AML/KYC

AML/KYC

POLICY ON PREVENTION OF LAUNDERING OF CRIME REVENUES AND FINANCING OF TERORISM

Blockchainlab Yazılım Anonim Şirketi (“Blockchainlab” or the “Company”) pays utmost attention in order to provide its services to Customers within the scope of the User Agreement. Blockchain Lab, for the purposes of preventing the use of its services for money laundering and terrorist financing activities, implements preventive measures with a risk focus by taking into consideration of the requirements determined by the “National Legislation”, foregoing of which is the Law on Prevention of the Laundering of Crime Revenues numbered 5549 and the Law on Prevention of the Financing of Terrorism numbered 6415, adopted by the Republic of Turkey Ministry of Treasury and Finance, Financial Crimes Investigation Board (MASAK) and the “International Legislation” consisting of the international treaties entered into by the Republic of Turkey and other relevant international regulations (National Legislation and International Legislation shall be hereinafter together referred to as the “Relevant Legislation”).

  1. PURPOSE

Our Company has adopted a risk-focused approach and thus prepared the Policy on the Measures regarding the Prevention of the Laundering of Crime Revenues and Financing of Terrorism (the “Policy”) for the following purposes:

  • Mitigation of the risk by evaluating the transactions, products and the services performed by the customers through the Cointral Platform (“Cointral”) and through the branch located at (…) and operated by our Company,
  • Raising awareness of the Customers on the subjects of prevention of fraud, identify theft, laundering of crime revenues and financing of terrorism,
  • Providing information on the subjects of laundering of crime revenues and financing of terrorism and;
  • Informing the Customers that all transactions and activities performed are conducted in accordance with the Relevant Legislation.

This Policy is an integral part of all contracts signed with the Customer regarding the services offered by our Company and it must be taken in account as a whole. This Policy is valid for all purchase and sale of cryptocurrencies conducted by any of the Customers or their subsidiaries.

The Company along with its subsidiaries, enterprises, employees and solution partners apply the measures for the prevention of the laundering of crime revenues and financing of terrorism activities with a policy of zero tolerance in accordance with the Relevant Legislation regardless of the geographical locations of the above.

  • DEFINITIONS
  • Branch: The legal offices where purchase / sale orders of cryptocurrencies are issued in physical environment and cryptocurrency transfers take place by Blockchain Lab,
  • Cointral Online: Cryptocurrency trading platform provided on https://cointral.com/  which is operated by the Company
  • Account: the user account opened by the Customers in the https://cointral.com/ website for the purposes of benefitting from all products and the services provided in the Cointral Platform operated by Our Company,
  • Cryptocurrency Wallet: Any kind of software, digital media or similar storage address or medium, irrespective of the name under, in which the Customer stores the cryptocurrency values and which includes cryptocurrency address showing the public and private key which is confidential to the Customer. 
  • Crime revenues: means the monies, negotiable instruments, goods, revenues, all kinds of material benefits and values acquired by way of interconversion of the above-mentioned monies, instruments, goods or revenues including conversion of a money currency into another money currency, obtained by way of commitment of acts deemed criminal under the Relevant Legislation, in other words obtained as a result of predicate crimes,
  • Laundering of crime revenues: generally, refers to all kinds of transactions performed to conceal the illegal source of the revenues obtained by way of predicate crimes and to present such revenues as having been obtained by legal means,
  • Crime of laundering of crime revenues: refers to the crime regulated under Article 282 of the Turkish Penal Code numbered 5237 which provides for a minimum of six months of punishment of imprisonment and which consists of transportation to outside of country of asset values originating from a crime or concealment of the illegal source of such values or subjecting such values to various transactions with the purposes of creating the conviction that such values had been obtained by legitimate means,
  • Cryptocurrency: refers to an open-source software, which is an alternative to digital and virtual money, which enables secure transactions in cryptographic / encrypted form,
  • Customer: Real and/or legal entities who obtain the services of Our Company in exchange of fee and make sale/purchase of cryptocurrencies,
  • Risk: the possibility of financial or nominal damage incurred by the Customer and our Company due to the services of our Company,
  • Risky country: refers to the countries which do not own sufficient regulations on the subjects of the preventions of the laundering of crime revenues and financing of terrorism, which do not show a sufficient level of cooperation for the struggle against such crimes or which are deemed risky by competent international organizations,
  • Website: refers to the websitehttps://www.cointral.com/ along with its other extensions and all its content,
  • Suspicious transaction: refers to the presence of any kind of information, suspicion or particularity necessitating suspicion that an asset, subject of service provided by our Company was obtained by illegal means or was used for illegal purposes, was used within this scope for terrorist activities or by terrorist organizations, terrorists or by those financing terrorism or was associated or connected thereto,
  • Crime of financing terrorism: Provision or collection of funds for the purposes of realization of the acts which are regulated as criminal under Article 3 of the Law on Prevention of the Financing of Terrorism or providing or collecting funds for a terrorist or terrorist organizations  knowing and being willing to the fact that such funds shall be partially or totally used for the performance of such prohibited acts.
  • PRINCIPLES ON PREVENTION OF LAUNDERING OF CRIME REVENUES AND FINANCING OF TERORISM

Our Company has regulated all its processes and mechanisms in connection with the services it provides in accordance with the Relevant Regulation and accordingly has embrace the following;

  • Has taken measures for the purposes of mitigation of risks by evaluating the Customers in itself, transactions made by Customers and services which are being provided;
  • Preventing creation of a setting facilitating the laundering of crime revenues and financing of terrorism;
  • Reasonable confirmation of the Customers’ identities;
  • Implementing a risk focused approach for the surveillance of the Customers’ activities and;
  • Notifying the competent institutions and authorities within the framework of the Relevant Legislation of any Suspicious Transaction performed by the Users and recording the transactions

thus, creating the necessary organizational structure for the implementation of the Policy on the Measures Regarding the Prevention of Laundering of Crime Revenues and Financing of Terrorism within the Company.

  • Measures taken by Our Company

The measures taken by our Company within the scope of the prevention of laundering of crime revenues are as follows:

  • Necessary personnel staffs for the implementation of this Policy has been formed.
  • A Prevention Officer to work exclusively for the implementation of this Policy has been appointed.
  • The Company organizes and realizes training sessions in regular intervals.
  • Detailed Policy on the Prevention of Laundering of Crime Revenues and Financing of Terrorism and Know-Your-Customer Policy (the “Policies”) which are to be implemented within the Company have been prepared and such Policies are being updated in accordance with the changes.
  • Periodical and random risk management, analysis and inspections are being conducted.
  • The Company does not open Customer Accounts for the persons for whom it does not open Customer Accounts according to this Policy, of whose Accounts were suspended, frozen or closed and also does not open Customer Accounts for the persons who are blacklisted by finance companies in accordance with their own policies, the Company does not cooperate or work with such persons.
  • Our Company does not provide its services to the citizens of, as well as the legal entities established in United States of America and the countries which are identified in the high-risk group and are kept under the supervision according to the standards of the Financial Action Task Force (“FATF”).
  • Anonymous accounts are not allowed to be opened within the scope of Cointral Online services and the transactions making through the banks, payment instuitions and third parties providing anonymous accounts are prevented.
  • The Company shall preserve all documents obtained through provided services and all other medium for a period of eight years starting as of the date of the issuance of the said documents, and for the information relating to the identity determination, as of the date of the latest transaction, and shall submit the same to the relevant persons in case of demand. Such information is processed in accordance with our Privacy Policy [SS1] and are preserved in a secured manner in accordance with the relevant legislation for a period of eight years starting as of the transaction date.
    • Measures taken which are specific to Customers

The measures taken by our Company which are specific to Customers within the scope of the prevention of laundering of crime revenues actions are as follows:

  • The Company follows the identification confirmation process for the completion of opening Customer Account and for the cryptocurrency sale-purchase transactions making at the Branch.
  • The Company uses a security system under which Customer identity information, registration documents and logs are recorded.
  • Upon the detection of a Suspicious Transaction, the Customer Accounts are frozen and/or closed and, regardless of the amount of the relevant transactions, all relevant official authorities, especially MASAK, and law enforcement forces are notified.
  • Any account is not opened for the citizens and legal entities residing at the United States and the countries which are identified and monitored as being at high risk according to the FATF standards; no contractual relationship is allowed with these people within the scope of our cryptocurrency transfer services.
  • All transactions within the high-risk group are supervised and controlled in detail.
  • Information relating to the identity determination are preserved for a period of eight years starting as of the date of the latest transaction.

Our Company, in accordance with the Relevant Legislation, is following and implementing a risk focused preventive program for the purposes of mitigation of risk by evaluation of the Customers, transactions and services with a risk based approach and with a view to prevent the creation of a platform which may facilitate the laundering of crime revenues and finance of terrorism and occurrence of a vulnerability.

  • Prevention Program

Our Company has, with a view to conduct activities with best compliance results in the struggle against the laundering of crime revenues and financing of terrorism, also established a prevention program within the Company on the foundation of a risk based approach. Our Company has taken the following measures within the scope of the Prevention Program that it has created:

  1. Risk management activities: Our Company has been creating a risk management policy by taking into consideration of the company size, business volume and the quality of the transactions performed by the Customers. The main purpose of this Policy prepared by our Company is the definition and evaluation of the risks relating to the struggle against the laundering of crime revenues and financing of terrorism and taking of the necessary precautions. Within this scope, the foregoing risk management activities conducted by our Company at a minimum level comprise the following:
  2. Development of the risk definition, classification, rating and evaluation methods based on Customer risk, service risk and country risk,
  3. Rating and classification of the services, transactions and Customers on a risk basis,
  4. Ensuring the surveillance and the control of the risky Customers, transactions and services; reporting of the same by way of warning the relevant departments; performance of the transaction with the approval of a more senior office within the Company and development of the appropriate functioning and control rules for the purposes of the audit of the same if need be,
  5. Retrospective questioning of the consistency and efficiency of the risk determination and evaluation methods, risk rating and classification methods, by using the exemplary incidents or already performed transactions; re-evaluation and updating of the same in accordance with the conclusions reached and developing conditions,
  6. Conducting of the necessary improving studies by way of monitoring of the national legislation and the advices, principles, standards and guides introduced by the international organizations relating to the subjects within the risk scope, and
  7. Reporting the risk monitoring and evaluation results to the board of directors at regular intervals.
  8. Monitoring and control activities: our Company, in addition to the risk management activities and in order to provide protection against such risks which are defined and classified, constantly monitors and controls its activities. Within this scope, our Company ensures the following in order to allow its personnel to reach internal company information sources with a view to conduct the above-mentioned activities:
  9. Monitoring and control activities conducted within Blockchain Lab,
  10. Monitoring and control of the high-risk group customers and transactions,
  11. Monitoring and control of the transactions conducted with Risky Countries,
  12. Monitoring and control of the complicated and unusual transactions,
  13. Control of the transactions which are above the amount determined by the risk policy to assess whether are in compliance or not with the customer profile by using the sampling method,
  14. Monitoring and control of the connected transactions, exceeding the amount requiring the identification confirmation, when taken into consideration in together,
  15. Control of the information and the documents relating to Customers which are required to be preserved in an electronic medium or in writing along with the mandatory information which are required to be mentioned in the electronic transfer messages and completion of the deficiencies relating to the above and updating of the same,
  16. During the duration of the business relation, continuous surveillance to assess whether the transaction conducted by the Customer is in compliance with its information on such Customer’s employment, risk profile and financial resources,
  17. Control of the transactions conducted by using systems enabling performance of transactions which are not face-to-face, and
  18. Risk focused control of the newly presented products and services which may become vulnerable to abuse due to technological developments.
    1. Risk
    1. 2 Risk Evaluation

Our Company, in accordance with the requirements of the Relevant Legislation, adopts a risk based approach to prevent the laundering of crime revenues and financing of terrorism. Therefore, the measures for the prevention of the laundering of crime revenues and financing of terrorism, are adopted in proportion to the determined risks.

Blockchain Lab may conduct a risk analysis for monitoring the transactions of its Customers by using the following methods and may place the relevant Customers under surveillance as a result of the information obtained through the risk analyses.

  1. Transaction limits for the high-risk group transactions are as follows:
  2. If the total amount of a single or several connected Cryptocurrency purchase-sale transaction(s) is equal to or exceed, TRY 100,000.00;
  3. If the total amount of a single or several connected Cryptocurrency swap transaction(s) is equal to or exceed, TRY 100,000.00.
  4. Following transactions shall be deemed as being in the High Risk group in the presence of the following circumstances regardless of the relevant transaction amount:
  5. Circumstances which require the suspicious transaction notification as per the Relevant Legislation;
  6. Circumstances where there is a suspicion regarding the accuracy and sufficiency of the identity information relating to Customers which had been previously obtained;
  7. Detection of the fact that complicated transactions were performed which have the potential of concealment of the third-party benefiters;
  8. Transactions which are conducted with/over Risky Countries.
  9. The measures adopted by the Company for the purposes of compliance with this Policy and mitigation of the potential risks to the lowest possible level are as follows:
  10. Collection of the identification information of the customers;
  11. Preparation, review, presentation of all necessary reports basing on the Relevant Legislation and creation of internal policy and procedures to preserve and update the same;
  12. Monitoring the important deviations of the Customers originating from their unusual activities and analyses of the same;
  13. Creating of a management system to record and register the documents, folders, forms and daily logins and logouts;
  14. Regular update of the risk evaluations.
  15. Our Company adopts the following measures to ensure the compliance with the Relevant Legislation of this Policy and the implementations created by the Company within this scope:
  16. Examination of the consistency and efficiency of the definition of the risk groups and classification of the evaluation methods by using the case analyses;
  17. Determination of the methods relating to risk level determination by way of retrospective re-evaluation of the actually performed past transactions and updating such methods using the results thereof;
  18. Conducting periodical and random audits regarding risk levels;
  19. Ensuring the reporting of the results of risk evaluation and monitoring to the Board of Directors at regular intervals.
    1.    Transaction Monitoring

In cases of occurrence of transactions raising suspicions of laundering of crime revenues and money laundering, our Company is entitled to monitor all transactions and do the following:

  • Requiring additional information and documents from the Customers;
  • Suspension or closing of the Customer Accounts;
  • Notification of the Suspicious Transactions to all relevant official authorities, especially MASAK, and to law enforcement forces.

The above-list is not all comprehensive and the Exclusive Prevention Officer, by daily monitoring the Customers’ transactions through the software created for auditing compliance with this Policy, reports transactions and determined whether transactions are to be deemed suspicious or not.

  •    Know-Your-Customer Policy

Know-Your-Customer Policy [SS2] can be accessed through our website. Know Your Customer Policy is an integral part of this Policy and should be interpreted along with this Policy. According to the Know-Your-Customer Policy, our Company adopts the following measures within the framework of the applicable legislation and other inter-Company policies:

  • Reasonable confirmation of the identity of the existing and new Customers,
  • Taking precautions to detect the benefiter as a result of the transactions performed by the Customer,
  • Obtaining information in a reasonable level in relation to the purpose and quality of the transaction wished to be performed by the Customer,
  • Monitoring the Customer and the transactions performed by the Customer and comparison of the same with the User profile,
  • Monitoring the high-risk group Customers, transactions and other Customers who are especially required to be controlled along with the
    •    Confirmation Procedure

Blockchain Lab has created its own confirmation procedures to ensure compliance with the policy.

Within this respect:

  • Blockchain Lab follows the procedure of confirmation of the identifications of its Customers.
  • Blockchain Lab has been collecting and preserving the identification information of its Customers with a view to realize the requirements of the Relevant Legislation and the purposes determined with this Policy.
  • Blockchain Lab reserves its right to demand additional information in relation to Customers who are defined as dangerous or suspicious after having confirmed the accuracy of the documents and information submitted by the Customers.
  • If the identification information of the Customer has been changed or their activities were deemed suspicious, our Company is entitled to demand from such Customers updated documents even if their identities were previously confirmed.
    •     Reporting

Our Company, within the framework of the services it provides, in cases where there are suspicions relating to laundering of crime revenues and financing of terrorism, notifies MASAK, in accordance with the Relevant Legislation, of the transactions which are determined as being suspicious transactions as a result of the necessary examinations regardless of their amounts.

  •    Appointment of the Exclusive Prevention Officer

Our Company appoints an administrative officer vested with the required authority to ensure the efficient implementation of the Policy. The appointed prevention officer is an employee working with Blockchain Lab with the following principal duties:

  • Collection of the identification information of the Customers, management of the security system under which the identification information of the Customers, their registration documents and transactions are recorded,
  • Preparation, preserving and updating of the reports, agreements and all other relevant documents required for compliance with the Relevant Legislation; creating and updating of the internal policies and procedures in relation thereto;
  • Implementation of a recording management system to record and obtain the documents, files, forms and daily logins and logouts,
  • Periodical and random performance of the risk management analyses and audits,
  • Regular updating of the risk evaluations;
  • In case where a suspicious transaction is detected by technical teams, notification of all relevant official authorities, especially MASAK, and the law enforcement forces,
  • Periodical control and reporting of the analyses of the high-risk group transactions,
  • Ensuring the control that the precautions specific to our Company and the Customer has been taken by the relevant departments.
  • Training, Updating and Internal Audit
  • Training activities: Our Company is forming a training policy for the purposes of struggle at the best of its abilities with the laundering of crime revenues and financing of terrorism. The above-mentioned training policy consists of subject matters such of functioning of the training activities, the persons who shall be responsible for realizing of the same, determination and cultivation of the personnel and trainers who shall attend the training activities and education methods. Our Company aims, with the training policy which it prepared, to comply in the best manner with the measures and requirements it has determined under this Policy and also aims the creation of an institution culture by way of increasing the responsibility awareness of the Company’s employees on these matters with a risk based approach and updating the information of the personnel.

The training activities are conducted under the surveillance and coordination of the Prevention Officer. The training program is prepared by the prevention officer with the contribution of the relevant departments of our Company and the efficient implementation of this program is monitored by the Prevention Officer. The training activities, which are conducted within the duration of the process, are being re-visited as the results of the measurement and evaluation with the contribution of the relevant departments and are repeated at regular intervals in accordance with the Company’s needs.

Our Company fulfills all its application in relation to its training requirements within the scope of the personnel policies and procedures it has issued in accordance with the applicable legislation. Within this context, foregoing training being relating to the Prevention of Anti-Money Laundering Procedure, the Company provides various training to its personnel and ensures to keep their information updated.

The training activities provided to our Company’s personnel within the scope of our training program include at a minimum level the following:

  • Concepts of laundering of crime revenues and financing of terrorism,
  • Stages and methods of laundering of crime revenues and exemplatory case studies relating thereto,
  • Relevant legislation regarding the laundering of crime revenues and financing of terrorism,
  • Risk areas,
  • Company policy and procedures,
  • Principles regarding knowing your customer,
  • Principles regarding notification of suspicious transactions,
  • Preservation and submitting requirement,
  • Document and information submission requirement,
  • Sanctions to be applied in case of non-compliance with the requirements; and
  • International regulation in the fields of anti-money laundering and financing of terrorism.
  • Internal Audit: Our Company has been conducting internal auditing activities to ensure the board of directors of the efficiency and sufficiency of the totality of the prevention program established by this Policy. In the direction of this purpose, whether the Company policy and procedures, risk management, monitoring, surveillance and control activities along with the training activities are efficient and sufficient and whether our Company’s risk policy is efficient and sufficient and whether the transactions are conducted in accordance with this policy and procedures established by our Company are all being examined and audited annually and by way of a risk based approach.

Our Company within the scope of the internal audit activities conducted:

  • Reports to the board of directors the deficiencies, faults and abuses which come into occurrence along with advice and considerations for the prevention of the re-occurrence of the same,
  • While determining the scope of the audit, includes the deficiencies and risky Customers, services and transactions detected during the monitoring and control exercises, and
  • While determining the units and their transactions which are to be audited, our Company takes into consideration the matters such as the size and the volume of the transaction. Within this context, our Company ensures the auditing of the units and transactions in a quantity and quality which are capable of representing all transactions performed

KNOW YOUR CUSTOMER POLICY

Blockchain Lab Yazılım Anonim Şirketi (“Blockchain Lab” or “Company”), within the scope of the “Agreement on Sale of Cryptocurrency and Similar Software” and “Agreement on Purchase of Cryptocurrency and Similar Software” (together referred to as “Cryptocurrency Transaction Agreements”) shall provide services to the Customer in the most strict and professional manner.

The Know Your Customer Policy (“KYC Policy”) herein, constitutes an integral part of the Cryptocurrency Transaction Agreements and the Policy on Prevention of Money Laundering and Financing of Terrorism (“Policy”), and shall be evaluated and taken into consideration together with the Policy and the Cryptocurrency Transaction Agreements. The abbreviations mentioned in the KYC Policy herein shall have the same meaning as defined in the Policy. 

The objective of the KYC Policy; is decreasing possible risks by evaluating the services and transactions on a risk based manner, raising the awareness of employees regarding the prevention of money laundering and financing of terrorism and providing information regarding such and in this scope notifying the Customers that the Company’s activities are conducted in accordance with the relevant applicable legislation and especially the “Law on Prevention of Money Laundering” numbered 5549 and the “ Law on Prevention of financing of Terrorism” numbered 6415.

The KYC Policy herein shall be applied to Our Company’s services offered to the Customers for cryptocurrency sale/purchase transactions.

Blockchain Lab shall in accordance with the KYC Policy, take the following precautions within the framework of the relevant applicable legislation and internal Company policies.

  1. Identity Verification

The Company, in accordance with the KYC Policy herein, has taken the following precautions in accordance with the nature of each services.

For real person customers:

  • Verification of the customer’s identity,
  • Taking reasonable precautions in order to be able to identify the beneficiary of the transaction conducted by the Customer,
  • Requesting reasonable information regarding the objective and nature of the transaction that the Customer intends to realize,
  • Tracking the Customer and the transaction realized by the Customer and comparing (cross-checking) said information with the Customer profile,
  • Tracking the especially high risk Customer transactions and other Customers.

Within the framework of the KYC Policy herein, the Customer’s identity verification is concluded prior to the realization of any transactions between the Customer and the Company. We request information regarding the cryptocurrency sale/purchase transaction and the objective of such transaction the Customer intends to realize through the Company. In this scope, before the start of the transaction:

  • The T.C identification number or passport copy of the Customer is requested for the cryptocurrency transactions carried out through Our Company’s branch located at (Beyazıt, Kapalı Çarşı Molla Fenari Mah, Çuhacı Han Sk. No:12, 34120 Fatih/İstanbul).
  • The T.C identification number or passport copy of the Customer is also requested for the cryptocurrency transactions carried out through Cointral Online Platform https://cointral.com/

so as to carry out the identity verification procedure regarding the customer.

In the case the Customer requesting a transaction through Cointral Online platform or the branch of Our Company is conducting a transaction for the benefit of a third person; identity verification procedure is conducted both for the Customer and the third party beneficiary.

2) Documents and information requested from the real person Customers prior to the online transactions to be conducted on Cointral Online.

  • Identification documentation including identification number and photo of the customer or a passport copy including the date of validity
  • Information regarding the address/country,
  • Identity Verification of the Customer,
  • Employment Status (Optional),
  • Source of Income in relation to the investment (Optional).

3) Documents and information requested from the Customers in face-to-face operations before the branch

  • Identification documentation including identification number and photo of the customer or a passport copy including the date of validity
  •  Information regarding the address/country,
  • Employment Status (Optional),
  • Source of Income in relation to the investment (Optional).

4) Documents and information requested from the legal entity customers prior to the online transactions to be conducted on Cointral Online.

  • Tax plate
  • Trade registry newspaper
  • Signature Circular
  • Authorized person T.C. Copy of identity card containing identification number and photograph
  • Address of residence
  • Phone number
  • E-mail address
  • Printed form signed with the company stamp.

5) Cases in which identity verification is conducted Our Company, prior to any cryptocurrency sale/purchase transaction realized by the Customer, regardless of the amount of the transaction, conducts a identity verification procedure regarding the Customer. The Company, in the case of doubt regarding the adequacy and accuracy of a prior identity verification, reserves the right to once again conduct a identity verification procedure.

We use cookies for social media features on our website, to analyze our traffic and visitors behavior and for marketing purposes.