Lukkystreams has put in place an Anti-Money Laundering, Counter-Terrorist Financing Policy and a Know Your Customer Policy (collectively, the “AML Policies”).
The Policies are revisited periodically and amended from time to time based on prevailing industry standards and international regulations designed to facilitate the prevention of illicit activity including money laundering and terrorist financing. All senior management and employees of Lukkystreams are required to acknowledge and be familiar with the Policies. Read more…
Money laundering is generally defined as engaging in acts designed to conceal or disguise the true origins of criminally derived proceeds so that the proceeds appear to have derived from legitimate origins or constitute legitimate assets. Terrorist financing is an attempt to conceal either the origin of the funds or their intended use, which could be for criminal purposes.
The risk of money laundering or terrorist financing on Qanawaty low
Lukkystreams does not engage in any exchange transactions between currencies, whether in crypto or fiat. Clients can only deposit cryptocurrency (BTC) and withdraw the same cryptocurrency (BTC), with no exchange activity happening in between. Lukkystreams uses third party crypto transaction monitoring and source of funds software to track and tag funds deposited into its platform, making it extremely unattractive for potential bad actors attempting to move illicit funds Read more…
The Policies are designed
to lay down a framework to:
Before entering into any transaction or proposed transaction, necessary checks shall be conducted in line with the RBA so as to ensure that the identity of the Clients does not match with any person with known criminal background or with banned entities such as individual terrorists or terrorist organizations;
For the purpose of risk categorization of the Clients, the relevant information shall be obtained from the Clients at or before the time of entering into a transaction.
The risk categorization process for different types of Clients may take into account the background of the Clients, country of origin, sources of funds, volume of turnover or deposits, as well as social and financial background;
The outcome of the risk categorization process shall be decided based on the relevant information provided by the Clients at the time of commencement of business relationship;•Enhanced due diligence would be required for higher-risk Clients, especially those for whom the sources of funds are not clear, or for transactions of higher value and frequency, which shall be determined by Lukkystreams at its sole and absolute discretion
Lukkystreams must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the Qanawaty in.