Money laundering is the act of converting money or other material values gained from illegal activity (terrorism, drug dealing, illegal arms trade, corruption, human traffic and etc.) into money or investments that appear to be legitimate. Such activity is used because of the illegal source of money and other material values cannot be traced.
In order to confront the penetration of criminal money into state economy and to prevent expansion of terrorist activity, countries carry on a struggle against money laundering and terrorism financing. Financial organizations are one of the easiest of access and convenient instruments that allow to legalize revenue from illegal activity. The increased integration of financial markets and liberty of capital mobility between them make market penetration of criminal capital easier. Thereat 24Change.com applies by-law and programs of its implementation to help international organizations to struggle against money laundering and financing of terrorist activity all over the world.
Change.AM collects documents and verifies identification data of the Client and also logs and tracks itemized statement of all transactions carried out by the Client.
Change.AM tracks suspicious transactions of the clients and transactions executed under nonstandard conditions.
Change.AM reserves the right to refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law service is not obliged to inform the Client that it was reported to the corresponding bodies of the Client’s suspicious activity.
Change.AM is committed to regularly updаte its electronic systеm for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.
1.1. All incoming cryptocurrency transactions are checked by a specialized service for illegal actions that can be qualified as laundering or attempted laundering of illegally obtained digital assets or funds of overtly criminal origin.
1.2. Each transaction is assigned a risk, which reflects the degree of ‘contamination’ of funds. This risk cannot exceed 60%. And individual zones have the following restrictions: Dark Service and Dark Market – 10%; Mixer and Gambling – 10%; Exchange Fraudulent, Scam, Illegal Service, Stolen and Ransom – 2.5%, Sanctions – 0.1%.
2.1. Require the Client to provide additional information disclosing the origin of digital assets and / or confirmation that these assets were not obtained by criminal means;
2.2. Block the account and any operations related to the Client, 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;
2.3. Require from the Client documents confirming identity, physical existence, registration address, solvency;
2.4. Return digital assets only to the details from which the transfer was made or switch to other details, after a full check by the Service’s security service, if it was possible to verify the legal origin of the Client’s funds;
2.5. Refuse the Client to withdraw funds to the account of third parties without explanation;
2.6. Hold the Client’s funds until the full investigation of the incident;
2.7. The service reserves the right to monitor the entire chain of transactions in order to identify suspicious transactions;
2.8. The Service reserves the right to refuse to provide the Service to the Client if the Service has reasonable suspicions of the legitimacy of the origin of digital assets and withhold funds on special accounts of the Service;
2.9. The Service reserves the right to refuse to provide the Client with the service if the Service has reasonable suspicions of the legitimacy of the origin of digital assets and withhold funds on special accounts of the Service if it is impossible to trace the entire chain of movement of digital assets from the moment they appear.
3.1. Refunds are made after a full check by the Service’s security service, which may inсlude detailed verification of the sender.
3.2. Refunds are made minus a commission of up to 10% of the transaction amount to cover the labor costs for processing the application and arranging a refund.
3.3. The return, subject to approval by the Service, will be processed by the Service within 10 calendar days, starting from the date when the User was notified with the decision of the Service regarding his return request.
3.4. When issuing a refund, after passing the check (verification), the user is obliged to confirm the details in order to receive a refund.