Policy on combating illegal transactions and money laundering
1. X-Pay.com acts as a participant in self-regulation in the cryptocurrency industry, the x-pay.com service follows a certain list of rules and performs procedures, the purpose of which is to prevent the use of x-pay for making transactions related to the laundering of financial resources, that is, those transactions, the main purpose of which is the return of illegally obtained money to the financial and economic market. Also, the service is stopped by all transactions that have an illegal nature.
This AML Policy (Anti-Money Laundering, hereinafter referred to as the Policy) regulates the activities of X-Pay.com regarding the fight against money laundering and its involvement in the fight against money laundering and the financing of terrorist activities.
By clicking the "I have paid" button, you agree to the verification of all transactions sent to our currency exchange service.
Transactions with a risk level of 40% or higher or belonging to the following categories may be suspended until the verification is completed.:
Child exploitation
Dark Market
Dark Service
Enforcement action
Exchange fraudulent
Fraud shop
Gambling
High risk jurisdiction
Illegal Service
Illicit actor organization
Malware
Mixer
Online pharmacy
Ransom
Sanctions
Scam
Special measures
Stolen Coins
Terrorism financing
Transaction verification is performed using specialized AML analyzers, including:
GetBlock;
CoinKYT;
Shard.
The estimated verification time is up to 30 calendar days, depending on the complexity of the case, the amount of data requested and other circumstances affecting the depth of the analysis.
If the connection of transactions with the aforementioned sites is discovered, the administration of the exchange service has the right to request the passage of the identity verification (KYC) procedure. This procedure includes providing a video selfie with a passport that clearly shows the passport series and number, full name, and a demonstration of the wallet or account from which the transaction was sent, with readable data about the date, time, amount, and recipient's address.
After successful full verification, the exchange may be suspended, and the funds will be returned to the sender's address with a commission of up to 5% of the blocked amount, but no more than $100 in equivalent. The commission is charged to cover the costs incurred during transaction processing.
For legitimate customers whose funds are not confirmed as related to money laundering after KYC/SoF, the exchange or refund fee is limited to the network fee.
In the event that the exchange service's exchange accounts are blocked during the transfer of funds due to the internal risk control of a third-party platform, the service reserves the right to refund the funds only after the client's assets have been unblocked on the corresponding exchange account.
2. In order to successfully prevent illegal transactions, the service has established certain requirements for the requests submitted by clients:
2.1. The recipient and sender of the payment for the request must not
2.2. All personal and contact information that the customer of the service indicates in the application must be up-to-date at the time of submitting such an application. The reliability of such data should not be questioned.
3. On X-pay.com It is forbidden to create applications using anonymous connections. In order to stop possible illegal operations, x-pay.com:
3.1 Applies its own system of autoanalysis of the client's actions and transactions conducted by him. At the same time, all transactions that seem suspicious to the service will be stopped as a matter of urgency.
3.2 Always adheres to the generally accepted policy, which states – “know your customer".
3.3 It is mandatory to verify the information received from users by all available means.
4. The Service has every right not to comply with user requests, but to freeze them if it is necessary to obtain from the client copies of his identity documents and copies of documents that confirm the legitimate origin of funds. Cases in which these documents may be requested:
4.1 From the management x-pay.com There were suspicions that the client was trying to use the service and its services in order to carry out illegal transactions or money laundering.
4.2 The execution of the user's request has been suspended by the system responsible for preventing fraudulent transactions.
4.3 In these cases, in order for the request from the client to be sent for execution again, the latter undertakes to provide all required documents within 7 business days from the date of receipt of the request from the service. x-pay.com the documents, and if he, the client, refuses to do so, cancel the application.
If the client refuses X-pay.com in providing documents upon request, the service also has the right to refuse further service. At the same time, the refund is carried out within a reasonable time (7-10 business days after the final request for documents or notification of the deadline), minus a commission of up to 5% of the blocking amount, but not more than $ 100 in equivalent.
5. The Service has the right to refuse service to the client, and then transfer all information collected from the client and independently to law enforcement agencies if:
5.1. By the Service x-pay.com transactions aimed at financing terrorism and laundering financial resources, as well as involving any fraud, have been discovered or are suspected.
5.2. Service x-pay.com suspects the user that the documents provided to them are fake.
5.3. Information has been received from law enforcement agencies, as well as other authorized authorities and other sources that the user of the service owns funds illegally. This also includes the receipt of any other information that makes it impossible to further fulfill the request from the client.
5.4. The User's actions are defined as those that may cause damage x-pay.com regardless of the exact nature of the damage – material (physical), immaterial, etc. The client's actions may harm the software package x-pay.com or they are aimed at gaining access to the service's database.
In the cases provided for in clauses 5.1–5.4, the service has the right to carry out an official escalation (sending a SAR message about a suspicious transaction to the FIU or authorized authorities).
6. The information received from users can be verified by the service in all ways.