AML & KYC

1. Purpose

This AML/KYC Policy is designed to prevent money laundering, terrorist financing, and other financial crimes. It ensures compliance with applicable laws and regulations and establishes procedures for verifying customer identities and monitoring transactions. FUT Coin Shop requires its managers, employees, and affiliates to adhere to the policy in preventing the use of the Company Services for money laundering purposes.

2. Legal Bases

FUT Coin Shop operates in jurisdictions with stringent Anti-Money Laundering (AML) regulations. We are committed to working with local financial authorities, and FUT Coin Shop is committed to complying with international standards and local laws and jurisdictions, strengthening and adapting our internal controls to combat illegal activities.

• FATF 40 Recommendations
• The US Bank Secrecy Act (BSA) and the US Anti-Money Laundering, Terrorist Financing and Foreign Sanctions Act (AML Act)
• UK Money Laundering Regulations (MLR) and Proceeds of Crime Act (PACE)
• EU Anti-Money Laundering Directive and Regulations
• CN Anti-Money Laundering and Countering the Financing of Terrorism Law

3. Customer Identification (Know Your Customer - KYC)

FUT Coin Shop conducts KYC procedures on all customers spending over $200 USD and all sellers requesting stablecoin payouts. FUT Coin Shop reserves the right to conduct KYC verification on all buyers and sellers, especially those making large or frequent transactions.

4. Customer Due Diligence (CDD)

• Customers will be screened against global sanctions lists and watchlists.
• The purpose of transactions and sources of funds may be verified when necessary.
• Business customers must provide ownership details and proof of incorporation.

5. Transaction Monitoring

Transactions will be monitored for suspicious activity, including but not limited to:

• Large, unusual, or structured transactions designed to evade reporting requirements
• Customers providing insufficient, false, or suspicious information
• Requests to pay in cash
• Payment to or from countries considered high risk for money laundering
• Overpayments followed by directions to refund, especially to third parties
• Customers for whom the true beneficial owner cannot be determined
• Unexpected spikes in a customer's activities

Automated systems and manual reviews will be used to identify red flags. If we determine that a transaction is suspicious, we may suspend or reject the transaction. If possible, we may cancel the transaction and report it to the competent authority without notifying you.

6. Reporting and Record-Keeping

• Suspicious transactions will be reported to the relevant authorities as required by law.
• Records of customer identification and transactions will be maintained for at least five years.

7. Employee Training

Staff will receive regular training on AML/KYC regulations and how to detect and report suspicious activities.

8. Compliance and Review

• A designated compliance officer will oversee the implementation and enforcement of this policy.
• The policy will be reviewed and updated periodically to ensure ongoing compliance with regulatory changes.