AML/KYC Policy
Effective Date: April 1, 2025
Introduction
OpenXSwitch is committed to Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance to prevent financial crimes and ensure regulatory adherence.
AML Procedures
Our AML Procedures encompass a series of actions designed to verify the legitimacy of funds and ensure compliance with applicable laws and regulations. When a transaction risk score exceeds predefined thresholds, our system may take the following actions:
- KYC verification requirements
- Source of Funds (SOF) inquiries
- Manual case reviews
- Transaction freezing
- Transaction reporting
- Account restrictions
Conducting Evaluation
OpenXSwitch reserves the right to appoint third-party service providers certified in relevant procedures for documentation review, authentication verification, and KYC/AML compliance. These third-party service providers must adhere to our Privacy Policy and applicable data protection laws to ensure the security and confidentiality of user information.
Once requested documentation is received, the evaluation process may be conducted programmatically using AI-driven verification partners and/or manually, depending on the case and in accordance with enforced AML Procedures.
KYC Requirements
Users must complete identity verification before accessing certain services. During the KYC process, users may be required to provide:
- A high-quality photo of their ID and/or passport, valid in their country
- A high-quality photo of themselves for verification against the provided ID
- Liveness checks to ensure real-time verification
- Source of Funds documentation to confirm the legitimacy of financial transactions
Transaction Monitoring
We monitor transactions for suspicious activities and report any red flags to relevant authorities.
Prohibited Transactions
OpenXSwitch does not support:
- Transactions involving sanctioned entities
- High-risk financial activities linked to money laundering
Data Retention
KYC records are securely stored and retained as required by financial regulations.
Regulatory Cooperation
OpenXSwitch collaborates with financial regulators and law enforcement agencies to ensure a secure ecosystem.
Non-Compliance Consequences
Failure to complete KYC or engaging in suspicious activities may result in account suspension or termination.
Limitation of Liabilities
OpenXSwitch takes all necessary actions and measures, employs the best available practices, and follows the most efficient course of action to prevent fraudulent or illegal activity. We do not engage in or develop business relationships with, nor provide services to, any entity suspected of money laundering, terrorism financing, corruption, fraud, illegal transfer of assets, drug trafficking, human trafficking, organ trafficking, or any other illegal activity.
In no event shall OpenXSwitch, its owners, directors, officers, members, employees, or agents be liable or responsible if our services are misused for any illegal activity, regardless of whether the associated user has passed an enforced AML Procedure. We are not liable for any deficiencies or errors arising from human or system error in identifying suspicious transactions or user activities or in proactively denying services to users suspected of illegal activity.
For compliance inquiries, contact [email protected].