The Know Your Customer Policy (hereinafter — the “Policy”) is designated to prevent and mitigate possible risks of Republicoin being involved in any kind of illegal activity.
Republicoin implements effective internal procedures and instruments to prevent illegal transfer of assets, drug, human, organ, and any other illegal trafficking, poaching, pornography, arms trade, terrorism and crime financing, corruption and bribery, money laundering. Republicoin takes action in case of any form of suspicious activity from its Users.
This Policy includes verification procedures, a compliance officer, transaction monitoring, and risk assessment.
1.1 One of the international standards for preventing illegal activity is customer due diligence. According to customer due diligence, Republicoin establishes its own verification procedures within the standards of “Know Your Customer” frameworks.
1.2 Republicoin’s identity verification procedure requires the User to provide Republicoin with reliable, independent source documents, data, or information. For such purposes, Republicoin reserves the right to collect the User’s identification information for the purposes of the Policy.
1.3 Republicoin will take steps to confirm the authenticity of documents and information provided by the Users. All legal methods for double-checking identification information will be used, and Republicoin reserves the right to investigate certain Users who have been determined to be risky or suspicious.
1.4 Republicoin reserves the right to verify the User’s identity on an ongoing basis, especially when their identification information has been changed or their activity seems suspicious (unusual for the particular User). Republicoin can identify an activity as suspicious at its sole discretion.
1.5 Republicoin reserves the right to request up-to-date documents from the Users, even if they have passed identity verification in the past.
1.6 User’s identification information will be collected, stored, shared, and protected strictly in accordance with the Republicoin Privacy Policy.
2.1 Republicoin strictly prohibits using the Service through anonymous proxy servers, or any other anonymous Internet connections.
2.2 To prevent possible unlawful transactions, Republicoin requires that the sender of the payment must be the same person as the payee. Any payments in favor of a third party are strictly prohibited.
2.3 While using card payments, Republicoin accepts only cards with a 3D Secure tool.
3.1 The Compliance Officer is the person duly authorized by Republicoin, whose duty is to ensure the effective implementation and enforcement of the Policy. The Compliance Officer must have relevant education, specific knowledge, and expertise in AML (Anti-Money Laundering) fundamentals and practical issues.
3.2 The Compliance Officer is responsible for supervising all aspects of implementing the Policy, including but not limited to: collecting Users’ identification information; establishing and updating internal policies and procedures for the completion, review, submission, and retention of all reports and records required under applicable laws and regulations; monitoring asset transfers and investigating any significant deviations from normal transfer activity; implementing a records management system for appropriate storage and retrieval of documents, files, forms, and logs; and updating risk assessments regularly.
3.3 The Compliance Officer is entitled to interact with competent authorities involved in preventing all types of illegal activity.
4.1 To prevent unlawful activity, Republicoin uses an internal automated system to analyze transactions and users’ behavior, block suspicious activity, set limits on users’ transactions, and observe the Know-Your-Customer policy. Republicoin also performs verification of the data provided by the User through all available means.
4.2 Republicoin relies on data analysis as a risk-assessment and suspicion detection tool. It may perform various compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting.
4.3Republicoin always uses blockchain monitoring tools if a deposit or withdrawal transaction amount reaches or exceeds 1 BTC (or the equivalent in any cryptocurrency).
4.4 Republicoin provides specific verification and manual processing of withdrawal transactions that exceed 2 BTC.
4.5 Monitoring system functionalities also include: aggregating asset transfers by multiple data points, placing Users on watch or service denial lists, opening cases for investigation where needed, and sending internal case and document management reports.
4.6 Republicoin will monitor all transfers of assets and reserves the right to: report suspicious transfers to the competent authority via the Compliance Officer; request additional information and documents from the User in case of suspicious transfers; and suspend or terminate the User’s account if Republicoin reasonably suspects illegal activity./p>
4.7 Republicoin sets withdrawal limits, and the User may be limited from initiating withdrawals earlier than three days after registering or changing the account data (including password changes or changing the authorization method).
4.8 The Service should not be used for purposes other than as outlined in the User Agreement, specifically for the deposit and withdrawal of funds without trading transactions. Such actions may be deemed suspicious and are prohibited.
In line with international requirements, Republicoin has adopted a risk-based principle to combat money laundering and terrorist financing. This ensures that measures to prevent illegal activity are commensurate with the identified risks, directing resources to prioritize the highest risks.
This version replaces Republicoin throughout the document.