KYC and AML Policy
1. Know Your Customer (KYC) Policy and Anti-Money Laundering (AML)
The DBS Ecosystem Utility Token (hereinafter – BisKoin or (“B$K”) Token) Anti-Money Laundering and Know Your Customer Policy (hereinafter – “AML and KYC Policy”) is designed to prevent and mitigate possible risks of the DBS Ecosystem and usage of the B$K tokens being involved in any kind of illegal activity.
Both international and local regulations require the DBS Ecosystem to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption, and bribery and to act in case of any form of suspicious activity from its Users.
This AML and KYC Policy applies to both natural and legal persons. Legal entities and persons joining the DBS Ecosystem Initial Coin Offering /Initial DEX Offering (“ICO/IDO”), which is defined as making a B$K token purchase in a specific method stated in the clause 4 of this AML and KYC Policy. The participants will receive purchased tokens to their Algorand Standard Assets (“ASA”) digital wallet address after completing the mandatory AML and KYC procedures that include providing specific documents.
2. Verification procedures
The international standard for the prevention of illegal activities is Know Your Customer (“KYC”). Accordingly, the DBS Ecosystem is required to establish its own verification procedures within the framework of Anti-Money Laundering (“AML”), Counter Terrorism Financing (“CTF”) and Know Your Customer (“KYC”) standards.
2.1 Identity verification
DBS Ecosystem’s identity verification procedure requires the User to provide reliable independent sources of documents, data, or information (e.g., ID card, international passport, bank statement, sources of income, utility bills) every time the User is requested to provide certain information. For AML and KYC Policy purposes, DBS Ecosystem hereby reserves the right to collect User information.
2.2 Anti-money laundering procedure
The DBS Ecosystem’s anti-money laundering procedure requires the User to provide information about the source of their funds used to purchase DBS Ecosystems. The DBS Ecosystem is not responsible for any errors or omissions in the information provided by the User.
2.3. Authenticity verification
The DBS Ecosystem shall take steps to verify the authenticity of documents and information provided by Users, use all legal methods to check identification information and hereby reserves the right to investigate the actions of certain Users that have been deemed as risky or suspicious.
2.4. Right to report
We may therefore report our suspicions regarding any activity of the users to local regulators, enforcement bodies and other compliance bodies. Those kinds of actions have a goal of ensuring that the capital being used on our platform has a legitimate origin and create a safeguard in case of individuals or groups wanting to allocate their money from illegal activities on our platform.
2.5. Continuous information verification
The DBS Ecosystem hereby reserves the right to verify the User’s identity on a continuous basis, especially when the verification information has been changed or the User’s activity has been deemed suspicious, even if they have already undergone identity verification. User verification information shall be collected, stored, transferred, and protected strictly in accordance with the DBS Ecosystem Privacy Policy and the relevant rules. Following the verification of User’s identity, the DBS Ecosystem disclaims potential legal liability in situations where its Services are used for illegal activities.
2.6. Transaction Refusal
The DBS Ecosystem may refuse to proceed the transaction of transferring the purchased B$K to the User if the User refuses to provide any demanded information. The DBS Ecosystem may refuse to issue B$K tokens to the User if:
2.6.1. The User does not provide any demanded information to DBS Ecosystem and enables to complete any diligence procedures on the User.
2.6.2. The User have been previously identified as engaged in suspicious activity.
2.6.3. The User is the citizen of a country considered to be exposed to a high risk of money laundering or financing terrorism.
2.6.4. The User is listed on a sanctions list in any of the jurisdictions to which the DBS Ecosystem may transfer purchased tokens, the jurisdiction deems the use of cryptocurrencies as illegal, or the DBS Ecosystem otherwise identifies the User as exposed to a high risk of money laundering or financing terrorism.
2.7. Payment cancellation
The User cannot cancel a request to purchase the tokens. The DBS Ecosystem may cancel the User’s purchase of the tokens if it is impossible to verify User’s identity or conduct any other procedures that DBS Ecosystem is required to conduct. The DBS Ecosystem may not refund the User any amount until the User has provided any demanded information required by law.
3. Compliance Officer
3.1 Definition
The Compliance Officer is the person or an independent entity, duly authorized by the DBS Ecosystem, whose duty is to ensure the effective implementation and enforcement of the AML and KYC Policy.
3.2 Duties
It is the Compliance Officer’s responsibility to supervise all aspects of the DBS Ecosystem’s anti-money laundering and counter-terrorist financing, including but not limited to:
3.2.1. Collecting User’s identification information.
3.2.2. Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations.
3.2.3. Monitoring transactions and investigating any significant deviations from normal activity.
3.2.4. Implementing a record management system for appropriate storage and retrieval of documents, files, forms, and logs.
3.2.5. Updating risk assessment regularly.
3.2.6. Providing law enforcement with information as required under the applicable laws and regulations.
3.3 Law enforcement
The Compliance Officer is entitled to interact with law enforcement, which are involved in prevention of money laundering, terrorist financing and other illegal activity.
3.4 Contact with the clients and authorities
The Compliance Officer is obliged to communicate effectively with the clients and authorities having any complaints or questions that are being addressed to him regarding the DBS Ecosystem’s AML and KYC Policy as also its implementation to ensure the transparency and credibility of the platform. The address to contact the Compliance Officer is compliance@DBSEcosystem.com or support@DBSEcosystem.com. Any kind of correspondence sent to the Compliance Officer will be addressed by him/her within the time frame of 14 working days.
4. Monitoring transactions
4.1. Data analysis
User verification is carried out not only by checking their identity, but also by analysing transaction models. The DBS Ecosystem therefore relies on data analysis as a tool for assessing risk and identifying suspicions. The DBS Ecosystem carries out many regulatory compliance tasks, including data collection, filtering and record keeping.
4.2. Suspicious transactions reporting
Regarding the AML and KYC Policy, the DBS Ecosystem will monitor all transactions, and it reserves the right to ensure that transactions of suspicious nature are reported to the proper law enforcement through the Compliance Officer and request the User to provide any additional information and documents in case of suspicious transactions. The Compliance Officer will monitor User’s transactions on a regular basis in order to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.
4.3. Payment methods
4.3.1. Coinbase Commerce, AlgoDex, Uniswap, Trustwallet, Atomic Wallet, Ledger Nano S, Pera Wallet, MyAlgo and/ or Credit and/ or Debit Card Payments
4.3.2. The User may purchase BisKoin (B$K) tokens by linking the wallet and managing the USDT/USDC deposit, transferring any cryptocurrency by Coinbase Commerce, AlgoDex, Uniswap, or by card or wire transfer.
4.3.3. To carry out a transaction in a chosen way, the User must follow the relevant instructions on the DBS Ecosystem’s BisKoin (B$K) Token Sale Page and Dashboard.
4.4. Payment cards usage control
DBS Ecosystem may refuse to complete or block, cancel, or reverse a transaction of the BisKoin (B$K) purchase made with payment cards usage if the User is suspected of money laundering, terrorist financing, fraud, any other financial crime, or any other illegal action. DBS Ecosystem is under no obligation to disclose the details of its credit card risk management and security procedures to the User.
4.5. Transfer control
DBS Ecosystem may refuse to complete or block, cancel, or reverse a transaction of the BisKoin (B$K) token purchase if the User is suspected of money laundering, terrorist financing, fraud, any other financial crime, or any other illegal action.
4.6. Address analysis
DBS Ecosystem may analyse the cryptocurrency addresses against common blacklists and known security discrepancies, to ensure that the funds do not come from illicit sources, and there are no signs of money laundering (location, layers, integration), either manually or using a third-party service.
4.7. Liability
DBS Ecosystem has no control over, or liability for, the delivery, quality, safety and legality or any other aspect of any goods or services received or purchased from service providers in clause 4.3 or any other third party service provider.
5. Risk assessment
DBS Ecosystem, in accordance with international requirements takes a risk-based approach to combating money laundering and the financing of the terrorism. By applying a risk-based approach, DBS Ecosystem can ensure that measures to prevent or mitigate money laundering and terrorist financing are proportionate with the identified risks. This makes it possible for resources to be allocated in the most efficient way. The principle is to allocate resources corresponding to priorities so that the highest risks are given the closest attention.
6. AML and KYC Policy
6.1. Acceptance
By joining the DBS Ecosystem Utility Token, the BisKoin (B$K) Initial Coin Offering (ICO), which is defined as making a BisKoin (B$K) token purchase using specific methods stated in the clause 4 of this AML and KYC Policy, the User accepts the terms of this AML and KYC Policy and hereby agrees to have read, understood, and accepted the Terms of Use and Privacy Policy. In addition, when using certain services, the User may be subject to additional agreements applicable to such services. The User must stop using the services and the website if they do not agree with the AML and KYC Policy and the Terms of Use and Privacy Policy.
6.2. Privacy policy
User’s identification information will be collected, stored, shared, and protected strictly in accordance with the DBS Ecosystem’s Privacy Policy and related regulations.
7. Restrictions
Person/users from countries these countries: USA, Afghanistan, Albania, Belarus, Bosnia and Herzegovina, Burundi, Burma, Democratic Republic of Congo, Cuba, Ethiopia, Guinea-Bissau, Guinea, Iran, Iraq, North Korea, Liberia, Lebanon, Libya, Macedonia, Malaysia, Serbia, Sri Lanka, Sudan, Somalia, Syria, Thailand, Trinidad and Tobago, Tunisia, Uganda, Yemen, and Zimbabwe are prohibited to participate in the DBS Ecosystem Utility Token, the BisKoin (B$K) Initial Coin Offering (ICO).