KYC / AML / CFT Policy

Know Your Customer (KYC), Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) is the process of a business verifying the identity of its clients, assessing potential risks of illegal intentions for the business relationship, and finally making an effort to prevent, detect, and report suspicious activities.

KYC / AML / CFT policies are not only a means of combating fraud, but also provide Idoneus with a competitive advantage. Because more transparency and security lead to more trust by our customers, and thus a higher acceptance rate of IDON and cryptocurrency in general.

Idoneus is committed to full compliance with all applicable laws and regulations regarding money laundering and the financing of terrorism. Every officer, director, employee and associated person of Idoneus is responsible for assisting in the company’s efforts to detect, deter and prevent money laundering and other activities intended to facilitate the funding of terrorism or criminal activities through its business.

Idoneus International AG (Idoneus) is a member of the Verein zur Qualitätssicherung von Finanzdienstleistungen (“VQF”). The VQF is the leading, largest, officially recognised self-regulatory organisation (hereinafter: “SRO”) in Switzerland, pursuant to the Federal Act of 10 October 1997 on the combating of money laundering and the prevention of the financing of terrorism in the financial sector. Association under the terms of Art. 60 et seq. of the Swiss Civil Code (SCC), recorded in the Commercial Register of the Canton of Zug and enjoying the official recognition of the Federal Financial Market Supervisory Authority (“FINMA“) as an SRO pursuant to Art. 24 AMLA. The VQF SRO exercises legally prescribed supervisory functions towards its members.

As a member of VQF, Idoneus is subject to provisions on Anti Money Laundering (AML) under the laws of Switzerland, which are in accordance with the FATF recommendations. Switzerland is a member country of the Financial Action Task Force (“FATF“).

Idoneus has implemented the following procedures:

  • Gathering basic KYC data and documentation about potential customers (such as: name, address, nationality, date of birth, copy of passport, etc). This is for legal and natural entities. Basic KYC check includes:
    • Establishment of the beneficial owner’s identity
    • Establishment of the controlling person’s identity
    • Collection of information regarding the customers’ business activities
    • Verification of origin-of-funds
  • Usage of national and international sources to enrich the data in the KYC records:
    • Sanctions lists, terror lists, wanted persons in relevant jurisdictions (UN, SECO, EU, OFAC and other sources)
    • PEP lists from different sources
    • Additional Compliance Relevant Information (CRIME)
    • Publicly accessible negative press and company information
  • Video Identification: to identify an entity in accordance with Circular 2016/07 of the Swiss Financial Market Supervisory Authority FINMA.
  • Enhanced Due Diligence (EDD): an in-depth examination of new as well as existing customers. This involves determining whether there is an increased risk of money laundering, corruption, bribery, arms trafficking or terrorist financing.
  • Establishment and maintenance of risk-based systems and procedures to monitor on-going customer activity.
  • Report suspicious activities to FINMA.
  • Record retention procedures.
  • Continuous training of management and staff.

 

Idoneus will also verify and whitelist the wallets from which customers remit any cryptocurrencies; verification means obtaining some evidence which confirms the wallet: (i) is not related to terrorist financing; (ii) is not related to the darknet market; (iii) does not belong to mixers; or (iv) does not relate to a sanctioned country. The verification of the wallet consists of the company verifying the information received against documents, data or information obtained from a reliable and independent source.

Customers of Idoneus are obliged to cooperate with the required KYC, AML and CFT procedures. Failure to comply will lead to the discontinuation of the business relationship.

If you have questions or comments about these Policies, please contact us using the information below:

Idoneus International AG
Baarerstrasse 12
6300 Zug
Switzerland

Email: compliance@idoneus.io