Know Your Customer (KYC) Policy
Last Update 7 months ago
"Personal Information" refers to information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Information” does not include anonymised and/or aggregated data that does not identify a specific user.
The types of Personal Information we collect and how it may be used;
How and why we may disclose your Personal Information to third parties;
The transfer of your Personal Information within and outside of the European Economic Area (“EEA”);
Your right to access, correct, update, and delete your Personal Information;
The security measures we use to protect and prevent the loss, misuse, or alteration of Personal Information; and
miningtera retention of your Personal Information.
COLLECTION AND USE OF PERSONAL INFORMATION
A. PERSONAL INFORMATION WE COLLECT
We collect the Personal Information you provide directly to us when you open a miningtera Account, perform any transactions on the miningtera Platform, or use other miningtera Services. This may include:
Contact information, such as name, home address, and email address.
Account information, such as username and password.
Financial information, such as bank account numbers, bank statement, and trading information.
Identity verification information, such as images of your government issued ID, passport, national ID card, or driving license. Note: US residents may be asked to provide their social security numbers.
Residence verification information, such as Utility bill details or similar information.
We also automatically collect certain computer, device, and browsing information when you access the miningtera website or use miningtera Services. This information is aggregated to provide statistical data about our users' browsing actions and patterns, and does not personally identify individuals. This information may include:
Computer or mobile device information, including IP address, operating system, browser type.
Website usage information.
The miningtera site is using cookies. Cookies are small text files that are placed on your computer by websites that you visit. They are widely used in order to make websites work, or work more efficiently, as well as to provide information to the owners of the site.
We use third party service provider(s), to assist us in better understanding the use of our Site. Our service provider(s) will place cookies on the hard drive of your computer and will receive information that we select that will educate us on such things as how visitors navigate around our site, what products are browsed, and general Transaction information. Our service provider(s) analyses this information and provides us with aggregate reports. The information and analysis provided by our service provider(s) will be used to assist us in better understanding our visitors' interests in our Site and how to better serve those interests. The information collected by our service provider(s) may be linked to and combined with information that we collect about you while you are using the Platform. Our service provider(s) is/are contractually restricted from using information they receive from our Site other than to assist us.
C. HOW WE USE YOUR PERSONAL INFORMATION
We may use your Personal Information to:
Process your miningtera transactions. We will process your Personal Information only for the purpose(s) for which it has been provided to us.
Personalise your miningtera Services experience.
Analyse miningtera website usage, and improve our website and website offerings.
Help us respond to your customer service requests and support needs.
Contact you about miningtera Services. The email address you provide may be used to communicate information and updates related to your use of the miningtera Services. We may also occasionally communicate company news, updates, promotions, and related information relating to similar products and services provided by miningtera.
Administer a contest, promotion, survey or other site features as will be more explained on the website.
We do not perform behavioral tracking of a customer's activities on our Website or across different Websites, nor do we allow third-party data collection through our Service.
If you wish to stop receiving marketing communications from us, please contact us at email@example.com.
DISCLOSING AND TRANSFERRING PERSONAL INFORMATION
We may disclose your Personal Information to third parties and legal and regulatory authorities, and transfer your Personal Information outside the EEA, as described below.
A. DISCLOSURES TO THIRD PARTIES
Non-personally identifiable visitor information may be provided to third parties for marketing, advertising, or other uses.
B. DISCLOSURES TO LEGAL AUTHORITIES
We may share your Personal Information with law enforcement, data protection authorities, government officials, and other authorities when:
Compelled by subpoena, court order, or other legal procedure.
We believe that the disclosure is necessary to prevent physical harm or financial loss.
Disclosure is necessary to report suspected illegal activity.
C. INTERNATIONAL TRANSFERS OF PERSONAL INFORMATION
We store and process your Personal Information in data centres around the world, wherever miningtera facilities or service providers are located. As such, we may transfer your Personal Information outside of the EEA. Such transfers are undertaken in accordance with our legal and regulatory obligations.
Occasionally, theminingtera website may provide references or links to other websites ("External Websites"). We do not control these External Websites third party sites or any of the content contained therein. You agree that we are in no way responsible or liable for External Websites referenced or linked from the miningtera website, including, but not limited to, website content, policies, failures, promotions, products, services or actions and/or any damages, losses, failures or problems caused by, related to, or arising from those sites.
External Websites have separate and independent privacy policies. We encourage you to review the policies, rules, terms, and regulations of each site that you visit. We seek to protect the integrity of our site and welcome any feedback about External Website information provided on the miningtera website.
ACCESS RIGHTS TO PERSONAL INFORMATION
You have the right to access your Personal Information to correct, update, and block inaccurate and/or incorrect data. To exercise this right, contact us at firstname.lastname@example.org
SECURITY OF PERSONAL INFORMATION
We use a variety of security measures to ensure the confidentiality of your Personal Information, and to protect your Personal Information from loss, theft, unauthorised access, misuse, alteration or destruction. These security measures include, but are not limited to:
Password protected directories and databases.
Secure Sockets Layered (SSL) technology to ensure that your information is fully encrypted and sent across the Internet securely.
PCI Scanning to actively protect our servers from hackers and other vulnerabilities.
All financially sensitive and/or credit information is transmitted via SSL technology and encrypted in our database. Only authorised miningtera personnel are permitted access to your Personal Information, and these personnel are required to treat the information as highly confidential. The security measures will be reviewed regularly in light of new and relevant legal and technical developments.
RETENTION OF PERSONAL INFORMATION
Personal Information. Information that identifies an individual, such as name, address, e-mail address, trading information, and banking details. “Personal Information” does not include anonymised and/or aggregated data that does not identify a specific user.
Service(s). The technological platform, functional rules and market managed by miningtera Ltd. to permit Sellers and Buyers to perform invest of Bitcoins.
Transaction. Includes the following:
The agreement between the Buyer and the Seller to exchange Bitcoins through the Service for currencies at a commonly agreed rate ("Bitcoin Purchase Transaction");
The conversion of currencies into Bitcoins deposited by Members on their account ("Conversion Transaction");
The transfer of Bitcoins among Members ("Bitcoin Transfer Transaction");
The transfer of currencies among Members ("Currency Transfer Transaction"); and
The purchase of ancillary products ("Purchase Transactions").
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.
“KYC” refers to the steps taken by a financial institution (or business) to:
Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:
1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.
The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:
A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.
2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).
There are three levels of due diligence:
Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.
Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.
KYC News Around the World
KYC: Knowing Your (Onboarding) Costs
$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.
The unquenched longing for a transformed KYC and AML solution
In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.
Push for Aadhaar-enabled e-KYC for digital transactions
Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.
US insurers ‘lagging behind’ in fight against financial crimes
Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.
MAS to roll out national KYC utility for Singapore
The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.
Average UK bank wastes £5 million a year on manual and inefficient KYYC processes
“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.
KYC obstacles hamper Mifid II preparations in Europe
Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”
India KYC updates
The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.
Philippines KYC under review
Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.
Revisions in Australia
AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.
e-KYC in Thailand
The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.