Gorgeous Variety Lda., registration number 515935883, incorporated under the laws of Portugal whose registered address is Rua Amália Luazes, Nº 23, 1º J 4200-052 Porto (“Company”) shall take all necessary measures to minimize risk to services associated with Money Laundering (“ML”) and Terrorism Financing (“TF”), pursuant to the laws of Portugal, the European Union and other relevant legislation.
The Money Laundering Prevention Policy (MLP) and the Identity Verification Policy (collectively, the “MLP Policy”) are designed to prevent, report and impede money laundering, the financing of illegal activities such as terrorism or drug trafficking, as well as financial services fraud.
These Terms define the conditions under which a User may access and utilize the system resources through the Site.
IMPORTANT: BY ACCESSING THE WEBSITE AND USING THE COMPANY, YOU HAVE READ AND AGREE TO BEING LEGALLY BINDED BY THESE CONDITIONS, WHICH CAN BE UPDATED PERIODICALLY. IF YOU ARE NOT IN AGREEMENT WITH THE TERMS, PLEASE DO NOT VISIT THE WEBSITE AND/OR DO NOT USE THE COMPANY.
The Company, because it is committed to preventing criminal activities and money laundering, will not initiate or continue to establishing commercial relations with those whose conduct raises suspicions of involvement with illegal activities. In this sense, the company will terminate/suspend the account of any client that gives reasonable cause for confirmation or suspicion of involvement with illegal activities.
In order to minimize the risks the Company takes regarding certain responsibilities, such as: immediately updating and sharing laws and regulations related to this policy; undertaking to provide training and empowering employees regarding principles and rules geared to the national regulations the practice of stringent internal monitoring and control of transactions; developing a risk management plan and the practice of “due diligence” in your operation; registering and communicating suspicious transactions to the appropriate authorities and institutions, not requiring any prior warning to the user about the passing along of such information; maintaining records obtained in the KYC (know your client) procedure for a minimum period of 5 years for security reasons; restricting access to citizens under the jurisdiction of high-risk and non-cooperative countries, as specified in the Financial Action Task Force (FATF); and referral of Suspicious Transaction reports (“STR”) to the Financial Intelligence Analysis Unit (“UIF-PORTUGAL”) so that it can carry out investigations as well as bring in any other competent authority in accordance with the established practice, to avoid any risk of committing a “tipping-off” violation.
Without excluding the other laws on the subject, Law No 83/2017 of 18 August 2017 (measures to combat money laundering and terrorism financing), the Ministerial Order No 310/2018 of 4 December 2018 and the Instruction of Banco de Portugal No. 5/2019 and No.2/2018, and the Article 368-A of the Portuguese Penal Code (criminalization of money laundering)
Under the terms of the aforementioned law, the Company is aware that the provisions of the Law No.83/2017 is binding and the Company declares that it does its outmost to be compliant with the current laws in place in terms of the Money Laundering and Terrorism Financing Crimes (“MLTFC”) and the Company declares that the specific internal rules and guidelines have been implemented in that regard.
According to the commitment assumed in these terms, the updates, downgrades and adjustments related to the MLTFC must be appended and duly complied with by the Company, its employees and users.
The Company hereby recognizes its obligations with respect to the AML and CFT commitments arising from MLTFC
In addition to the proposed law, the Company is furthermore, among others, subject to the MLP and CFT compliance obligations for platforms operating in the cryptocurrency sector, pursuant to the FIFTH ANTI-MONEY LAUNDERING DIRECTIVE and DIRECTIVE 2018/843 FROM THE EUROPEAN PARLIAMENT AND OF THE COUNCIL OF 30 MAY 2018 AMENDING DIRECTIVE 2015/849, AS WELL AS ON THE PREVENTION OF THE USE OF THE FINANCIAL SYSTEM FOR MONEY LAUNDERING OR TERRORISM FINANCING AND AMENDMENTS. The Company is also in compliance with the EU 2009/138/EC AND 2013/36/GUIDELINES, APPLIED BY THE EU MEMBER STATES (IN WHICH PORTUGAL IS LOCATED).
In this regard, a THE COMPANY ASSURES THAT IT IS IN COMPLIANCE WITH THE RULES AND DIRECTIVES AS CITED ABOVE. AND SO THAT IT MAY CONTINUE TO EXERCISE ITS SERVICES AND MAINTAIN A GOOD RELATIONSHIP WITH YOU, IT IS NECESSARY FOR THE SUPPLY OF ADDITIONAL INFORMATION REGARDING DATA AND CHANGES.
ML is the process by which criminals attempt to conceal the true criminal origin and property of the product of their illicit activities. In short, it is the process by which the proceeds of crime are converted into assets that appear to have a legitimate origin. If the goal of the offenders is successfully achieved, then such conduct enables criminals to maintain control and take advantage of these resources.
TF is the process by which terrorists (individuals or legal entities) are funded to carry out a specific terrorist acts or those of an organization, group or person engaged in that purpose. Illicit conduct involves the receipt, collection or provision of funds, whether originating from legitimate or illegitimate sources, for the use of those who engage in such activities.
In order to prevent such conduct, the law 83 of 2017 has been introduced and the Banco de Portugal has issued two notices No.5/2019 and No.2/2018 which regulate the service providers and service offering in the financial services market.
The scope of the Company in implementing the MLP/CFT Manual is to mitigate the adverse effects of criminal economic activities and to promote the transparency, integrity and stability of financial markets, as well as to preserve the applicability of the Maltese jurisdiction to the monitoring of any request of a client who presents irregular patterns of behavior.
In order to reduce the possibility of the Company being used as a means of money laundering or for financing terrorism, it must obey the following measures:
The User hereby attests, from the outset, to being cognizant of the volatile nature of the business, and that the Company has taken all the steps necessary that are required for this activity. The standard Client Due Diligence procedure (“CDD”) must be performed in the user acceptance stage on the platform, and requires, first and foremost, enhanced verification or KYC (collection of basic personal information: such as name, address, date of birth, nationality, which does not prevent the request for other additional information to comply with KYC, MLP, relevant laws and regulations).
Also, according to the Third European Directive, which has issued the requirements for compliance with Due Diligence provided by the FATF, we can mention that the Company adopts, among other measures, continuous monitoring, identification of effective beneficiaries of legal entities and structures, and enhanced diligence for higher-risk clients.
EDD (KYC Enhanced Due Diligence) is applicable for clients who are exposed to a greater risk, in which case more monitoring is required. The risk assessment will determine the need for information and verification throughout the business relationship.
The company will maintain, among others, records regarding Customer Due Diligence (CDD); shall continuously monitor internal, external and any other records capable of recognizing individual transactions and verifying compliance with the MLTFC, with applicable procedures in line with the article 51 of the law 83 of 2017, and other relevant legislation.
Measures for due diligences will be strengthened in relation to the clients of countries considered to be of the third world (identified by the EU Commission as countries at higher risk for money laundering). For these, a more rigorous set of due diligence measures will be applied.
The Company agrees to maintain appropriate procedures to confirm that a user may be considered a PEP. When so identified, the Company must undertake a series of Enhanced Due Diligence (EDD) measures – additional to the KYC process regardless of whether the clients are foreign or domestic PEPs. The Company should apply the same measure when the client or the beneficiary is a member of the family or close collaborator of a PEP.
The Company’s platform constantly establishes and adjusts the daily trading limits and withdrawals of Crypto Assets based on the need for safety and the real state of the transactions.
If the transaction happens frequently in a wallet you have registered and a new one is inserted, and the transactions are beyond reasonable circumstances, our team of professionals will evaluate and determine if this transaction is suspect; if we identify a specific transaction as a suspect based on our evaluation, we may adopt restrictive measures, such as suspending or denying the transaction.
Among the obligations assumed by the Company is the communication in suspected ML/ FT cases, to competent authorities, as required under the articles 43 and 44 of the law 83 of 2017.
Within the work environment, the obligation is manifested through the possibility of preparing an internal report, in which employees can report an activity that is suspect to the MLRO. And it is up to this officer to determine whether the available information can be considered sufficient for STR (suspicious transaction reporting) to be made to UIF-PORTUGAL.
When the suspicion of BC/TF is linked to a user in a transaction still in process, the Company undertakes to abstain from carrying it out, file the STR and delay the execution of the transaction.
Once the transaction is carried out and some risk has been observed, the Company is responsible for sending the STR to the UIF-PORTUGAL immediately, and within a maximum period of 24 (twenty-four) hours from the transaction execution date, the Company must provide information about who carried out the transaction. It should be noted that this procedure is an exception and not a general practice.
In order to prevent third parties from acting on behalf of others, the Company may confirm the identity by means other than those reported in the company policies. If it is confirmed that the transaction involves a person acting on behalf of others, the parties must be identified, and legally appropriate measures must be taken.
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