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:
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:
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:
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:
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.