As a corporate entity, we are required under general practice and standards to show our commitment towards global policies such as AML and KYC. While researching online for right brokerage service providers, you may come across platforms which may be following other policies but not AML and KYC. Perhaps they may be willingly or unintentionally avoiding them. However, we don’t perhaps because we recognize our responsibilities towards service providers’ community and public. As a matter of fact, because of these two policies, several platforms have been able to earn great respect in the market. We therefore would like to explain you briefly about the policies of KYC and AML.
KYC is the ‘Know Your Customer’ policy which you may have heard somewhere or from someone. Almost all of the countries in the world are deriving benefits from KYC which has helped them addressing and identifying core issues. The best advantage of KYC is however prevention of acts of terrorism and terror funding. Before the policy came into being, it was seen that terrorists were utilizing digital platforms for sending and receiving funds because they could avoid verification process. However, when the policy came into being, they are now left with limited choices and digital platforms have shut their doors upon them. Polarbtc also ensures compliance with KYC policy. So you can be rest assured that you’ll be working with terrorism free trading platform. To the satisfaction of KYC policy, you would be under an obligation to provide all the relevant and essential details pertaining to you. For further proof, you should be providing Polarbtc your identity card’s copy or the copies of your utility bills like electricity, water, gas or property. Even the requirements of the KYC can be fulfilled by providing us your driving license or medical health insurance.
Quite similar to KYC there is yet another very crucial policy called Anti-Money Laundering i.e. AML. Under this policy, we are required to take effective measures for eliminating financial crimes such as money laundering. Before the AML, digital platforms were misused by money launders who knew the tricks how to utilize digital platforms for whitening ill-gotten money. In this connection, Polarbtc carries out verification process on the basis of the information we have collected from traders. For initiating the verification process, we check the genuineness and authenticity of bank related information supplied to us by our registered members. Furthermore, as a proof that you are not involved in money laundering anywhere in the world, we need from you information and your bank history and credit-line background. We are also entitled to have a look at your credit card and debit card numbers for fulfilling the verification requirements.
Your documents, annexures and supporting cards are your property which you have provided to us on the basis of trust and faith. We are therefore legally under an obligation to keep them secured in whatever way possible. We can use them but we can sublet any of them to any third party or otherwise. Our advice to you is that you shouldn’t take the two policies for granted. We however would be glad to give you more information about KYC and AML collectively or individually.
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