Customer due diligence (CDD) measures are required for verifying the identity of a new or existing User as a well-performing risk-based ongoing monitoring of the business relationship with the User. Cryptopayments takes various measures during and after the KYC verification, which consist of 3 levels, including simplified and enhanced due diligence measures, which will be implied by Cryptopayments in accordance with the identified risk level of the User.
Cryptopayments will identify the User, their representative (incl. their right of representation), as well as any other connected persons, where relevant. For this, Cryptopayments may collect and retain from the User various documents and data for the following purposes:
● identification of the User, who is a natural person (the User, who is a natural person, cannot use a representative in the course of the business relationships or occasional transactions with Cryptopayments);
● identification of the User, who is a legal entity;
● identification of the User's representative and their right of representation (incl. the nature and scope of the right of representation of the User);
● identification of the User's Beneficial Owner;
● identification, whether the User, the Beneficial Owner of the User or the representative of this User is a politically exposed person, their family member or close associate or if the User has become such a person;
● understanding the purpose and nature of the established business relationship or performing transactions;
● monitoring of the business relationship (incl. updating the documents and data collected during the KYC verification, screening and monitoring of the transactions of the User concluded during the business relationship, identification of the source and origin of the funds used in the transaction).
Cryptopayments does not establish or maintain the business relationship and does not perform the transaction if:
● Cryptopayments is not able to take and perform any of the required CDD measures;
● Cryptopayments has any suspicions that Cryptopayments’s services or transactions will be used for Money Laundering or Terrorist Financing;
● the User whose capital consists of bearer shares or other bearer securities;
● the User who is a natural person behind whom is another, Beneficial Owner, wants to establish the business relationship (a suspicion that a front person is used);
the risk level of the User or of the transaction does not comply with Cryptopayments's risk appetite.