AML/KYC
1. OBJECTIVE OF THE AML POLICY
UAB Space Edge Digital is under the obligation to apply anti-money laundering (AML) requirements in our business. All of the Lithuanian obliged entities (i.e. companies engaged into the provision of financial services, including virtual asset exchange and wallet services) are obliged to comply with the Money Laundering and Terrorist Financing Prevention Act 2017 (for the companies residing in the Republic of Lithuania), which provides guidelines on the appropriate due diligence which should be applied to the customers of the obliged entities, and the recommendations from the Financial Action Task Force (FATF), an inter-governmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing.
All our staff is committed to pursue the highest standards of AML and Know Your Customer (KYC) compliance to mitigate the risk of our services being used to facilitate financial crimes. UAB Space Edge Digital will actively prevent and take necessary measures to guard against being used as an intermediary in money laundering, terrorism financing and other criminal and fraudulent activities. In order to comply with the above, the identities of all new and existing customers will be verified to a reasonable level of certainty and any suspicious activity will be reported. Records of all identity checks will be maintained for up to 5 years.
We have implemented the framework of AML Policy in order to ensure that all the necessary steps are taken to achieve the full safety of our services. In this AML Policy we are committed to follow the provisions specified in the Lithuanian AML laws, EU and international AML guidelines.
2. WHAT IS AML POLICY?
AML Policy is the procedure to prevent Space Edge services from being used for the purposes of terrorist financing, money laundering or any other criminal activity. KYC measures are part of the AML Policy. The objective of KYC measures is to enable businesses to know and understand their customers better and help them manage their risks. We may update such procedure in the future to assure the compliance with the existing laws and best AML practice.
In case of any potentially suspicious or unusual transactions or customer behavior, we take appropriate action to address the risks involved. All compliance officers may request additional documents (i.e. proof of source of funds, etc.) , as deemed appropriate.
Space Edge AML Policy includes:
- Identification and verification of each customer before entering a financial Business Relationship;
- Periodical AML trainings for our staff;
- Transactions monitoring of the customer financial behavior based on risk-based analysis;
- Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities;
- Establishment and maintenance of the risk-based customer due diligence including enhanced due diligence for those customers presenting higher risks.
We are obliged to reject the customer’s documents, close account and terminate the business relationship if we find any suspicious activity, false documents or non-cooperation by the customer within the customer due diligence process.
