AML / KYC Policy
uBUCK Know Your Customer (KYC) and Anti-Money Laundering Policy
The Policy on Prevention of Money Laundering and Terrorist Financing outlines our unified standards of anti-money laundering and combating terrorism financing adhered to by uBUCK with respect to our users transacting business and those who make use of the various services offered by uBUCK.
"Know Your Customer (KYC) Policy"
Verification of Personal Identity Information
The initial registration process requires basic information provided by users (name, email and cell phone number). Two-factor SMS authentication is required on initial sign up to confirm the user is the owner of the cell phone. uBUCK will utilize Sum & Substance’s (see terms) embedded facial and image recognition scan technology for further verification on all transaction over $9,999.00. Users will be requested to upload images of a government-issued identity card, passport or driver's license and the images will be compared to a user selfie photograph to determine the authenticity of the ID. The IDs uploaded will also determine if the users are over 18 years old and their national origin. The user may reattempt to submit their IDs up to three times. If a user is unable to pass the KYC (Know Your Customer) verification, the user will be guided through a multi-step process to provide a verifiable data that supports their true identity to determine if the data correlates with uBUCK’s registered database. If the user fails on this final attempt to verify their identity, the user will be blocked from gaining access to the uBUCK app. For customers seeking to purchase a debit card, KYC will be submitted through Es Solos AML requirements. Customers will be asked to complete account information, KYC requirements, name, address, DOB, Government ID through scan technology and in some countries by hand if scan technology is not accessible. All information is cross-referenced against databases for authentication.
Anti-Money Laundering (AML) Policy:
The uBUCK AML Policy is designed to prevent money laundering and meets all AML legislation obligations. These include controls and internal systems mitigate financial crime across all jurisdictions. To this we have implemented the following:
In alliance with regulatory requirements, the appointment of our internal Compliance Officer, Mr. Greg Bauer who has sufficient level of seniority and who has responsibility for oversight of compliance with legislation, regulations, rules and industry best practice; including:
- • Establishing internal audits and risk mitigation tools towards assessing in realtime and managing the money laundering and terrorist financing risks to the company;
- • Executing KYC procedures on all customers
- • Scheduled and unscheduled customer due diligence, identification, verification and know your customer (KYC) audits
- • Monitor transactions and filing for potentially suspicious and attempted suspicious activities reports (STR)
- • Enhanced due diligence and reporting for high profile and/or high-risk individuals
- • Establishing systems and procedures to alert expiration dates on ID for records
- • Reporting protocols for suspicious activity internally and to the relevant law enforcement authorities as appropriate;
- • The maintenance of audited reports that meet all privacy and securities laws
- • Ongoing written and compliance training for our employees and partners
- • A formal review of our AML, KYC and compliance policy, every 2 years to maintain best practice
Our Commitment to our Users
uBUCK will always provide a safe experience for users for ID verification and undergo KYC checks adhering to all regulatory and jurisdiction requirements; privacy of identifiable data in accordance with GDPR and state-by-state and provincial and compliance requirements. uBUCK commits to offer, clear, messaging to their users which includes the responsibility and risk their users assume
- • uBUCK holds no responsibility for the user’s purchases, earnings or losses
- • uBUCK marketing is intended to express the Company’s opinions
If you do not understand or agree with any of these conditions or if you require further clarification, please contact our Compliance Officer, Greg Bauer at compliance [at] ubuckpay.com.