AML Policy (Anti-Money Laundering)

24.exchange is committed to maintaining effective measures to prevent and detect criminal activities, assisting law enforcement agencies in combating financial crimes. The site has implemented strict policies and procedures to comply with its legal obligations under international anti-money laundering and counter-terrorism financing laws.

General Information

Money laundering is a process in which money and assets obtained from criminal activity are disguised as legitimate funds. Essentially, it is the process of turning "dirty" money acquired from illegal activities into "clean" money, making its criminal origin difficult to trace. There are three recognized stages of money laundering:

Placement — Introducing illicit proceeds into the financial system.
Layering — Converting illicit funds into another form and creating complex financial transactions to obscure the audit trail and conceal the source and ownership of the funds.
Integration — Reintroducing laundered funds into the economy, giving them an appearance of legitimacy.

Money laundering begins with obtaining proceeds from predicate offenses, such as tax evasion, drug trafficking, bribery, fraud, forgery, murder, robbery, counterfeiting, securities manipulation, and copyright infringement.

Terrorist financing involves knowingly collecting or providing property (e.g., money) directly or indirectly to terrorists. The main goal of terrorist activities is to intimidate the public or pressure governments into certain actions. Terrorists require financial support to carry out their objectives, and many of the methods used in money laundering are also employed in terrorist financing.

1. Key Objectives

Clients’ identities are satisfactorily verified before engaging in business with them.
The website understands its clients and their business activities both at the onboarding stage and throughout the relationship.
Employees are trained and made aware of their personal and corporate legal obligations.
Employees are trained to recognize suspicious activities and report them to the AML Compliance Officer.
Required records are maintained and stored for the prescribed period.
Appropriate procedures are developed, maintained, and implemented to achieve these objectives.

2. General Principles

Anti-Money Laundering Policy

24.exchange has implemented procedures and control mechanisms designed to prevent criminals from using the platform for money laundering. These procedures are tailored based on customer risk levels.

Customer Due Diligence (CDD)

24.exchange has established CDD procedures to identify users and, for high-risk customers, determine beneficial ownership and sources of funds.

CDD procedures include:

Identifying and verifying customers.
Checking beneficial owners where applicable.
Obtaining information on the purpose and nature of the business relationship.
Conducting ongoing monitoring of customer activity.
Establishing the source of wealth and funds.
Ensuring compliance with the client acceptance policy.
Prohibiting anonymous and fictitious accounts.

Suspicious Transactions

Unexplained or anomalous transactions related to criminal activity must be immediately reported to the AML Compliance Officer, who will determine whether to escalate the report to law enforcement agencies.

Training

All employees must be informed of their personal and collective responsibilities under the AML policy. They receive training to identify suspicious activities and prevent financial crimes.

Record-Keeping

The site maintains records of employee training sessions. Documents confirming customer identity are kept for at least seven years after the end of the business relationship.

3. Our Obligations

All financial service providers are required to:

Develop a compliance program to meet reporting, record-keeping, and customer identification requirements.
Comply with customer identification regulations and maintain transaction records.
Report suspicious transactions, large cash transactions, and suspected terrorist financing.

4. Risk-Based Approach

24.exchange adopts a risk-based approach (RBA) to evaluate clients. All clients are initially considered low-risk unless specific risk factors are identified, such as:

Politically exposed persons (PEPs).
Links to terrorist organizations.
Inability to verify beneficial ownership.
Residency in high-risk jurisdictions.

5. Restricted Activities and Clients

24.exchange does not provide services to clients engaged in the following activities:

Illicit arms, drugs, tobacco, and alcohol trade.
Unregistered financial services, such as Forex and binary options.
Unlicensed gambling operations.
Pyramid and Ponzi schemes.
Escort services, pornography, and related industries.
Unlicensed credit organizations.

6. Sanctions

The site prohibits transactions with individuals, companies, and countries listed in sanctions programs, such as:

The U.S. Office of Foreign Assets Control (OFAC).
The United Nations Security Council Sanctions List.
The European Union Consolidated Financial Sanctions List.
The Financial Action Task Force (FATF).

7. Non-Serviced Countries

24.exchange does not open accounts or provide services to clients from the following countries:

USA
Ukraine

8. Monitoring Suspicious Activity

The site reserves the right to request additional information regarding transactions, conduct in-depth analysis of activities, and decline payments if suspicious activity is detected.

This document regulates the AML and counter-terrorism financing policies of 24.exchange, ensuring compliance with international regulatory requirements.

AML/KYC