AML Policy | BasEx

    • AML Policy

    Basex.one

    The administration of the Basex.one platform, recognizing the societal hazard of crimes linked to the laundering of money and the funding of terrorist activities, has sanctioned an array of organizational and legal procedures with the aim of upholding the provisions of national legislation as well as the regulations of the intergovernmental organization, FATF.

    What does AML encompass?

    Anti-Money Laundering comprises a series of actions aimed at combating the laundering of funds, the financing of terrorism, and the proliferation of weapons of mass destruction. This process entails the identification, preservation, and reciprocal exchange of information concerning clients, their revenues, and transactions between financial entities and governmental agencies.
    Financial establishments leverage the AML principle to scrutinize businesses that engage in cash transactions, possess liquid assets, maintain money in diverse accounts and multiple banks, transfer assets overseas, purchase futures, options, or other cash settlement instruments, and invest in securities via brokers or dealers. In this context, cryptocurrency is implicated.

    How does AML verification function on Basex.one?
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    If you are sending us cryptocurrency, an AML check of your transaction and your address will be conducted. Your application will be frozen if your address or the cryptocurrency you sent are classified as High Risk/Middle Risk or have previously been associated with the following concepts:

    • Illegal Service
    • Mixing Service
    • Fraudulent Exchange
    • Darknet Marketplace
    • Darknet Service
    • Ransom
    • Scam
    • Stolen Coins
    • Terrorism Financing
    • Sanctions
    • Illicit Actor/Organization
    • High-Risk Jurisdiction
    • Gambling
    • Fraud Shop
    • Enforcement action

    Also in accordance with FATF recommendations we do not work with the following countries:

    • Democratic People's Republic of Korea
    • Iran
    • Myanmar
    What should I anticipate from Basex.one if my application has been frozen due to a high-risk transaction?

    Basex.one retains the full authority to:
    1. Request the Client to provide additional information elucidating the origin of the digital assets and/or verification that these assets have not been procured through unlawful means;
    2. Suspend the account and any associated activities with the Client, forward any pertaining information and documents to financial regulatory and/or law enforcement agencies at the location of the Service's registration, and if required, to the place of the Client's registration;
    3. Demand from the Client documents that substantiate their identity, physical existence, registered address, and financial capacity;
    4. Refund digital assets solely to the account from which the transfer originated, or to other designated accounts subsequent to a comprehensive review by the Service's security department, given the legality of the Client's funds has been authenticated;
    5. Deny the Client's request to withdraw funds into a third-party account without providing a reason;
    6. Retain the Client's funds until a thorough investigation of the incident has been concluded;
    7. The Service reserves the right to oversee the entirety of the transaction chain with the intent of detecting suspicious activities;
    8. The Service reserves the right to deny services to the Client if there are legitimate suspicions regarding the lawful provenance of the digital assets and to secure funds within dedicated accounts of the Service;
    9. The Service reserves the right to deny services to the Client if there are legitimate suspicions concerning the legality of the digital assets' origin, and to hold funds within specialized Service accounts, particularly when it is impossible to trace the entire trajectory of the digital assets from the moment of their inception.

    Terms for the Refund of Funds Suspended for Review Following the AML Transaction Analysis

    Refund processing is carried out following a comprehensive investigation conducted by the Service's Security Department, which may include verification of the sender, and after withholding a commission fee of 2% of the transaction amount. If the user refuses to undergo identification, the refund will be made after withholding a commission fee of 4% of the transaction amount. It is important to note that refunds are exclusively made to the same wallet from which the funds were sent. Withholding the commission fee is a necessary step to compensate for the expenses associated with conducting a detailed investigation and analysis of the situation. Anti-money laundering efforts require significant resources, including the time expenditures of employees, the use of specialized software, and other resources aimed at ensuring the security of financial transactions and compliance with all necessary legislative and regulatory requirements.

    The refund will be processed by the Service within 24 hours, starting from the date when the User was informed of the Service's decision regarding their refund request.

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