Anti-Money Laundering and Counter-Terrorist Financing Policy of
Crimson Exchange Inc
Crimson Exchange Inc. (hereinafter referred to as “Crimson Exchange”) is committed to combating money laundering and terrorist financing, and to ensuring that its products and services are not misused for the purposes of money laundering, terrorism financing, or other fraudulent activities. It is also strictly prohibited to provide any product or service, or to process any transaction, for the benefit of individuals or entities included in international sanctions lists.
Compliance with applicable laws and regulations relating to the prevention of money laundering and terrorist financing (hereinafter referred to as “AML”) is a mandatory and fundamental part of Crimson Exchange’s strategy and program.
Crimson Exchange maintains strict and transparent standards and continuously strengthens its processes to ensure full compliance with applicable AML laws and regulations.
Crimson Exchange reserves the right to reject any customer, payment, or business activity that does not align with its AML policy, in accordance with the requirements of applicable AML laws and regulations.
Adherence to Applicable AML Laws and Regulations
In accordance with AML regulations, the customer is required to provide Crimson Exchange Inc. with accurate and complete information and documentation to establish and verify the customer’s identity, as well as information about the payers and payees of each monetary operation or transaction processed through the customer’s account with the Company.
The customer may also be required to provide Crimson Exchange Inc. with additional information or documents relating to the customer, the respective monetary operation or transaction, or the counterparty to such transaction.
Monitoring for Suspicious Activity
Crimson Exchange Inc. AML policy includes customer and beneficial owner due diligence, ongoing AML monitoring, and AML reporting procedures. At different stages, Crimson Exchange Inc. may request information regarding transactions carried out through the customer’s account, as well as details about the parties to those payments.
If the customer fails to provide sufficient information, or does not respond in a timely manner, Crimson Exchange Inc. reserves the right to reject the respective payments, in accordance with applicable AML laws and regulations.
Prohibitions
Crimson Exchange Inc. has no AML risk appetite for customers who engage in any of the following activities:
Intentional or willfully negligent breaches of laws, regulations, or policies related to money laundering and terrorist financing.
Repeated unintentional or accidental breaches of AML laws.
Misusing an account for the purposes of money laundering or terrorist financing.
Misusing an account for other fraudulent activities.
Facilitating business activities that could be construed as tax offences.
Refusing to provide sufficient information or documentation to demonstrate compliance with the standards set out in the Crimson Exchange Inc. AML policy.
Crimson Exchange Inc. conducts business only with reputable customers who use its products, services, and accounts for legitimate purposes, and whose identities can be determined and verified. Please note that Crimson Exchange Inc. may suspend or terminate a business relationship with any customer, in accordance with applicable AML laws and regulations.
Sanctions
Crimson Exchange Inc. has no AML risk appetite for establishing or maintaining a customer or counterparty relationship with any natural person or legal entity that is designated on the lists below or otherwise prohibited by applicable law or regulation.
We also will not execute transactions involving any person or entity included in:
The United Nations Security Council Sanctions List (UN);
The Consolidated List of European Union Financial Sanctions (EU);
Sanctions lists administered by the United States Office of Foreign Assets Control (OFAC), including the List of Specially Designated Nationals and Blocked Persons;
Any other applicable international sanctions list.
In addition, Crimson Exchange Inc. pays particular attention to entities from countries included in the list of non-cooperative jurisdictions published by the Financial Action Task Force (FATF), as well as to monetary operations or transactions carried out by or on behalf of such entities.
If you have any questions regarding our AML policy, please contact us at: support@crimsonexchange.io