Anti-Money Laundering Policy
Introduction
Chip2Wealth ("we," "us," or "our") is committed to complying with all applicable anti-money laundering (AML) and counter-terrorism financing (CTF) laws and regulations. This AML Policy outlines the principles and procedures we follow to prevent the use of our platform for money aundering or terrorist financing.
Scope
This policy applies to all employees, officers, directors, and agents of Chip2Wealth, as well as any third parties acting on our behalf. It covers all services and products offered by us.
Customer Due Diligence (CDD)
We implement a risk-based approach to customer due diligence (CDD) to verify the identity of our customers and understand the nature of their activities. This includes:
- Identification Verification: Collecting and verifying identification documents (e.g., governmentissued ID, proof of address).
- Enhanced Due Diligence (EDD): Applying additional scrutiny to high-risk customers, such as politically exposed persons (PEPs) or customers from high-risk jurisdictions.
- Ongoing Monitoring: Continuously monitoring customer transactions and activities for unusual or suspicious behavior.
Money Laundering
Money laundering refers to those assets that are money that is acquired in exchange for money or assets gained unlawfully. It also includes money spent for terror purposes, regardless of the means it was obtained
Under this policy, money earned by using the following means is considered money laundering, and it is prohibited;
Money or assets received in exchange for criminal or unlawful acts. Money whose origin is not explicit or earned by assisting any activity in evading lawful means.
Property gained after any criminal activity and its origin, location, and disposition are not transparent.
Property which is promoting any unlawful activity
Terrorism financing
The policy is subject to updates and amendments, which will be communicated to the stakeholder immediately.