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AML & KYC Policy

Bankoin is committed to maintaining the highest standards of compliance, security, and transparency in financial transactions. This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy outlines our procedures to prevent fraud, money laundering, and terrorist financing.

By using Bankoin’s services, you agree to comply with this policy.

1. Purpose & Compliance

Bankoin adheres to international AML and KYC regulations, including but not limited to:

  • The Bank Secrecy Act (BSA)
  • The USA PATRIOT Act
  • The Financial Action Task Force (FATF) Guidelines
  • Applicable local and international AML laws

We implement strict verification measures to prevent illegal activities, ensuring that our platform is not used for fraud, tax evasion, or illicit financial transactions.

2. KYC Requirements & Identity Verification

To use Bankoin, all users must undergo KYC verification before accessing financial services.

2.1 Required Documents

Users must provide:

  • Government-issued ID (Passport, National ID, or Driver’s License)
  • Proof of Address (Utility Bill, Bank Statement – not older than 3 months)
  • Selfie Verification (Photo of the user holding their ID)

For businesses, we require additional documents, including:

  • Certificate of Incorporation
  • Articles of Association
  • List of Beneficial Owners
  • Tax Identification Number (TIN)
2.2 Verification Process
  • Users must submit KYC documents via Bankoin’s secure portal.
  • Documents are reviewed within 24-72 hours.
  • If additional verification is required, users will be notified via email.
  • Bankoin reserves the right to reject, suspend, or terminate accounts that fail to meet KYC standards.

3. AML Compliance & Monitoring

Bankoin actively monitors transactions to detect and prevent suspicious activities.

3.1 Suspicious Transaction Monitoring

We monitor transactions for:

  • Unusual or large transactions inconsistent with user profiles.
  • Rapid movement of funds between multiple accounts.
  • Frequent crypto-to-fiat conversions without clear purpose.
  • Payments to or from high-risk jurisdictions.
3.2 Reporting Suspicious Activity

If we detect potentially fraudulent activity, we may:

  • Conduct an internal review.
  • Request additional information or documentation.
  • Report the transaction to regulatory authorities if necessary.

Users involved in suspicious activity may have their accounts suspended or terminated without prior notice.

4. Restricted Jurisdictions & Sanctions Compliance

Bankoin does not provide services to users in the following restricted jurisdictions:

  • Belarus
  • Cuba
  • Iran
  • Myanmar
  • North Korea
  • Sudan
  • Syria
  • Russia
  • Ukrainian regions of Donetsk, Luhansk, and Crimea
  • Certain U.S. states, including New York

Additionally, we comply with OFAC sanctions and do not engage with individuals or entities on the U.S. Treasury Department’s Specially Designated Nationals (SDN) List.

5. Customer Due Diligence (CDD)

Bankoin applies risk-based due diligence to assess and verify users.

5.1 Standard Due Diligence (SDD)
  • Basic identity verification for individual users.
  • Required for transactions below a certain threshold.
5.2 Enhanced Due Diligence (EDD)
  • Applied to high-risk users and transactions, including large-value transactions.
  • Requires additional documents and an in-depth risk assessment.
  • Users flagged under EDD may be subject to ongoing monitoring.

6. Account Freezing & Termination

Bankoin reserves the right to freeze or terminate accounts in the following cases:

  • Failure to complete KYC verification.
  • Suspicious or fraudulent transactions.
  • Use of Bankoin for illegal activities (money laundering, terrorism financing, etc.).
  • Violation of sanctions or regulatory requirements.

Users whose accounts are frozen may be required to provide additional verification before their accounts are reinstated.

7. Data Protection & Confidentiality

All user data and verification documents are stored securely and used only for compliance purposes.

  • We follow strict encryption and data security protocols.
  • User information is never shared with third parties, except when required by law or regulatory authorities.
  • Data is retained for a minimum of five (5) years, in compliance with AML regulations.

8. Updates to This Policy

Bankoin may update this AML & KYC Policy as needed to comply with evolving regulations. Users will be notified of significant changes, and continued use of our services constitutes acceptance of the updated policy.