AML/KYC Policy

Last updated: July 04, 2018

Introduction

Last updated: July 04, 2018

1. Verification procedures

One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, WODCOIN.IO establishes its own verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.

1.1. Identity verification

1.2. Card verification

Last updated: July 04, 2018

2. Compliance Officer

Last updated: July 04, 2018

3. Monitoring Transactions

The Users are known not only by verifying their identity (who they are) but, more importantly, by analyzing their transactional patterns (what they do). Therefore, WODCOIN.IO relies on data analysis as a risk-assessment and suspicion detection tool. WODCOIN.IO performs a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management, and reporting. System functionalities include:

The above list is not exhaustive and the Compliance Officer will monitor Users’ transactions on a day-to-day basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.

Last updated: July 04, 2018

4. Risk Assessment

WODCOIN.IO, in line with the international requirements, has adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, WODCOIN.IO is able to ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate to the identified risks. This will allow resources to be allocated in the most efficient ways. The principle is that resources should be directed in accordance with priorities so that the greatest risks receive the highest attention.