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AML/KYC policy

Anti-Money Laundering (AML) and Know Your Customer (KYC) policies

Both international and local regulations require c1k.world to maintain effective internal procedures to prevent any illegal activity and take all necessary measures to do so. The service adheres to practices in the field of combating the legalization (laundering) of proceeds from crime and the financing of terrorism (AML), as well as the Know Your Customer policy. (KYC).

AML / KYC policy covers the following issues:

  • Verification procedures;
  • Transaction monitoring;
  • Risk assessment.

1. Verification procedures

1.1. Identity verification

The verification procedure on c1k.world requires the User to provide the Site with authentic documents (for example, an international passport, account statement, utility bill).

For such purposes, c1k.world reserves the right to collect user identification information as part of its anti-money laundering and Know Your Customer policies. Also, c1k.world reserves the right to additionally check certain Users who have aroused suspicion.

The verification process includes the provision of documents confirming the identity of the User.

For individuals:

1) To confirm the identity, the User must provide one of the following documents:

  • civil passport;
  • international passport;
  • ID card.

2) To confirm the address, the User must provide one of the following documents:

  • bank statement clearly showing your address of actual residence;
  • a utility bill that clearly shows the address of your actual residence;
  • tax documents that clearly show your address of actual residence;
  • Proof of your actual address, issued by the local authorities, where your actual address is clearly visible.

For corporate clients:

1) To confirm the identity, the User must provide one of the following documents:

  • civil passport of the director;
  • International passport of the director;
  • Director ID;

2) To confirm the address, the User must provide one of the following documents:

  • bank statement clearly showing your address of actual residence;
  • a utility bill that clearly shows the address of your actual residence;
  • tax documents that clearly show your address of actual residence;
  • Proof of your actual address, issued by the local authorities, where your actual address is clearly visible.

3) To confirm that the User is an authorized representative of the organization, he must provide all of the following documents:

  • document confirming the legal address of the company;
  • document on registration of a legal entity;
  • director appointment order; scanned copy or photo of the decision letter to work with c1k.world

4) Information about the ultimate beneficiary:

  • civil passport of the final beneficiary;
  • International passport of the final beneficiary;
  • ID of the ultimate beneficiary;
  • document confirming the address of the ultimate beneficiary.

Ultimate Beneficiary, under Cypriot law, means the individual who owns or controls the User Account and/or the individual on whose behalf transactions are made.

1.2. Bank card verification

Users who want to make an exchange using a bank card must first verify it.

2. Transaction Monitoring

Verification of users is carried out not only by verifying their identity, but also by analyzing their transactions. Therefore, c1k.world relies on data analysis as a tool for risk assessment and detection of suspicious User activity.

c1k.world provides data collection, filtering, record keeping, investigation management and reporting. Regarding the AML/KYC policy, C1K. Best can track all transactions and reserves the right to:

  • request the User for any additional information and documents in case of suspicious transactions;
  • suspend or block a User's account if c1k.world has reasonable suspicions that this User is engaged in illegal activities.

The above list is not exhaustive and transactions will be monitored on a daily basis to see if transactions should be considered suspicious.

3. Risk assessment c1k.world, in accordance with international requirements, checks transactions for risk using AML services.

In this regard, the transaction may be rejected if the total risk exceeds 50%. Also, the Service may refuse to provide the User with services if the risk exceeds 1.5% in the following categories:

  • Dark Service — coins associated with child abuse, terrorist financing or drug trafficking;
  • Dark Market — coins that were used for purchases on the dark web;
  • Scam — coins that were obtained by cheating their customers;
  • Mixer — the coins were run through a mixer to make them difficult or impossible to trace. Often used for money laundering;
  • Illegal Service — coins associated with illegal activities;
  • Ransom — coins obtained through extortion or blackmail;
  • Exchange Fraudulent — coins from the exchange associated with fraud, illegal activities, or whose funds were seized by the government;
  • Stolen — stolen coins;
  • Gambling — coins associated with online casinos without a license.

In case the transaction turned out to be high-risk, the User must pass a KYC verification to confirm his identity. Immediately after that, the transferred funds will be returned minus the commission.

c1k.world reserves the right to:

  1. require the User to provide additional information disclosing the origin of digital assets and/or confirmation that these assets were not obtained by criminal means;
  2. block the account and any operations related to the User, transfer to the financial control and/or law enforcement agencies at the place of registration of the Service and, if necessary, at the address of the Client's registration, all information and documents available on the incident;
  3. require from the User documents confirming identity, video verification, registration address, solvency; 
  4. return digital assets only to the details from which the transfer was made, after a full check by the Service's security service, if it was possible to verify the legal origin of the Client's funds;
  5. to refuse the User to withdraw funds to the account of third parties without explanation;
  6. hold the User's funds until the incident is fully investigated;
  7. monitor the entire chain of transactions in order to detect suspicious transactions;
  8. Refuse the User to provide the service if the Service has reasonable suspicions of the legitimacy of the origin of digital assets or if it is impossible to track the entire chain of movement of assets from the moment they appear, and keep funds in special accounts of the Service.