Anti-Money Laundering (AML) Policy
Central Crypto Exchange Corp.,“CoinField”, has been registered with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as a Money Service Business (“MSB”) and follows all the requirements set by FINTRAC and other law enforcement agency. The registration number is M18747690
Compliance program requirements under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations.
In accordance with the prescribed legislative requirements, CoinField has certain record keeping, identification and reporting requirements. Our compliance program:
- Compliance officer: The appointment of a chief anti-money laundering officer to supervise the AML/KYC team
- Compliance policies and procedures including: AML/Compliance policy, Executing Know Your Customer (“KYC”) procedures, Ongoing monitoring and business relationship, Record keeping requirements, Transaction reporting requirements
- Risk assessment to evaluate all risks related to money laundering and terrorist financing
- Ongoing compliance training program for our AML/KYC Compliance team
- Two-year effectiveness review of our Policy
For more information on our AML/KYC policy, please send an email to [email protected]
Individual Accounts Verification:
We verify the identity of all users through one of the following methods:
- Automated Verification (In partnership with Equifax)
We have partnered up with Equifax to verify the identity of each users automatically in order to save time. To be verified, the credit file details must match the name, date of birth and address provided by an individual client. If any of the information does not match, the verification process has to be done manually by one of our KYC officers.
- Manual Verification (By our KYC team)
If the automated verification is failed, the file will be sent to our compliance team to be reviewed carefully. As part of the account sign up process, all our clients are asked to upload to our site the Canadian government issued photo ID, Selfie photo with a signature. Our compliance team may ask for any additional documents such as proof of address or a second ID. All documents must appear to be valid and unaltered in order to be acceptable. If any information has been redacted, it is not acceptable.
Corporations Accounts Verification:
For Institutional clients, we are obligated to confirm the existence of the entity, and the entity's beneficial ownership.
In order to confirm the existence of a corporation as well as the corporation's name and address, we require the following documents:
- Power to bind the corporation - Articles of incorporation (with Full names of all Directors and at least 3 Authorized Signatories (if any))
- Proof of existence:
- Certificate of Corporate Status (if incorporated within the previous 12 months);
- Corporation Profile Report;
- A record that has to be filed annually under provincial securities legislation; corporation’s published annual report signed by an independent audit firm; or
- A letter or a notice of assessment from a municipal, provincial, territorial or federal government.
- Proof of address (utility bill, bank statement or any government record) - if not in the first or second bullet above
- Trade name registration, if applicable
- Beneficiary ownership attestation (BOA) form and ID on the ultimate beneficiary. Also, names and addresses of the individuals who are the beneficial owners, for example directors or shareholders, i.e. any actual person who owns or controls, directly or indirectly, 25% or more of the corporation’s shares, if nobody controls - information confirming that there is no actual person.
- Signed Corporate Resolution
- Completed the CoinField signup application form