Compliance

Point of Coin has established  procedures to maintain the appropriate levels of compliance with AML & KYC, both state and federal guidelines, including:

  • Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons.
  • Establishing and maintaining risk based systems and procedures to monitor on-going customer activity.
  • Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate.
  • The maintenance of appropriate records for the minimum prescribed periods.
  • Training and awareness for all relevant employees

 

Anti Money Laundering, aka AML

“A set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. In most cases money launderers hide their actions through a series of steps that make it look like money coming from illegal or unethical sources was earned legitimately.”

Know your Customer, aka KYC

“The process used by a business to verify the identity of their clients. The term is also used to refer to the bank regulation which governs these activities. Know your Customer processes are also employed by companies of all sizes for the purpose of ensuring their proposed agents’, consultants’ or distributors’ anti-bribery compliance. Banks, insurers and export credit agencies are increasingly demanding that customers provide detailed anti-corruption due diligence information, to verify their probity and integrity.”