This policy confirms UP-X’s commitment to prevent money-laundering and the financing of terrorism in its business practices and transactions. Money laundering is the process of disguising the financial proceeds of crime to conceal their illegal origin. The financing of terrorism is any kind of financial support to those who attempt to encourage, plan or engage in terrorism.
UP-X has established Know Your Counterparty (KYC) procedures to combat money laundering and the financing of terrorism. These procedures allow us to identify every organisation that we deal with, to understand the legitimacy of our business relationships and to identify and react to unusual or suspicious activity.
Head of Security Department is responsible for development and implementation of this policy and relevant procedures, and UP-X commits to review our KYC policy and procedure every year.
To support our KYC policy and procedures, UP-X has developed a KYC form which we send to all our counterparties (this is our business partners: suppliers and customers) to collect relevant business information to identify risks of money-laundering. We require the form to be completed for all existing and new counterparties.
By collecting and reviewing the information in completed KYC forms, UP-X commits to
When registering, it is required to pass a mandatory account verification and provide documents confirming the user's identity (passport, driver's license)
If we suspect the legitimacy of the user's actions, we ask our users to provide a photo of the user against the background of an identity document (passport, driver's license), as well as documents confirming that the funds really belong to the account in question (bank statement and etc.).
Copies of the requested documents must be provided by the user in a readable form by facsimile sending to e-mail firstname.lastname@example.org
The Verification Service will review user applications and verify the submitted documents within 72 hours
If counterparties are considered high-risk for any reason (for example named on a sanctions list or engaging in unusual activity) we may: