KYC, AML and CFT Policy

Updated March 02, 2017.

 

  1. Position of the VK Business Limited

It is the policy of the Venture Kingdom to actively prohibit and prevent money laundering practices and any activity that facilitates money laundering and evasion of foreign boarders. We will fulfill all applicable requirements and regulations. Money laundering is generally defined as engaging in acts intended to cover or disguise the true origins of the product criminally derived, so as to make it appear that the assets have legitimate origins or constitute legitimate assets.

Our “AML (Anti-Money Laundering)” policy, procedures and internal controls are designed to ensure compliance with all applicable regulations and will be reviewed and updated on a regular basis to ensure appropriate policies, procedures and internal controls that are able to get along with the evolution of regulations and changes in our business.

 

  1. Providing “AML” information to government authorities, if requested.
If requested, we will respond immediately to a request regarding accounts and transactions, as well as search our records to determine if users maintain or have maintained any account or have engaged in any transaction with any individual, entity or organization.

 

  1. KYC (Know Your Client)

Only legitimate transactions are allowed in the Venture Kingdom environment. You Merchant know your customers better than we do, and you are responsible for your relationship with them. Venture Kingdom is not responsible for the products or services you advertise or sell, nor what your customers purchase using the services. You agree that you are solely responsible for the nature and quality of the products or services you provide, and for the delivery, support, refunds, returns and any other auxiliary services you provide to your customers.

Venture Kingdom provides services to you Merchant but we have no way of knowing if a particular purchase, sale, donation, order or other transaction is accurate or correct, or typical for your business. You are responsible for knowing whether a customer-initiated transaction is wrong (such as a customer who buys an item when he intended to order another) or suspects (such as unusual or large purchases or a delivery request to a foreign country where it does not normally occur). If you are unsure whether a transaction is wrong or suspicious, you agree to search the transaction and, if necessary, contact your customer before completing the transaction. You Merchant are solely responsible for any losses incurred due to erroneous or fraudulent transactions in connection with the use of the services.

We will collect enough information from each user who opened an account to allow he to be identified and we will use risk-based measures to verify the identity of each user.

 

  1. CFT (Combating the Financing of Terrorism)

Antiterrorism or counterterrorism is a set of practices, tactics and strategies that governments, military and other groups adopt to defend themselves against terrorism. These are planned actions to combat terrorist activities.

No actions that sympathize and / or in any way collaborate, encourage or sponsor terrorist actions of any nature will be tolerated or admitted into the Venture Kingdom environment.

Não serão tolerados ou admitidos no ambiente da Venture Kingdom ações que simpatizem e/ou de qualquer forma colaborem, incentivem ou patrocinem ações terroristas de qualquer natureza.

 

  1. Demanding User Information

After opening an account, we will collect the following information for all accounts, if necessary, from any person, entity or organization:

  1. The name;
  2. Date and place of birth (for an individual);
  3. Nationality;
  4. Gender;
  5. Email;
  6. Telephone Number;
  7. Proof of a residential address (for an individual), or a principal establishment, local office, or other physical location (for a person other than an individual);
  8. Proof of identification with photo.

 

  1. Customers who refuse to provide information
If a potential or existing user refuses to provide the information described above, upon request, or appears to have intentionally provided misleading information, Venture Kingdom may provisionally deactivate the account and, after analyzing the risks involved, if it is the case, deactivate it definitively .

 

  1. Verification of information

We will verify the user’s identity through documentary means, non-documentary means, or both. We will use documents to verify the user’s identity when the appropriate documents are available. When verifying the information, we will consider whether the received data, such as user name, address, postal code, email, telephone number, date of birth and photographic identification, allow us to determine that we have a reasonable belief about the identity (If the information is true or contains inconsistencies). Appropriate documents to verify user identity include the following:

For Individuals:

– Proof of identity (copy of passport, driver’s license or Identity Card) (photo of the document is sufficient);

– Proof of residential address (electricity bill or bank statement, gas bill, water bill, telephone (not mobile)), all with up to 03 months of expiration.

For Legal Entity:

– Social Contract and/or Constitutive Act;

– Proof of Identity of the Members (copy of the passport, driver’s license or Identity Card) (photo of the document is sufficient);

– Proof of commercial address (electricity bill or bank statement, gas bill, water bill, telephone (not mobile)), all with up to 03 months of expiration;

– In case of an individual company, besides the Constitutive Act or equivalent document, proof of identity and proof of residential address of the entrepreneur.

We will verify the information within a reasonable time after opening the account. Depending on the nature of the account and transaction requests, we may refuse to complete a transaction before verifying the information, or in some cases when we need additional time, we may restrict the use of our services.

If we find suspicious information that indicates possible money laundering or other irregular activities, we will, after internal consultation, report the activity in accordance with applicable laws and regulations.

 

  1. Diligence
It is important for our “AML”, “KYC” and “CFT” policies that we obtain enough information about each user to allow us to evaluate the risk presented and to detect and report suspicious activity.
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