Last Updated: May, 2019
AML refers to "Anti-Money Laundering". KYC refers to "Know Your Customer".
Fighting the risk of scam and illegal activities, ChangeHero makes every effort to protect users and partners from fraud all the possible ways. For that, specific measures are taken to ensure customer verification and security of financial transactions. AML/KYC are considered to be one of the best methods to achieve this. This enables us in confirming that the customer is a law-abiding individual or corporation.
ChangeHero has an automated risk scoring and risk prevention systems aimed to spot suspicious activity during operations. A transaction will be put on hold if it is flagged by the system and the user will be asked to pass AML & KYC verification. For security concerns, we are not able to disclose the specific criteria of our system. However, our system is proven to be very effective against any money laundering and scam activities.
ChangeHero reserves the right to enforce AML/KYC verification to certain users, addresses and transaction of particular crypto assets. This application of ChangeHero's AML/KYC procedure is based on internal policies aimed at avoiding and diminishing the potential risks of ChangeHero being unintentionally involved in the money laundering and other illicit activities.
ChangeHero may share the information gathered in the AML/KYC procedure with the legal authorities by legitimate request.
ChangeHero will never go for any agreement with an individual or entity alleged of or directly involved in money laundering or in which the funds sourced from illegal activities.
AML and KYC Procedure
AML/KYC procedure might be implemented to the transactions which are flagged as suspicious by our automated risk prevention system. In such cases, ChangeHero will contact the user via email registered with his/her account.
AML/KYC procedure includes confirming the identity of Users by means of:
1. A high-quality photo of their ID (passport or driving license) valid in their country;
2. Proof of the origin of funds;
3. Any other applicable documentation.
In response to ChangeHero request for the User’s documentation, ChangeHero shall take necessary measures to recognize deceitful documentation or any false information and reserves the right to carry out an investigation of certain users or transactions which were flagged to be suspicious.
The transaction will be executed only after the successful completion of the AML/KYC procedure.
The transaction will be rejected if a user refuses to undergo the AML/KYC procedure. All the crypto assets of that particular transaction will be returned to where it was originated from deducing applicable fees. Thenceforth, ChangeHero will freeze the user account (if there is one), blacklists the wallet address (exceptions may apply to an address of a trusted service) and the user account will be ineligible to use ChangeHero service in future.
In case the service poses any information, stating that a customers's transaction/source address/destination address may be a subject of any fraud, money laundering or other suspicious activity, received by ChangeHero from Law Enforcement agencies, regulatory authorities, legit legal entity, etc., ChangeHero is entitled to not to conduct any activity with customer's funds for the investigation period.
ChangeHero aims at providing quick and transparent service. Any changes or updates in the AML/KYC procedure are delivered to the users via email and others means as well as at our official website Changehero.io.
For more information and queries regarding the AML/KYC procedure, please write us at [email protected]