AML/KYC Policy

CoinPayMaster AML/KYC Service Policy

By using the services, the Client agrees to undergo identity verification. We use the SumSub service for KYC verification. Personal data is processed in accordance with the Website's Personal Data Processing Policy. SumSub is engaged as an identification service provider.
The Service may request any personal data in any format and volume that the Service deems necessary for full verification.
The Client agrees to the Service to conduct the necessary research directly or through third parties to verify the identity or protect the Client and/or the Service from financial crimes, such as fraud. Such third parties may be KYC services and/or other systems, the Client does not limit the choice of such platforms. To verify addresses and transactions, the exchange service uses an IT service for monitoring, accounting and analytics of digital money or crypto assets BitOK and CoinKyt. In case of discrepancies in risk indicators with other AML verification services, the exchange service relies solely on information obtained as a result of verification by BitOK and CoinKyt services.
By passing verification, the Client agrees to the Service to conduct any research regarding the Client that the Service deems necessary. The Service may involve a third party in these studies at its discretion.
By using the services of the Service, the Client agrees to AML verification of all online addresses from transactions conducted on the Site.
The Service has the right to request Client verification if the Client's online wallet address involved in the exchange is associated with the following concepts: illegal services, mixing services, fraudulent exchanges, darknet market, darknet maintenance, ransomware, scams, coin theft, terrorist financing, sanctions, illegal actor/organization, high-risk jurisdiction, gambling, online store fraud, forced measures, child exploitation.
The following thresholds are proposed as guidelines for risk assessment: the share of assets in the High Risk zone is up to 5%, in the Medium Risk zone — up to 20%, while the total risk score should not exceed 50%.The verification data is generated based on international sources, which are regularly updated. Each operation is analyzed individually, and the risk profile can be adjusted to take into account the parameters of a particular user. In this regard, an address that previously had a zero risk score may receive or send funds to a high-risk counterparty, which will lead to a change in its Risk Score.
If additional AML/KYC verification is required, the exchange service may initiate a compliance analysis procedure. Such verification may include several steps. At the first stage, the transaction is automatically verified using blockchain analytics tools. The exchange service uses specialized BitOK and CoinKyt services for analysis. As part of this procedure, both incoming and outgoing transactions are analyzed, including the source of funds received, the history of asset movement, the risk level of the sender's address, as well as the addresses involved in the further transfer of funds. At the second stage, if necessary, KYC verification may be requested, as well as additional information confirming the user's identity and the source of funds. At the third stage, an internal compliance analysis of the information received is carried out, after which a decision is made on further processing of the application. The duration of the AML/KYC verification depends on the complexity of the specific case and the completeness of the data provided by the user. In standard situations, automatic transaction verification is performed within a few minutes and usually takes no more than 10 minutes. In most cases, this is enough to make a decision on the application. However, if increased risk factors are identified, including the presence of high-risk labels based on the results of the AML analysis, the exchange service may initiate additional verification. In such cases, the application review period may be extended to 24 hours. In cases where the funds received have been temporarily blocked by a partner exchange or payment provider as part of their internal security and compliance policy, the review period may be extended until the completion of the relevant proceedings and the lifting of restrictions on the part of this platform. Based on the verification results, the exchange service may decide to continue the exchange operation or refund the funds to the sender. In the case of a decision to refund funds after the verification is completed, the refund to the user is usually carried out within one hour from the date of the relevant decision, except in cases where the delay may be caused by the technical features of the cryptocurrency network.
Failure to provide the requested data (including KYC) may result in funds being blocked indefinitely, if there are appropriate circumstances, and the inability to refund (related to funds being blocked by the payment system, as well as a request from the competent authorities). The responsibility for the consequences of failure to provide data lies with the user, and the service, for its part, does everything possible to promptly complete the verification and make a refund.
Customers who have successfully passed KYC, the refund fee is limited only by the network commission. If the client refuses to undergo KYC, the funds will be returned to the sender's address minus the commission spent on the refund, as well as minus 5% of the amount received, but not more than $100 in equivalent. If there are associated costs, including fees from payment providers/counterparties and other actual costs incurred related to the processing and refund of funds. The user must make an official request for a refund within 90 calendar days. If this does not happen, the funds will not be refunded.
If the service detects a high AML factor of receipts to the banking details provided by the service, which resulted in the blocking of the partner payment system, the client's funds will be frozen until the investigation of the received deposit is completed.
If funds are linked to W Group services, they may be temporarily frozen or completely blocked.