Know Your Customer (KYC) Policy
Decryption Group is committed to implementing a robust Know Your Customer (KYC) policy as part of our commitment to prevent identity theft, financial fraud, money laundering and terrorist financing. This policy sets out our approach towards understanding our customers and their financial dealings to meet our legal requirements.
- 1.Objective of KYC GuidelinesOur KYC policy aims to prevent Decryption Group from being used, intentionally or unintentionally, by criminal elements for money laundering activities. It also enables us to understand our customers and their financial dealings better, which in turn manage risks prudently.
- 2.Identification of CustomersWe gather sufficient information about our customers to establish their identity and verify the same. Information collected includes, but is not limited to: full legal name, residential address, contact information, date of birth, and identification document details.
- 3.Customer Due Diligence (CDD)We perform CDD procedures when establishing a business relationship with a customer. Based on the risk categorization of the customer, we perform either Simplified Due Diligence (SDD) or Enhanced Due Diligence (EDD).
- 4.Enhanced Due Diligence (EDD)For high-risk categories of customers, we perform EDD measures which involve obtaining additional information and carrying out further verification checks. This also includes continuous monitoring of the business relationship.
- 5.Ongoing MonitoringOngoing monitoring is an essential aspect of effective KYC procedures. We monitor customer transactions to ensure they are consistent with our knowledge of the customer and their business.
- 6.Risk ManagementThe customer’s identity is verified against watch lists such as those provided by regulatory bodies, international organizations, etc. Any potential risks associated with new or existing customers are promptly identified and managed.
- 7.Customer DocumentationAll customer documents, data or information gathered under this KYC policy shall be kept confidential and not be shared with third parties except as provided by the law.
- 8.Policy ReviewThis policy will be periodically reviewed and updated to ensure it remains effective against money laundering, terrorist financing and other illicit activities and is consistent with the industry best practices.
- 9.Regulatory AdherenceThis policy is in adherence to the legal and regulatory requirements of Gibraltar and the European Union. All our users are expected to comply with the guidelines set out in this policy.
By using our services, you agree to comply with this KYC policy. If you have any questions about our KYC Policy, please contact us at [Contact Information].