Anti-Money Laundering Policy
BuySell strictly warns users against using the platform to launder illegally obtained funds, finance terrorism, commit any illegal actions, or to purchase prohibited goods or services. Money laundering is an action aimed at concealing the illegal origin of funds by transferring them into assets or investments that appear legitimate.
General Provisions
To prevent illegal transactions, BuySell sets the following requirements for all orders created by users:
- The sender and recipient of the payment for the order must be the same person. Transfers in favor of third parties using the service are prohibited.
- All contact details and personal information provided by the user in the application must be current and completely accurate.
- It is prohibited to create applications using anonymous proxy servers or any other anonymous Internet connections.
This anti-money laundering policy (hereinafter referred to as the "AML Policy") describes the procedures and mechanisms used by the BuySell service to combat illegal activities. BuySell adheres to the following principles:
- Do not engage in business relations with persons known to be involved in criminal or terrorist activity.
- Do not process transactions that are the result of known criminal or terrorist activity.
- Do not facilitate transactions related to known criminal or terrorist activity.
- Restrict or prohibit use of the service for citizens of certain countries, including Afghanistan, Bosnia and Herzegovina, USA, DPRK, Democratic Republic of Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, Laos, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu, Ukraine.
- Conduct verification procedures within the framework of the Know Your Customer (KYC) policy.
BuySell service users are required to undergo verification by providing a government identification document (passport or ID card). The service reserves the right to collect user identification data to comply with the AML Policy.
BuySell may request an additional document to confirm identity, such as a bank statement or utility bill no older than 3 months, containing the user's full name and residential address. The service also has the right to request photo or video verification if there is a suspicion that the provided data is unreliable.
The BuySell service verifies the authenticity of the documents and information provided and may request additional information about users recognized as suspicious or potentially dangerous.
In the event of a change in identification information or detection of suspicious user activity, the BuySell service has the right to request updated documents, even if the user has previously passed verification.
Responsible for compliance with the AML Policy
The BuySell service has appointed an employee responsible for compliance with the AML Policy. His responsibilities include:
- Developing and updating internal procedures for the creation, analysis, provision and storage of reports required by law.
- Monitoring transactions and identifying significant deviations from standard user activity.
- Updating risk assessments regularly.
- Cooperating with law enforcement agencies involved in the prevention of money laundering, terrorist financing and other illegal activities.
Transaction Monitoring
Monitoring user transactions and data analysis are key tools for assessing risks and identifying suspicious transactions. In case of suspicion of money laundering, the BuySell service monitors all transactions and has the right to:
- Report suspicious transactions to the relevant law enforcement agencies.
- Request additional information and documents from the user.
- Suspend or terminate the user's account.
- Suspend the exchange and freeze assets until the circumstances are clarified.
- Return funds to the user, canceling the exchange procedure, in accordance with the user agreement.
The above list of measures is not exhaustive. The AML Compliance Officer monitors transactions on a daily basis to determine whether they are suspicious and require reporting to law enforcement.
In accordance with international standards, the BuySell service applies a risk-based approach to preventing money laundering and terrorist financing, ensuring that measures are proportionate to the identified risks.
