Know Your Customer (KYC) Policy

Last Update 4 months ago


GENERAL

This Privacy Policy, together with our Terms of Use, governs miningtera collection, processing and use of your Personal Information. As used in this Privacy Policy, "miningtera" refers to the company miningtera Limited, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "miningtera" may also refer to the services, products, website, content or other materials (collectively, "miningtera Services") provided by miningtera.

"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.

miningtera and its affiliates (hereinafter, "miningtera", "we", "us" or "our") are committed to protecting and respecting your privacy. The purpose of this Privacy Policy is to describe:

The types of Personal Information we collect and how it may be used;
Our use of cookies and similar technology;
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.

B. USE OF COOKIES AND SIMILAR TECHNOLOGY

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.

Cookies are typically stored on your computer's hard drive. Information collected from cookies is used by us to evaluate the effectiveness of our Site, analyze trends, and administer the Platform. The information collected from cookies allows us to determine such things as which parts of our Site are most visited and difficulties our visitors may experience in accessing our Site. With this knowledge, we can improve the quality of your experience on the Platform by recognizing and delivering more of the most desired features and information, as well as by resolving access difficulties. We also use cookies and/or a technology known as web bugs or clear gifs, which are typically stored in emails to help us confirm your receipt of, and response to, our emails and to provide you with a more personalized experience when using our 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.
Verify your identity in accordance with the Money Laundering Regulations 2007 and the miningtera Anti Money Laundering policy, as well as address other law enforcement needs as more fully described in our Terms of Use. With respect to US residents, we also may share your information with other financial institutions as authorized under Section 314(b) of the US Patriot Act, and with tax authorities, including the US Internal Revenue Service, pursuant to the Foreign Account Tax Compliance Act ("FATCA"), to the extent that this statute may be determined to apply to Bitstamp Ltd.
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 support@miningtera.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

In processing your transactions, we may share some of your Personal Information with third party service providers who help with our business operations. Your information will not be sold, exchanged, or shared with any third parties without your consent, except to provide miningtera Services or as required by law. By using our Services and accepting our Terms of Use, you consent to the disclosure of your Personal Information as described in this Privacy Policy.

Non-personally identifiable visitor information may be provided to third parties for marketing, advertising, or other uses.

miningtera third party service providers are contractually bound to protect and use such information only for the purposes for which it was disclosed, except as otherwise required or permitted by law. We ensure that such third parties will be bound by terms no less protective those described in this Privacy Policy, or those we are subject to under applicable data protection laws.

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.
Disclosure is necessary to investigate violations of this Privacy Policy or our Terms of Use.

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.

EXTERNAL WEBSITES

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 support@miningtera.com

miningtera will respond to your request only where this is not inconsistent with our Terms of Use and other legal and regulatory obligations. Within 40 days of receipt of your written request and payment of a $20 fee, we will provide you with your Personal Information, including the purposes for which it was used and to whom it was disclosed to in accordance with your Subject Access Request rights under the Data Protection Act 1998.

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

We retain Personal Information for as long as necessary to fulfil purposes described in this Privacy Policy, subject to our own legal and regulatory obligations. In accordance with our record keeping obligations, we will retain Account and other Personal Information for at least five years after an Account is closed.

UPDATES TO THIS PRIVACY POLICY

This Privacy Policy may be revised, modified, updated and/or supplemented at any time, without prior notice, at the sole discretion of miningtera. When we make changes to this Privacy Policy, we will notify all users on our website, and make the amended Privacy Policy available on our website.

DEFINITIONS

Account. The contractual arrangement wherein a miningtera Member has accepted our Terms of Use and Privacy Policy, and received approval to use the miningtera Services, including the purchase and sale of Bitcoins and to perform associated Transactions.

miningtera Platform. Hardware and software technologies used by miningtera to provide the Service as set out in our Terms of Use.

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").

CONTACT US

Please contact us with questions, comments, or concerns regarding our Privacy Policy and/or practices atKnow Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.

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.