What is KYC?
The term Know Your Customer is very common. Generally, this term is used in financial service providers as well as investments to verify the identity of users. Know your customer or KYC is a rule applied by financial services and investment institutions to ensure and verify the identity of a person or organization. This activity can also function to monitor all customer transaction activities including reporting suspicious transactions.
What is the KYC Process?
The KYC verification process usually involves several stages, one of which is uploading an identity document. This is done to ensure the account created by the user is not a fake account. So that this activity can also function to monitor all customer transaction activities including reporting suspicious transactions. The KYC process is something that must be done at digitalexchange.id, there are several KYC processes including:
1. Customer Identification Program (CIP)
digitalexchange.id has a KYC system that requires customers to do KYC to increase transactions and get full access when they do. If you do not complete the KYC process, you may not be able to access all features on digitalexchange.id. The KYC process on digitalexchange.id is very easy. The process is carried out as follows:
1. First log in at https://digitalexchange.id/
2. Verify the account by filling in the form listed, make sure to fill in the form correctly and appropriately. the filling process can be seen at https://help.digitalexchange.id/article/en/How_to_Register_and_Verify_Latest_Website
3. After the user has sent the data, our team will check the personal data. Please wait 1x24 hours. If there is a rejection, a rejection notification will appear and the reason for the rejection. The user can fix the error.
4. Verification process is successful, users can make transactions on digitalexchange.id comfortably
2. Customer Due Diligence (CDD)
After the personal data verification process, every digitalexchange.id user will get a maximum withdrawal limit of Rp. 100,000,000 per day. Users can increase the limit by submitting an email to request a limit increase. The digitalexchange.id team will send a CDD form that must be completed by the user. The CDD (Customer Due Diligent) is useful as identification in the context of preventing money laundering, legal crimes, and terrorism financing.
3. Monitoring
We always comply with and comply with applicable laws. All deposits must be made in your name and in accordance with the submitted KYC documents. Following regulatory policies, all funds withdrawn must be returned according to the name of the personal data. This means that the funds to be returned must match the name of the bank account held. digitalexchange.id will monitor all transactions and have the right to:
- Request the latest verification data
- Provide suspicious transaction data if requested by law enforcement under applicable regulations.
- Report suspicious transactions to the relevant law enforcement agencies;
- Ask customers to provide additional information and documents;
- Suspend or terminate a Customer Account.
Why should KYC?
KYC is mandatory because it ensures compliance with applicable rules and regulations to avoid AML&CFT. The State of Indonesia has a policy regarding this matter based on the following policies:
- Law of the Republic of Indonesia No. 8 of 2010 concerning the Prevention and Eradication of the Crime of Money Laundering
- Regulation of the Minister of Finance Number 30/PMK.010/2010 concerning Application of Know Your Customer Principles for Non-Bank Financial Institutions
- POJK Number 12-POJK.01-2017 concerning the Implementation of the AML-CFT Program in the Financial Services Sector
- Internal standards and policies are owned by the company itself.
Anti-Money Laundering Policy (AML/CFT)
What is Money Laundering/CFT?
Money laundering is an act of hiding illegally obtained money so that the source of the money appears legitimate. CFT is the use of assets directly or indirectly for terrorist activities. We adhere to very strict laws that make it illegal for us, our employees, or our agents to knowingly engage or seek to engage in the slightest activity related to such money laundering or financing. Our anti-money laundering policy enhances investor protection, client security services and offers secure payment processing.
General requirements
This Anti-Money Laundering Policy (hereinafter referred to as the "AML/CFT Policy") outlines the procedures and mechanisms used by digitalexchange.id intending to prevent digitalexchange.id money laundering subject to the following policies:
- Do not have business relations with criminals and/or terrorists;
- Not processing transactions that are the result of criminal and/or terrorist activities;
- Not facilitate any transactions related to criminal and/or terrorism activities;
Verification Procedure
The first protection against money laundering is verification (KYC). digitalexchange.id will establish its procedures following applicable statutory and legal policies to determine compliance actions related to anti-money laundering standards and Know Your Customer (KYC) policies. To ensure compliance with AML/CFT regulations, we ask you to submit the following documentation:
- Proof of Identity: Take a photo of a government-issued identity, namely a valid passport, driver's license, or ID card.
- Proof of Residence & Work: Fill out the form listed
Monitoring
We always comply with and comply with applicable laws. All deposits must be made in your name and accordance with the submitted KYC documents. By regulatory policies, all funds withdrawn must be returned according to the name of the personal data. This means that the funds to be returned must match the name of the bank account held. digitalexchange.id will monitor all transactions and have the right to:
Provide suspicious transaction data if requested by law enforcement following applicable regulations.
- Report suspicious transactions to the relevant law enforcement agencies;
- Ask the Customer to provide additional information and documents;
- Suspend or terminate a Customer Account.
Risk Assessment
The Anti-Money Laundering Policy (AML/CFT) is designed to prevent money laundering, including the need to have adequate systems and controls in place to reduce the risk of companies being used to facilitate financial crimes. This Anti-Money Laundering (AML/CFT) Policy sets minimum standards that must be met and includes: Appointment of Money Laundering Officers (MLRO) Money Laundering Officers who have a sufficient level of seniority and independence and who have responsibility for overseeing compliance with industry laws relevant regulations, rules, and guidelines;
· Establish and maintain a Risk-Based Approach (RBA) to assess and manage money laundering and terrorist financing risks for companies;
· Establish and maintain risk-based customer due diligence, identification, verification, and knowledge (KYC) procedures, including improved due diligence for customers who have a higher risk, such as Politically Exposed Persons (PEPs);
· Establish and maintain risk-based systems and procedures to monitor ongoing customer activities;
· Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
· Maintenance of appropriate records for the specified minimum period;
· Training and awareness for all relevant employees
What is the difference between KYC & AML/CFT?
KYC & AML/CFT is an inseparable unit because the initial process begins with the KYC process. digitalexchange.id is always committed to avoiding such incidents by following the applicable legal provisions. In addition, our company is prohibited from transacting with individuals, companies, and countries listed on the sanctions list.
digitalexchange.id's Responsibilities and Obligations towards KYC.
digitalexchange.id is a crypto-asset exchange market that has been regulated by CoFTRA and related parties according to applicable law. Thus, it is required to follow the regulations according to the applicable law. With this KYC process, it is hoped that it will make the crypto climate growth safe and comfortable in Indonesia.
Benefit of Verification (KYC) on digitalexchange.id
For digitalexchange.id users, if you verify your data, you will get many benefits such as being able to carry out the buying and selling process without limits and get points that can be exchanged for prizes such as holiday tickets, gold, electronic goods, etc.
