AML POLICY OF XHYPE FZCO

Last updated: 9 January 2024

Introduction

XHYPE FZCO is a brand name of XHYPE., XHYPE FZCO is operated by XHYPE FZCO, which has its office registered in Dubai Silicon Oasis, DDP, Building A1, Dubai, United Arab Emirates. References in this policy to "the Company", "We", "Us" or "Our" means XHYPE FZCO.

Objective of the AML Policy

We seek to offer the highest security to all of our users and customers on XHYPE FZCO. For that, a five-step account verification is done in order to ensure the identity of our customers. The reason behind this is to prove that the details of the person registered are correct and the deposit methods used are not stolen or being used by someone else, which is to create the general framework for the fight against money laundering. We also take into account that depending on the nationality and origin, the payment method and withdrawal method, different safety measurements must be taken. XHYPE FZCO also puts reasonable measures in place to control and limit ML risk, including dedicating the appropriate means.

XHYPE FZCO is committed to high standards of anti-money laundering (AML) according to EU and other international guidelines, compliance, and requires management and employees to enforce these standards in preventing the use of its services for money laundering purposes.

Definition of Money Laundering

The conversion or transfer of property, especially money, knowing that such property is derived from criminal activity or from taking part in such activity, for the purpose of concealing or disguising the illegal origin of the property or of helping any person who is involved in the commission of such an activity to evade the legal consequences of that person's or company's action;

The concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to, or ownership of, property, knowing that such property is derived from criminal activity or from an act of participation in such an activity;

The acquisition, possession or use of property, knowing, at the time of receipt, that such property was derived from criminal activity or from assisting in such an activity;

Participation in, association to commit, attempts to commit and aiding, abetting, facilitating and counseling the commission of any of the actions referred to in points before.

Money laundering shall be regarded as such even when the activities which generated the property to be laundered were carried out in the territory of another Member State or in that of a third country.

Organization of the AML for XHYPE FZCO

In accordance with the AML legislation, the board of directors of XHYPE FZCO is responsible for the prevention of money laundering on XHYPE FZCO.

AML Policy Changes and Implementation Requirements

Each major change of XHYPE FZCO AML policy is subject to approval by the managing director of XHYPE FZCO.

Know Your Customer and Transaction Monitoring

XHYPE FZCO will apply appropriate user due diligence and ongoing monitoring measures required by law. XHYPE FZCO will endeavor to prevent users from engaging in illicit or otherwise unauthorized activity. XHYPE FZCO uses a combination of its software development and other service agreements, which are enforced through internal operational features to ensure that it complies with the applicable law.

Know Your Customer

Customer Due Diligence (“CDD”)

XHYPE FZCO has adopted a risk-based CDD to enable XHYPE FZCO to understand the nature and purpose of the user relationship to the XHYPE FZCO platform in order to develop a customer risk profile. In order to do so, XHYPE FZCO collects documentary and non-documentary information at account-opening.

Collecting baseline (e.g., wallet address, email address) information at account creation through XHYPE FZCO’s user onboarding portal;
Monitoring the risk profile associated with the underlying cryptocurrency wallet used to fund the user’s account;
Maintaining records of the information used to identify the user;
Determining if a user appears on any list of known or suspected terrorists or terrorist organizations provided to the financial institutions based on the above information.

The above steps are operationalized using the following measures:

XHYPE FZCO performs ongoing monitoring on its users in order to detect any behaviors or indicators that might raise suspicions in regard to money laundering and terrorism financing practices.
Whenever one of those red flags is triggered, the user account will be suspended and XHYPE FZCO will pursue enhanced due diligence.

Acceptance Policy

XHYPE FZCO will not accept and will block the users who:

Provide fake identification documents;
Try to use different means to deceive about their location;
Are from restricted or prohibited jurisdictions;
Are subjected to United States, European Union, or other global sanctions or watch lists;
Are gambling addicts or have mental health issues;
Its source of funds are originated or exchanges in restricted jurisdictions;

XHYPE FZCO reserves the right to block and suspend players for any other reasons at its own description.

Transaction Monitoring

XHYPE FZCO will conduct ongoing monitoring on a regular basis using rule-based systems developed in-house and others from third-party vendors to review user history and patterns of activity to detect and report any unusual activity as required and to develop and implement any additional controls or limits in its platform.

Contact Us

If you have any questions about our AML and KYC Policy, please contact us via email: aml@xhype.io