Know Your Customer (KYC) & Anti-Money Laundering (AML) Policy


TRADE STATE, is a private company (hereafter referred to by its trading name, (« TRADE STATE »). In our interest to ensure the protection of all our clients against crimes related with money-laundering or any other financial crime, promoting legal and transparent trade in our website. Our company has prepared this KYC & AML Policy in order to summit our voluntary compliance to national and international AML standards.


This KYC & AML Policy is part to and incorporated to our Terms and Conditions and our Privacy Policy and they will be applied to any user of the website by using the website, you are consenting to our terms and conditions and to this policy regardless if you already have an account or if you are looking to have an account with us. If your use of this website is attempting to commit any criminal activity, you must stop using our services and/or the website.


In order to comply with national or international laws, we have the right, at any time, to change or modify the terms of this KYC & AML Policy, or to impose new conditions, including, but not limited to, adding fees and charges for use. Such changes, additions or deletions shall be effective immediately upon notice thereof.



The objectives of this Policy are to:


  • Emphasize the Company’s stringent commitment to preventing itself from being used as a conduit to deposit, conceal and transfer criminal proceeds or funds intended for orchestrating terrorism;
  • Summarize the main procedures, systems, and controls the Company has implemented to prevent and detect money laundering and terrorist financing;
  • Explain the most up-to-date money laundering and terrorist financing risks that the Company is vulnerable to and how the Company intends to counteract these risks;
  • Confirm that the Company will take steps to monitor compliance by all staff with this Policy.



What is Money Laundering?


The Company views money laundering to be the process by which illegally gained proceeds or funds are cleaned and sanitized to disguise their illicit origins.


Criminal property may take any form, including money or money’s worth, securities, tangible property and intangible property. It also includes money, however, which is used to fund terrorism.


Money laundering activity can include:


  • Acquiring, using or possessing criminal property;
  • Handling the proceeds of crimes such as theft, fraud and tax evasion;
  • Being knowingly involved in any way with criminal property;
  • Entering into arrangements to facilitate laundering criminal




Risk Assessment: For Risk Assessment, we may categorize you as a low-risk, medium-risk, or a high-risk user on the following basis:


Sufficiency and adequacy of identification documents submitted by user; Social and/or financial status of user; Nature and other similar information about your business/vocational activities; or Guidance notes circulated by various governmental and inter- governmental organizations.


Your risk categorization will always be confidential, subject to any requests received from a competent law enforcement authority. The risk assessment will not be disclosed to any user under any circumstances.


Know your Customer: Because of the company’s commitment to AML and KYC policies, each company customer must complete a verification procedure. Before TRADE STATE initiates any cooperation with the customer, the company ensures that satisfactory evidence is presented or other measures are taken that produce satisfactory evidence of the identity of any customer or counterparty. The company also applies increased scrutiny to customers, who are residents of other countries, identified by credible sources as countries, who have inadequate AML standards or who may represent a high risk of crime and corruption and the actual beneficiaries who reside in and whose funds are sourced from named countries.



Individual Users: During the registration process, each client provides personal information, specifically: full name; date of birth; country of origin; full residential address; photograph; copies or certified copy of any Valid Documents to prove identification; and documents pertaining to business/financial status of such use.


The following documents are required to verify personal information: A customer sends the following documents (in case the documents are written in non-Latin characters: to avoid delays in the verification process, it is necessary to provide a notarized translation of the document in English) due to the requirements of KYC and to confirm the information indicated:


  • Current passport (showing the first page of the local or international passport, where the photo and signature are clearly visible); or
  • Driving permit with photograph; or
  • National identity card (showing the front and back);


  • Documents proving the current permanent address (such as utility bills, bank statements, etc.) containing the customer’s full name and place of residence. These documents must not be more than 3 months from the date of filing.



Business Users: Where the applicant company is listed on a recognised or approved stock exchange or where there is independent evidence that the applicant is a wholly owned subsidiary or a subsidiary under the control of that undertaking, No further steps will normally be taken to verify identity. In case the company is not listed and none of the main directors or shareholders already have an account with TRADE STATE, the following documentation must be provided


  • Certificate of incorporation. (Constitutive act/ Certificate of incorporation).
  • Certificate of registered address, proof of tax domicile of the corporation not more than 90 days old.
  • Certificate of directors and Tax identification card. Banking contract of corporation.
  • Memorandum and articles of association.
  • Resolution of the Board of Directors for the opening of the account and the granting of authority for those who will operate it.
  • Certificate of Document detailing the members and their respective percentages.
  • Copy of deed/trust agreement (if applicable).
  • Documentation of all Directors, Shareholders, Ultimate Beneficiaries and 1. National Identification, Passport or Driver’s License. 2. Proof of address not exceeding 90 days old. Monitoring of customer activity



Individual and business users should update us of any changes to the customer information provided to us within three days of effecting such changes. You must file a fresh proof of address within three (3) months of effecting any changes to the address mentioned as per the ‘proof of address’ submitted by you.



Procedure for Identity Verification: We may require you other information or documents as may be deemed necessary to verify your identity, if we cannot verify your identity or if we have a reason to believe that you are a person or entity whose details are provided in any official, governmental or intergovernmental sanction list regarding the AML efforts. TRADE STATE reserves the right to refuse registration to anyone that doesn’t fit our policy.



We may also require you to certify that your Linked Bank Account is held only with a scheduled commercial bank which is compliant with all Know Your Customer procedures mandated under the applicable laws. For this purpose, we may require you to furnish this certification in such format as may be prescribed by us.



TRADE STATE reserves the right to refuse registration to, or to bar transactions from or to, or terminate any relationship with, any customer for any reason (or for no reason) at any time. This includes, but is not limited to, anyone from or in jurisdictions that do not meet international AML standards as set out by the Financial Action Task Force on Money Laundering; anyone on an official, governmental or intergovernmental Sanction Lists; upon reasonable request or direction of a competent enforcement authority; or, anyone that fails to meet any customer due diligence standards, requests, or requirements of TRADE STATE.



If we believe any information obtained from the user hereunder is (a) inadequate or incomplete; (b) false or misleading; (c) insufficient resulting in an inability to readily verify the same; or (d) appearing on any Sanctions Lists, we may in our sole discretion either refuse or terminate (as the case may be) the registration of such Account or require such user to verify the Valid Documents submitted by it again. We may also, in our sole discretion, refuse to open any new accounts, terminate existing User Accounts after giving due notice, or refuse to process any transactions on the Website if we are unable to verify any information due to non-cooperation by the user, or if such transactions are likely to have an material adverse effect on us for being in violation of any applicable laws or industry best-practice guidelines.



Third-party assistance: We may request one or more appropriate third-party service provider to assist us in authentication and verification of the Valid


Documents and other incidental details provided by you. In addition to the above, we reserve the right to verify customer identity through non-documentary means or both. We may also use non-documentary means if we are still uncertain about whether we know the true identity of a User. We will use the following non-documentary methods of verifying identity:



  1. a) Confirming validity of email;
  2. b) Confirming validity of telephone number, bank account number; and
  3. c) Confirming your location using, among others, your IP address; all of which may be carried out by an automated or manual process.



Activity Monitoring: We may monitor and flag for review all transactions where the amounts involved exceed limits specified by local or applicable laws, official guidelines, or industry best practices. In addition to the above, we may regularly monitor, through both manual screening and use of software-based algorithms, all transactions executed and/or attempted to be executed on our Website, in order to promptly identify and highlight any suspicious activity, which includes without limitation, activities that appear:



To collection of funds to be used, either in full or in part, by any criminal organization, or in order to carry out any of the activities relating to terrorism, or terrorist acts;


to have been structured in a manner of unusual or unjustified complexity in order to avoid triggering any reporting requirements;


to have been transacted for a mala fide purpose or where a sound economic rationale cannot be


to signal possible ‘money-laundering’ activities, as defined under applicable laws.


to be unusual due to the reason of being inconsistent with any User’s risk profile, expected usage pattern or sophistication. The extent of monitoring shall depend on various factors including upon each User’s risk.


On detection of any suspicious activity, we reserve the right to take appropriate actions without any prior notification to the User, which includes, without limitation,


(i)terminating the Account, (ii) restricting and/or blocking further access to our Website, and (iii) notifying the appropriate enforcement authorities regarding the suspicious activities of any User.



TRADE STATE will maintain records as follows:


Records of all transactions executed by you on our Website, for a period of at least 5 (Five) years from the date of each of them;


Records of all suspicious transactions or trans-national transactions, for a period of at least 10 (Ten) years, including but not limited to the information about the nature and value of the transactions, parties involved in such transactions, and information about the date of remittance;


Identification records of Users for a period of at least 5 (Five) years from the date of termination of such user.


Notifications between the parties in order to ensure compliance with this KYC & AML Policy and/or the applicable laws, the Company may be required to send you notices from time to time. All such notices will be sent to such address as provided by you. Where you are required to share any information according to the procedures contained in this KYC & AML Policy, such communication may be made by you electronically by sending an email to our Chief Compliance Officer.