Cabinet

AML and KYC

1. Purpose of the AML Policy

Eclipcoin Technology OÜ (We, Our, Us) has an obligation to implement anti-money laundering (AML) requirements within our nature of business. We as a team committed to comply with all the necessary rules in order to achieve the highest standards of AML and Know Your Customer (KYC) to alleviate the risk of potential facilitation of financial crimes.

We have put together and implemented the in-house AML Policy in order to guarantee that all the necessary actions are taken to achieve the complete protection of our services. We are fully committed to follow the requirements indicated in the Estonian AML laws, European Union and international AML guidelines.

2. Definition of AML Policy

AML Policy is a set of procedures and actions to eliminate money laundering, illicit activity, terrorist financing or some other criminal activity. AML Policy does include implemented KYC measures. In a world of online financial institutions it is crucial to get to know and understand your customer in a better way and help them to gain confidence and manage the potential risk.

We do undertake all the necessary measures in case of any suspicious activity and unusual customer’s behavior and address it to the relevant unit. As part of this process, our team may request additional information in regards of customer’s account activities e.g Source of Funds/Source of Wealth (SOF/SOW) or any other document we find essential in the interest of our customers.

Data obtained is being carefully handled, all the records regarding customer’s personal information is stored confidentially and according to personal data protection laws.

Eclipcoin Technology OÜ AML Policy includes:

  • KYC before commencing the financial relationship, this includes the identification and verification of the customer.
  • Given the risk-based approach we evaluate the level of risk and apply due diligence, including the enhanced due diligence for those customers who exposes us to a higher risk.
  • Ad-Hoc monitoring for the customer financial behavior based on risk analysis.
  • Procedures for reporting suspicious activities internally and externally.
  • Recurrent AML trainings for our team

The aforementioned approach obliges us to refuse to onboard, block account and fully terminate the relationship with a customer in case we have established any suspicious activities, unwillingness to cooperate and manipulated documents submission as a part of the customer's due diligence process.

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