AML/KYC rules
1. General Provisions
The administration of the RunToRam service, understanding the societal danger of crimes associated with money laundering and financing of terrorist activities, has approved a set of organizational and legal measures aimed at complying with national legislation and the requirements of the intergovernmental organization FATF.
2. Terms and Definitions Used in the Agreement
KYC – An acronym for the English phrase “know your customer/client”. This is the mandatory verification of a client’s personal data by a financial institution. As part of this procedure, documents confirming the client’s identity are used, such as a valid ID, a utility bill with a home address, a social security number, etc. Typically, clients are required to provide KYC information during the process of creating an account.
Anti-Money Laundering (AML) – A set of measures to counteract money laundering, the financing of terrorism, and the creation of weapons of mass destruction. This procedure includes identification, storage, and mutual exchange of information about clients, their income, and transactions between financial institutions and government agencies.
Financial institutions apply AML principles to verify businesses that deal with cash settlements, hold liquid assets, keep funds in various accounts and banks, transfer them abroad, purchase futures, options, or other cash instruments, invest in securities through brokers or dealers. In this case, cryptocurrency is involved.
3. AML/KYC Verification Rules on the RunToRam Service
All incoming cryptocurrency transactions are checked by a specialized service for illegal activities that may qualify as money laundering or an attempt to launder digital assets obtained unlawfully, or funds of clearly criminal origin. Each transaction is assigned a risk level that reflects the degree of ‘contamination’ of the funds. This risk cannot exceed 35%.
4. RunToRam Service Regulations for High-Risk Asset Applications
RunToRam reserves the full right to:
4.1. Request additional information from the Client that discloses the origin of digital assets and/or confirms that these assets were not obtained through criminal means.
4.2. Block the account and all related operations associated with the Client, and submit all available information and documents concerning the incident to financial regulators and/or law enforcement authorities at the Service’s place of registration and, if necessary, at the Client’s place of registration.
4.3. Request documents from the Client that confirm identity, physical existence, registration address, and solvency.
4.4. Return digital assets only to the account from which the transfer was made or to another account, subject to full verification by the Service’s security department and confirmation of the legal origin of the Client’s funds.
4.5. Refuse to withdraw funds to third-party accounts without providing an explanation.
4.6. Withhold the Client’s funds until the investigation of the incident is fully completed.
4.7. Control the entire chain of transactions to identify suspicious transactions.
4.8. Refuse to provide services if the Service has reasonable suspicions about the legality of the digital assets’ origin and retain the funds in the Service’s special accounts.
4.9. Refuse to provide services if the Service has reasonable suspicions about the legality of the digital assets’ origin and retain the funds in the Service’s special accounts if it is impossible to trace the entire chain of movement of digital assets from the moment of their appearance.
5. Conditions for Refund of Funds Stopped for AML Verification
Refunds of funds are processed only after a complete verification by the Service’s security department, which may inсlude detailed sender verification. Refunds are made minus a commission of up to 10% of the transaction amount to cover processing costs and organize the return of funds.
If approved by the Service, the refund will be processed within 7 (seven) calendar days from the date the User was notified of the Service’s decision regarding their refund request. When processing the refund, after verification is complete, the user must confirm the payment details for receiving the refunded funds.
