Effective Date: [Insert Date]
Worldremitservice.com complies with international Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This policy outlines the identification process for users engaging in cryptocurrency-to-fiat conversions and international money transfers.
1. Customer Identification
To use our services, users must provide the following identification:
- Basic Verification: Users must submit a government-issued photo ID (e.g., passport, national ID card) and proof of address (e.g., utility bill, bank statement).
- Enhanced Verification: Users transferring amounts above $5,000 USD must provide proof of the source of funds (e.g., recent cryptocurrency transactions, or mining receipts).
2. Enhanced Due Diligence (EDD) for High-Risk Transactions
Transactions exceeding $10,000 USD or originating from high-risk jurisdictions (as defined by global regulatory bodies) will undergo additional verification. This process may involve:
- Reviewing the user’s financial history.
- Verifying the source of cryptocurrency funds.
- Identifying the recipient's country and assessing risks.
3. Ongoing Monitoring
We continuously monitor accounts for high-risk activities and large, suspicious transactions. Should any unusual activities arise, users will be required to provide additional identification or documentation.
4. Cross-Border Transactions
- Geographical Restrictions: Services are unavailable in North Korea, Iran, Syria, Cuba, and other high-risk jurisdictions as per international laws.
- Transaction Limits: Unverified users are limited to $1,000 USD per transaction. Verified users can transfer up to $50,000 USD. For amounts greater than $50,000 USD, users may be required to complete Enhanced Due Diligence (EDD).
5. Record Keeping
All personal identification and transaction records are retained for at least 5 years following account closure, in accordance with applicable regulations.
6. Reporting Suspicious Activities
Worldremitservice.com is legally required to report suspicious activities to relevant financial authorities, including Financial Intelligence Units (FIUs) and regulatory bodies.
