KYC Policy

🎯 Purpose of AML/KYC Policy

The purpose of the FameSeller Anti-Money Laundering and Know Your Customer Policy (hereafter referred to as the “AML/KYC Policy”) is to foresee and mitigate the risks of FameSeller being involved in any type of illegal activity.

Both international and local regulations require FameSeller to implement compelling internal techniques and components to prevent illegal tax avoidance, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption, and bribery, as well as to take action if any type of suspicious activity from its Users occurs.

📋 Topics Covered by KYC Policy

• Procedures for verification
• Officer in Charge of Compliance
• Transactions are being tracked
• Assessment of the risk

🔍 Procedures for Verification

Client due diligence is one of the global norms for combating illicit behavior (“CDD”). According to AML regulations, FameSeller develops its own verification procedures inside the frameworks of anti-money laundering and “Know Your Customer” structures.

🪪 Identity Verification

The User must provide FameSeller with credible, independent source documents, information, or data as part of the identity verification process (e.g., national ID, international passport, bank statement, utility bill). For the purposes of the AML/KYC Policy, FameSeller claims complete authority to collect User’s identification data.

FameSeller will verify the accuracy of the records and data provided by the Users. Every legal method for double-checking identification data will be used, and FameSeller reserves the right to investigate specific Users who have been determined to be high-risk or suspicious.

FameSeller retains the ability to conduct ongoing background checks on Users, particularly when their identification data has been altered or their actions appear suspicious (unusual for the specific User). Furthermore, even if Users have already passed verification, FameSeller retains all authority to demand up-to-date documents from them.

The client’s identification data will be carefully obtained, stored, communicated, and protected in accordance with the FameSeller Privacy Policy and associated rules.

FameSeller can remove itself from potential legal risk in a situation where its Services are used to drive illegal action once the User’s identity has been validated.

👮 Officer in Charge of Compliance

The Compliance Officer is the person who, after being appropriately approved by FameSeller, is in charge of ensuring the KYC Policy’s successful execution and implementation. The Compliance Officer is responsible for all aspects of FameSeller’s fight against money laundering and terrorist financing, including but not limited to:

• a. Gathering Users’ ID data.
• b. Developing and updating internal methods for collecting, reviewing, and maintaining all records required by applicable laws.
• c. Monitoring transactions and looking for any notable deviations from the norm.
• d. Putting in place a records management system that allows for secure storage and recovery of reports, documents, and logs.
• e. Refreshing the risk assessment on a regular basis.
• f. Providing data for law enforcement as required by applicable laws and regulations.

The Compliance Officer is qualified to work with law enforcement agencies that are involved in preventing money laundering, terrorist financing, and other criminal activity.

📊 Transactions Are Being Tracked

The Users are identified not only by their identity (i.e., who they are), but also, and more importantly, by their behavioral patterns (what they do). As a result, FameSeller relies on data analysis as a risk assessment and suspicion detection tool.

FameSeller performs a variety of compliance-related tasks, including gathering information, sorting through records, reviewing accounts, and reporting. This includes:

• Daily checks of Users against sanctions lists (for example, OFAC), analyzing transactions across multiple data points, putting Users on watch and administration refusal lists, opening cases for examination where necessary, and filing statutory reports as needed;
• Maintaining records of suspicious transactions and keeping a record of them.

FameSeller will filter all transactions and reserves the right to:

• Ensure that suspicious transactions are reported through the Compliance Officer to the fullest extent authorized by law;
• Request the User to provide any additional data and documents if suspicious transactions occur;
• Suspend or terminate the User’s Account if FameSeller has reasonable grounds to believe that the User is involved in illegal activity.

The Compliance Officer will screen Users’ transactions on a regular basis to determine if they should be reported as suspicious or treated as legitimate.

⚠️ Assessment of the Risk

According to global requirements, FameSeller has adopted a risk-based approach to combating money laundering and terrorist financing. By using a risk-based approach, FameSeller can ensure that measures to prevent or mitigate money laundering and terrorist financing are appropriate to the identified risks. This allows resources to be allocated in the most efficient manner possible.

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