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KYC Policies

This Know Your Customer (KYC) Policy applies to:

  • AXEN LIFE DMCC, regulated by the Dubai Virtual Assets Regulatory Authority (VARA), and

  • AXEN TRADING CURRENCIES IN SPOT MARKET LLC, regulated by the UAE Securities and Commodities Authority (SCA) under license LIC-0008119.

Each entity implements the following KYC procedures in accordance with its respective regulatory obligations and jurisdiction. Clients are onboarded under the appropriate entity depending on their location and product eligibility.

AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC are committed to the highest standards of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. The aim of the Anti-Money Laundering and Counter-Terrorism Financing Policy is to actively prevent risks from these matters. To assist the government in combating terrorist financing and money laundering activities, all financial institutions are required by law to obtain, verify and record information that identifies each person who opens an account. We have an obligation to report suspicious customer activity relevant to money laundering.

Money laundering: The process of converting funds received from illegal activities (such as fraud, corruption, terrorism, etc.) into other funds or investments that appear legitimate in order to hide or distort the actual source of funds.

The money laundering process can be divided into three sequential stages:

  • Placement. At this stage, funds are converted into financial instruments such as checks, bank accounts and money transfers, or they can be used to purchase high-value goods that can be resold. They can also be physically deposited in banks and non-bank institutions (e.g. exchange offices). To avoid suspicion on the part of the company, the launderer can also make several deposits instead of depositing the entire sum at once, this form of placement is called smurfing.
  • Layering. Funds are transferred or moved to other accounts and other financial instruments. This is done to disguise the origin and disrupt the indication of the entity that made the multiple financial transactions. Moving funds and changing their form makes it difficult to trace the money being laundered.
  • Integration. Funds are once again circulated as legitimate funds to purchase goods and services.
  • AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC adhere to the principles of AML and actively prevents any actions that aim at or facilitate the process of legalization of illegally obtained funds. The AML policy means preventing the use of the company’s services by criminals, for the purpose of money laundering, terrorist financing or other criminal activity.
 

In order to prevent money laundering, AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC do not accept or pay cash under any circumstances. The companies reserves the right to suspend the operation of any client, which may be considered illegal or, in the opinion of the staff, related to money laundering.

COMPANY PROCEDURES

AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC take all necessary measures in accordance with the applicable laws and regulations, issued by the monetary authorities. The AML policy is being complied with within AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC by the following means:

  • Know your client’s policy and due diligence.
  • Monitoring customer activity
  • Record keeping
 
Know Your Customer : Due to the Company’s commitment to AML and KYC policies, each client of the Company is required to complete a verification procedure. Before AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC enter into any cooperation with the Client, the Companies ensures that satisfactory evidence is submitted or other steps are taken that will produce satisfactory proof of the identity of any Client or counterparty. The Companies also applies heightened scrutiny to Clients, who are residents of other countries, identified by credible sources as countries, which have inadequate AML standards or which may pose a high risk of crime and corruption and to beneficial owners who reside in and whose funds are sourced from named countries.
 

INDIVIDUAL CLIENTS

During the registration process, each client provides personal information, specifically: full name; date of birth; country of origin; and full residential address. The following documents are required to verify personal information: A client submits the following documents (in case documents are written in non-Latin characters: to avoid delays in the verification process, it is necessary to provide a notarized translation of the document in English) due to KYC requirements and to confirm the indicated information:

  • Valid passport (showing the first page of the local or international passport, where the photo and signature are clearly visible); or
  • Driving license with photo; or
  • National identity card (showing the front and back);
  • Documents proving current permanent address (such as utility bills, bank statements, etc.) containing the client’s full name and place of residence. These documents must not be older than 3 months from the date of submission.


CORPORATE CLIENTS

In the event that the applicant company is listed on a recognised or approved stock exchange or where there is independent evidence to show that the applicant is a wholly owned subsidiary or a subsidiary under the control of such company, no further steps will normally be taken to verify the identity. In the event that the company is not listed and none of the principal directors or shareholders already have an account with AXEN LIFE DMCC or AXEN TRADING CURRENCIES IN SPOT MARKET LLC, the following documentation must be provided:

  • Certificate of incorporation. (Article of incorporation/Certificate of incorporation).
  • Certificate of registered address, proof of tax domicile of the corporation no more than 90 days old.
  • Certificate of directors and secretary. ∙ Tax identification card. ∙ Corporation bank contract.
  • Memorandum and articles of association.
  • Resolution of the Board of Directors for the opening of the account and the granting of authority to those who will operate it.
  • Shareholders’ certificate. Document detailing the members and their respective percentages.
  • LEI code.
  • Copy of the trust deed/agreement (if applicable).
  • Documentation of all Directors, Shareholders, Ultimate Beneficiaries and Signatories. 1. National Identification, Passport or Driver’s License. 2. Proof of address no more than 90 days old. Customer Activity Tracking
 

In addition to collecting information from clients, AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC continues to monitor each client’s activity in order to identify and prevent any suspicious transactions. A suspicious transaction is referred to as a transaction that is not consistent with the client’s legitimate business or with the client’s regular transaction history known from the client’s activity monitoring. AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC have implemented the monitoring system of the named transactions (both automatic and, if necessary, manual) to prevent criminals from using the company’s services.

RECORD KEEPING

Records of all transaction data and data obtained for identification purposes, as well as all documents related to money laundering issues (e.g. suspicious activity report files, AML account monitoring documentation, etc.) must be maintained. These records are retained for a minimum of 7 years after the account is closed.

MEASURES TAKEN

In cases of an attempt to execute transactions that AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC suspect are related to money laundering or other criminal activity, it will proceed in accordance with applicable law and report the suspicious activity to the regulatory authority.

AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC reserve the right to suspend the operation of any client, which may be deemed illegal or may be related to money laundering in the opinion of the staff. AXEN LIFE DMCC and AXEN TRADING CURRENCIES IN SPOT MARKET LLC HAVE full discretion to temporarily block the account of the suspicious client or terminate a relationship with an existing client. For more information you can contact us at hola@axenbroker.com.