regulators and other compliance bodies.

Our AML policy differ depending on the country of origin of which our clients are located and furthermore recorded against through the WalletMyCoin registration process. The specific AML policy as per regional jurisdiction are located below. Our robust compliance framework ensures that regulatory requirements are being adhered to at both a local and global level, instilling a level of trust and ensuring WalletMyCoin will continue to operate indefinitely.

WalletMyCoin reserves the right to refuse registration to persons from or in jurisdictions that do not meet international AML standards or could be considered as a Politically Exposed Person.

WalletMyCoin reserves the right to carry out customer due diligence to verify its users and their transactions. Enhanced customer due diligence will be carried out periodically as part of our ongoing risk review and assessment. In addition to this, any attempt to abuse WalletMyCoin or its platform will result in an immediate account suspension and reported to the respective authorities.

The WalletMyCoin AML policy is as follows:

  • Transactions conducted via the WalletMyCoin platform will be subject to AML transaction monitoring.
  • Identity and proof of address documents and transaction records will be maintained for at least six years and will be submitted to regulators as required without prior notification to registered users.
  • WalletMyCoin may at any time without liability and without disclosing any reason, suspend the operation of your account. WalletMyCoin shall notify you after exercising its rights under this clause.
  • Registered members of whom transactions involve fiat currency will be required to verify their identity and adhere to the WalletMyCoin KYC policy. This includes the submission of both government ID and proof of address. Valid ID includes a passport, national card, or drivers license. Valid proof of address includes utility and rates bills not older than 3 months. Other forms of ID and Address verification will not be accepted. Your account will be unregistered until account verification has been completed.
  • • Suspicious transactions will result in a Suspicious Activity Report being submitted to the Joint Financial Intelligence Unit ('JFIU').

2. Customer Due Diligence (CDD)

CDD is closely associated with the fight against money-laundering. Supervisors around the world are increasingly recognizing the importance of ensuring that their banks/services have adequate controls and procedures in place so that they know the customers with whom they are dealing. Adequate due diligence on new and existing customers is a key part of these controls. Without this due diligence, service providers can be exposed to reputational operational, legal and financial risks.

It is a policy of WalletMyCoin that:

  • Prior to establishing a relationship with a new customer, basic background information about the customer should be obtained including identifying the customer and verifying the customer’s identity on the basis of documents, data or information obtained from customer and/or from reliable and independent sources, furthermore, understanding and, as appropriate, obtaining information on the purpose and intended nature of the business relationship, information related with customer’s business and source/utilization of funds and the expected level of activity.
  • Individuals; prior to opening an account for an individual customer, we will collect, verify and authenticate the following information:
    • Email address
    • Mobile phone number
    • Full legal name
    • Date of birth
    • Proof of identity
    • Home address
    If our customers meet and complete our customer identification requirements and do not appear on the HKMA government watch list, then we will provide them with account opening agreements.
  • Institution; Prior to opening an account for an institutional customer, we will collect, verify and authenticate the following information:
    • Institution legal name
    • Employer Identification Number
    • Full legal name
    • Email legal name
    • Email address
    • Mobile phone number
    • Address
    • Corporate registry
    • Contract information of owners
    • Proof of identity
    • Identifying information for each entity beneficial owner that owns 10% or more
    If the institution successfully meets and completes our customer identification requirements and its name as well as the names of its owners do not appear on the HKMA government watch list, we will provide them with account opening agreements electronically.
  • To apply appropriate CDD measure for customers including cash deposits, withdrawals, online transfers and remittances while ensuring compliance of regulatory guidelines.