This Know Your Customer (“KYC”) and Anti-Money Laundering (“AML”) Policy details the KYC and AML requirements to access and use our website https://www.navexm.us, operated under the brand name of “NavExM”, which provides services of online trading of Crypto.
You hereby expressly consent to NavExM’s continuous monitoring and collecting of information and data of Your activities on our Platform for the purpose of this KYC/AML Policy.
1.1 “Applicable Law” shall mean any applicable statute, law, regulation, ordinance, rule, judgment, order, decree, by-law, approval from the concerned authority, government resolution, order, directive, guideline, policy, requirement, or other governmental restriction in force, including without limitation the Money Laundering Control Act of 1986 (MLCA) and various applicable guidelines, rules and regulations of the Financial Crimes Enforcement Network (FinCEN), Central Bank or its constituents/payment system providers as applicable, replaced and updated from time to time.
1.2 “Crypto(s)” are virtual digital assets and refer to a cryptographically secured digital representation of value or contractual rights that uses distributed ledger technology and can be transferred, stored or traded electronically using the Platform, including but not limited to NavC or bitcoin (BTC) and Ether (ETH).
1.3 “Customer”/ “User”/ “You” shall mean any Person using/accessing the Platform, for trading in Cryptos.
1.4 “Customer Due Diligence (CDD)” means identifying the customer and verifying their identity by using a reliable, independent source of documents, data, or information.
1.5 “Officially Valid Document/OVD” means the passport, the driving license, Social Security Card, Green Card or any other equivalent proof
1.6 “Person” includes (i) an individual who is above eighteen (18) years of age, (ii) a Hindu undivided family, (iii) a company, (iv) a firm, (v) an association of person or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not falling with any of the preceding sub-clauses.
1.7 “Politically Exposed Person” (PEP) is a person who is authorized to perform prominent public functions in a country and includes governors of the state, members of Parliament, military officers, senior government and judicial executives, and heads of local bodies such as municipal corporations, among others. You could also qualify as a PEP if You are a family member or a close relative of such an individual.
1.8 “Suspicious Transaction” means a transaction, including an attempted transaction on the Platform, which under NavExM's sole discretion:
1.9 “User Account” shall mean the account created on the Platform through which the User gives instructions for Crypto trading to NavExM.
Declarations and Disclosure of Information by NavExM
You as the User, hereby agree to provide the required documents and information for KYC checks in a timely manner, to create and to continue using the User Account through which You may give instructions on the Platform.
Purpose Of This Poicy
In order to mitigate its risks relating to money laundering and other illegal activities, the Company intends to put in place this policy which has the following elements:
5.1 Account Opening Procedures
Please note that post account opening process, the User would be required to add and verify their bank account/UPI ID for making deposits/withdrawals
One of the objectives of the “KYC” and data/information collection norms being carried out by NavExM is to ensure appropriate Customer Identification. Customer Identification means undertaking the process of CDD. NavExM may need to obtain sufficient information necessary to establish, to its satisfaction, the identity of each User, whether regular or occasional and the purpose of the intended nature of the transaction being executed on/ through the Platform.
Customer Identification Procedure is carried out at different stages while the Platform is accessed by the User and is not limited to instances when:
6.1 User identification
Identification of a User is an important prerequisite for registering and opening an Account. No account is allowed on the platform unless verification and due diligence of said user is successfully completed by NavExM.
6.1.1 What is Identity?
Identity generally means a set of attributes that together uniquely identify a ‘natural’ or a ‘legal’ person. The attributes which help in the unique identity of a ‘natural’ or ‘legal’ person are called identifiers.
What is Identification?
Identification is the act of establishing who a person is:
What is Verification?
Verification of identity is the process of proving whether a person actually is who they claim to be. In the context of KYC, verification is the process of seeking satisfactory evidence of the identity of those with whom NavExM does business. This is done by carrying out checks on the correctness of the information provided by the customer.
6.1.4 Process of video-KYC
In scenarios where the document provided by a User has some issues and cannot be validated using the automated solutions NavExM has in place, a video-KYC might be required from the User to validate the identity and authenticity of the document/ information submitted by them. We would also use the video-KYC process while performing enhanced due diligence wherever required.
6.1.5 Periodic updation of KYC
Periodic updation of KYC of Users is performed at such intervals of time and using such processes/documents as decided by NavExM at its sole discretion. A risk-based approach for periodic updation of KYC is to be adopted:
6.2 Types of CDD
There are 2 types of Customer Due Diligence (CDD) that can be used in accordance with the risk category of the customer.
NavExM shall conduct Basic Due Diligence, EDD, or any other due diligence activity or measures which under its sole discretion and/ or under Applicable Laws is required for a User registering or using the Platform.
NavExM is vigilant in the fight against money laundering and under its best judgment implements processes not allowing any person to use the Platform for money laundering and terrorist financing activities.
7.1 Steps taken to prevent Money-Laundering activities and Terrorist Financing
NavExM has implemented steps as described below with an objective to prevent any money laundering activity and/or terrorist financing on the Platform. Such processes being implemented are exhaustive in nature and are subject to change as required under any Applicable Law and/or as per NavExM's sole discretion.
NavExM may perform ongoing monitoring for the below sample scenarios:
11.2 NavExM shall make available the identification records and transaction data to the authorities upon request.
11.3 If NavExM:
necessary steps will be taken to review the due diligence measures undertaken by NavExM or the information obtained (on the purpose and intended nature of the business relationship) from the User.
11.4 Hiring of Employees
Adequate screening mechanisms as an integral part of their personnel recruitment/hiring process shall be put in place to ensure high standards and equal and fair opportunity when hiring employees.
11.5 Employee training
User is required to submit following documents to verify its identity on NavExM portal: