Terms of service
Last update: October 29th, 2018
SOLMINE.IO Anti-Money Laundering and Know Your Customer Policy (hereinafter - the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of SOLMINE.IO being involved in any kind of illegal activity.
Solmine Limited offers a financial services platform through Solmine.io ("Solmine" or the "Service") that allows people to buy, sell and trade currencies, including math-based currencies such as bitcoins and ripples ("exchange services"). On Solmine, people can buy or sell cryptocurrencies on the open market, open a long or short position against a currency using deposited funds as leverage, or hold funds indefinitely.
Solmine recognizes that decentralized and distributed digital currency and payment systems in which payments are processed and secured by advanced cryptography and distributed computing power instead of a central bank, corporation or government pose a risk of illegal uses (as do all financial systems). Solmine believes, however, that the legitimate use of math-based currency networks provide untold benefits and efficiencies within the global economy. Accordingly, Solmine has implemented this Policy and its accompanying AML Program to assess the specific risks posed by Solmine’s services and established specific controls to address those risks as required by law. It is Solmine’s policy to comply with applicable laws and regulations regarding AML and identity verification, and to detect and prevent the use of its Service for money laundering or to facilitate criminal or terrorist activities. While Solmine is committed to protecting its users' privacy, it will not allow people to use its Services to launder money, commit fraud or other financial crimes, finance terrorist activities, or facilitate other illegal conduct.
Both international and local regulations require SOLMINE.IO to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to take action in case of any form of suspicious activity from its Users.
AML/KYC Policy covers the following matters:
Welcome to Solmine's Anti Money Laundering Policy! Our risk based approach means we are aware of any potential risks we are exposed to, and take the appropriate mitigation measure in accordance with the level of risk.
Basically, “If it looks like a duck and quacks like a duck, it’s probably a duck”. That means we ought to make sure that any indications of money laundering are detected and blocked accordingly.
One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, SOLMINE.IO establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.
SOLMINE.IO’s identity verification procedure requires the User to provide SOLMINE.IO with reliable, independent source documents, data or information (e.g., national ID, international passport, bank statement, utility bill). For such purposes SOLMINE.IO reserves the right to collect User’s identification information for the AML/KYC Policy purposes.
SOLMINE.IO 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 SOLMINE.IO reserves the right to investigate certain Users who have been determined to be risky or suspicious.
SOLMINE.IO reserves the right to verify User’s identity in an on-going basis, especially when their identification information has been changed or their activity seemed to be suspicious (unusual for the particular User). In addition, SOLMINE.IO reserves the right to request up-to-date documents from the Users, even though they have passed identity verification in the past.
Once the User’s identity has been verified, SOLMINE.IO is able to remove itself from potential legal liability in a situation where its Services are used to conduct illegal activity.
Any act or attempted act to disguise the source of money or assets derived from criminal activity will be blocked.
The Compliance Officer is the person, duly authorized by SOLMINE.IO, whose duty is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of SOLMINE.IO’s anti-money laundering and counter-terrorist financing, including but not limited to:
The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.
Standard AML checks are followed. Politically Exposed Persons (PEPs) are consulted for random user profiling.
Customer Due Diligence, this is the practice of checking a client's identity, checking the legitimacy of the funds they wish to use and ensuring the transaction is not being used to carry out fraudulent, terrorist or otherwise illegal actions.
Source of Funds is a red flag. It directs at a large proportion of private funding, anything unusual (ie. funds from foreign accounts with no legitimate explanation) and large financial transactions.