Cryptocurrency and Bitcoin are not regulated by any central authority worldwide. That said, Xepay believes in self-regulated modus operandi. This means, we follow certain protocols and procedures to make sure certain customer identification procedures are followed when opening or operating their accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to concerned authorities
Xepay, further committed to ensure that our products or services are not used for any illegal activities (e.g. to facilitate money laundering, funding of terrorism, or other types of criminal activities).
In order to fulfil this objective, Xepay adopts the following Anti-Money Laundering - Know Your Customer Policy (hereinafter referred to as “AML-KYC Policy”) to ensure that Xepay and any future platforms that we might support, are not used to facilitate money laundering or the funding of terrorism or any other criminal activities. We strongly believe that such checks and balances with our information acquiring system will effectively safeguard our esteemed stakeholders and ensure a continuous and clean barter.
As a part of identification procedure, we will obtain certain customer personal identification documents. These processes make us know who are paying us money and whom we are sending money, without which our website and services can be used for money laundering and other illicit purposes.
Purpose
This policy is applicable on all the present as well as prospective Members who uses or wishes to use Xepay through proper registration. It lays down the procedure that we follow to collect information and maintaining a record of our Members. It is the duty of Member to comply with this AML-KYC Policy in order to ensure that it does not abuse the relationship with Xepay for any illegal purposes, including money laundering or other financial crimes. Any action, including those that might not have been foreseen and included in this policy, that has the effect of the abuse as contemplated above shall be restricted under this policy.
Xepay reserves the right to decline business proposal, at its discretion, with present as well as prospective Members at all times. That said, it is the discretion of Xepay to suspend or terminate any action in favor of the Member until a reasonable and satisfactory explanation with supporting documents is provided, on suspicion of the Member abusing the relationship as contemplated above.
Customer Identification
In order to properly use Xepay Bitcoin exchange, our customers will need to complete an AML-KYC verification procedure. Although, sound daunting than it really is, all our stakeholders are obligated to furnish certain delicate information related to them as an individual.
Xepay collects the following basic personal information from its customers for its records:
Verification of Name (as per passport or other government issued IDs)
Contact telephone number and verification
Email Address and verification
Residential Address proof
National Identification Numbers (Social Security Numbers (SSN); Personal Account Number
(PAN Card; India); Aadhar Card (India); etc.
Proof of Address (Passport, Driver’s License, etc)
Bank Details
Measures for implementation of AML-KYC policy
Xepay appoints a competent and qualified employee as an AML-KYC Policy Compliance officer who reviews and updates the AML-KYC Policy to ensure the compliance with all relevant and applicable legislation, regulations and recommendations and monitor compliance of AML-KYC Policy. Xepay employees would be trained to identify and take action on suspicious transactions through Xepay and make regular internal reports on such suspicious transactions. Xepay would regularly inspect the transactions done through its Services and would report them to relevant supervisory and/or law enforcement authorities. Xepay reserves the right to determine suspicious and unusual transactions that result into abuse of relationship with Xepay.
Changes to AML-KYC Policy
AML-KYC Policy is a live and dynamic document. That means, Xepay reserves the right to change, amend, alter or delete some or all parts of this AML-KYC Policy, include new procedure and exclude existing procedures in this AML-KYC Policy. It is the duty of the Member to keep updated and comply at all times with the AML-KYC Policy as and when updated on the Website.