Irish-EU AML/KYC

Anti-Money Laundering(AML)/ Know Your Customer (KYC)

We actively monitor transactions to ensure that no money laundering is taking place.

1010.ie has established an Anti‐Money Laundering and Know Your Customer Policy (hereinafter ‐ the “AML & KYC Policy”), in an attempt to maintain the best compliance practices in conjunction with applicable laws and regulations relating to anti‐money laundering in all countries where we operate.

We have received legal advice on future obligations which are proposed to be imposed on “virtual currency providers” (“VCPs”) under the General Scheme of the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 (“Bill”), which, once signed into law, will transpose the Fifth Anti-Money Laundering Directive (“5AMLD”) in Ireland. Currently, VCPs are not subject to anti-money laundering and countering the financing of terrorism (“AML/CFT”) obligations, however 1010.ie  has implemented a comprehensive AML & KYC Policy. This decision reflects the company’s desire to prevent money laundering activities.

The AML & KYC Policy covers the following areas:

  • Risk-based approach to AML/CFT
  • Money Laundering Reporting
  • Customer Due Diligence(“CDD”)
  • Policies, Controls & Procedures (PCPs) to prevent and detect ML/TF
       Transaction Limits
       Monitoring and reporting of suspicious transactions; 
  • Record keeping obligations

One of the international standards for detecting and preventing illegal activity is customer due diligence (“CDD”). In accordance with CDD,1010.ie has established verification procedures within the standards of AML/KYC frameworks.

  • Mobile phone number
  • Proof of identity (Driver’s license or passport)

For all Identity documents we ensure the following:

  • The document is valid and shows the issue and expiry dates
  • The photograph is clear and all features are visible
  • The page showing signature is included
  • The place of issue and passport number details are included and are clearly legible
  • Nationality details are included

Additionally, we capture and store information from identity documents, including, but not limited to:

  • Document number
  • First name and last name.
  • Date of birth.
  • Gender.
  • Country.
  • Citizenship.
  • Address


1010.ie reserves the right to verify the user’s identity in an on-going basis and may request up-to-date scanned copies of documents from any registered user, even if the user completed identity verification in the past.

1010.ie will conduct enhanced due diligence (EDD) for those customers presenting higher risk, such as Politically Exposed Persons (PEPs).

We offer Over-the-counter (OTC) trading services to institutional investors. For institutional clients we conduct Enhanced Due diligence ( EDD) and will request additional information and documentation.

For individuals, information requested includes, but is not limited to:

  • Proof of identity (Driver’s license or passport).
  • Proof of business address (within the last 3 months).
  • Source of funds.

 

For companies, information we request includes, but is not limited to:

  • Proof of business address (within the last 3 months).
  • Certificate of incorporation and memorandum and articles of association.
  • Full CDD documentation on each director.
  • Full CDD documentation on each ultimate beneficial owner of more than 20% of the company’s share capital. Where there are corporate shareholders, documentation confirming the identity of the ultimate individual beneficial owners must be provided.
  • Source of funds.

Customer transaction monitoring as a risk‐assessment and suspicious activity detection tool.

We will report any suspicious activity to An Garda Síochána and the Central Bank of Ireland (CBI).

All records are retained for eight (8) years and are available upon official request by an authorised examiner, regulator, or law enforcement agency.

Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Bill 2019 can be accessed here