Anti-Money Laundering Act was developed to prevent money-laundering crimes, and each legal entity or an individual should obey the conditions mentioned in the Act. The main target of the Anti-Money laundering procedures, that GoldenMarkets, like any of crypto trading company, has customized and implements for its activity is to ensure, that customers don’t have an opportunity of money laundering. It means, each customer has to pass an identification process. Legitimate customers have more options. For them the compliance burden is minimized.
MONEY LAUNDERING: is a crime, which can be described as converting money of other financial instruments, which are acquired in the process of any illegal activity into funds or other kind of assets, that appear legal. In most cases, their criminal source cannot or is difficult to be tracked. According to the local and international legislation, any customers of GoldenMarkets, as well as its agents and employees, or persons otherwise engaged in the activities of GoldenMarkets, mustn’t engage in any criminal transaction of property or other assets that are derived in an illegal way.
IMPLEMENTED PROCEDURES: The main target of Anti-Money laundering procedures, which are implemented by GoldenMarkets, is to ensure that customers are identified to a reasonable extent. GoldenMarkets is obliged and committed to provide any possible assistance to governments to combat the money laundering crimes and fight with the terrorist activity financing. In order to comply with the above-mentioned requirements, GoldenMarkets uses an advanced electronic system to document the clients’ data and verify the clients’ identification records, as well as to track transactions and maintain detailed records on them. GoldenMarkets is obliged to track not only suspicious, but also significant transactions and report them. By providing the necessary information to the law enforcement bodies, as required by the Anti-Money Laundering Act, GoldenMarkets neither accepts deposits in cash nor makes any transfers in cash. GoldenMarkets reserves the right to stop any transaction or refuse to process it, no matter at which stage it may happen. If there is any suspicion that the transaction may be involved in money laundering or any other activity of criminal kind.
If case of doubt, GoldenMarkets can postpone or even detain any payment for a period of time. Like any of the responsible crypto dealers, GoldenMarkets reserves the right to do it at its own discretion without informing the customer. GoldenMarkets is also forbidden to inform its customers in case if they have been reported for suspicious activities.
ADDITIONAL DISCLOSURES: In order to comply with the requirements specified in Anti-Money Laundering legislation, GoldenMarkets requires from its customers two documents for the identification procedure. The first of the above-mentioned documents shall be a legal government-issued ID. Usually, it is a passport, a driver`s license, or any kind of a local ID card. The second of the above-mentioned documents shall be a bill where the name and the residence address of the customer are indicated. It can be a bank statement, a utility bill, or any other legal document.
GoldenMarkets requires from its customers to register an account by providing complete and true information. The potential customer is required also to provide a recent ID and a valid contact information. Moreover, customers are required to update this information in case any changes occur. If the documents are not written in western letters, they shall be translated into the English language. The translation shall be provided by a certified translator, who signs the translated documents and stamps them. The scanned original documents are submitted along with the translation. Please note that the photo shall be clearly visibly in all documents.
DEPOSITS AND WITHDRAWALS: GoldenMarkets requires that all deposits were made from the source of the customer, whose documents were submitted during registration. Any payments from third parties are not accepted. Money can be withdrawn only with the method that was used for making a deposit. Any data provided for a withdrawal shall match with the data in the documents provided by registration. For example, if a deposit was made by wire transfer, funds in the account may be withdrawn only by wire transfer to the same account that was used for making a deposit. If money was deposited by any electronic wallet or system, it can be withdrawn only to the same electronic wallet or system that was used for making a deposit.