AML & KYC Policy
Whallet is committed to the highest standards of regulatory compliance. This policy describes our Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures.
1. Identity Verification (KYC)
All users must complete our identity verification process before using full platform features.
The process includes verification of identity documents, proof of residence, and in some cases, verification of source of funds.
2. Transaction Monitoring
We continuously monitor transactions for suspicious activity using automated systems and manual review.
Transactions exceeding certain limits or showing unusual patterns are flagged for additional analysis.
3. Politically Exposed Persons (PEP)
We perform enhanced checks to identify Politically Exposed Persons and their close family members or associates.
PEP accounts are subject to enhanced due diligence and ongoing monitoring.
4. Suspicious Activity Reporting
We report suspicious activities to competent authorities as required by law.
We maintain detailed records of all transactions and verifications for periods determined by applicable legislation.
5. Countries and Sanctions
We do not offer services to residents of countries subject to international sanctions or with high money laundering risk.
We verify all transactions against international sanctions lists, including OFAC, EU, and UN.
6. Training and Updates
Our team receives regular training on AML/KYC procedures and suspicious activity detection.
We continuously update our policies to reflect regulatory changes and industry best practices.
Compliance Department
For questions related to AML/KYC or compliance, contact our dedicated team.
compliance@whallet.com