KYC Policy Introduction

Qanawaty 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 Qanawaty are required to acknowledge and be familiar with the Policies.

Money Laundering Risks

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

Qanawaty 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. Qanawaty 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

The Policies are designed to lay down a framework to:

•prevent Qanawaty from being used, intentionally or unintentionally, by criminal elements for money laundering or financing terrorist activities;

•enable Qanawaty to know and understand its customers, clientele, contributors, and other contacts with which Qanawaty has any financial dealings with (collectively, “Clients”) and their financial background and source of funds better, which in turn would help it to manage its risks prudently;

•put in place appropriate controls for detection and reporting of suspicious activities in accordance with applicable laws, procedures and regulatory guidelines; and

•equip employees and contractors of Qanawaty with the necessary training and measures to deal with matters concerning KYC/AML procedures and reporting obligations.

Our Policies will be reviewed and updated on a regular basis to ensure appropriate procedures and internal controls are in place to account for both changes in regulations and changes in our business.

Risk-Based Approach

Qanawaty adopts and maintains a Risk-Based Approach (“RBA”) towards assessing and containing the money laundering and terrorist financing risks arising from any transactions it has with Clients. The guidelines are as follows:

  • 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 Qanawaty at its sole and absolute discretion;
  • Qanawaty must be able to satisfy the competent authorities that due diligence was observed based on the risk profile of the Qanawaty in compliance with the relevant legislations in place

Customer Identification

The Customer Identification Program is to be carried out:

  • before any financial transaction can be made;
  • when there is any doubt about the authenticity, veracity, or adequacy of the previously obtained Clients’ identification data.
  • requires Clients to provide proof of identification and proof of residence;
  • does not under any circumstances permit any transaction to be made with incomplete identity and residence verification information

Required Information

We accepts only natural persons as Clients, not legal entities. Upon registration, Clients go through an automated verification process where they submit:

  • Full name;
  • Date of birth;