Policy

Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy

MoneyHub is committed to preventing the misuse of its platform for illegal financial activities including money laundering, terrorism financing, fraud, and other financial crimes.

This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy describes the measures we implement to detect, prevent, and report suspicious activities in compliance with applicable financial regulations and international standards.

1. Purpose of the AML/KYC Policy

The purpose of this policy is to:

  • Prevent money laundering and financial crime
  • Ensure compliance with regulatory obligations
  • Verify the identity of customers
  • Monitor transactions for suspicious activity
  • Protect the integrity of the financial system

MoneyHub adopts a risk-based approach to AML compliance consistent with guidance issued by the Financial Action Task Force.

2. Scope of the Policy

This policy applies to:

  • All MoneyHub users and customers
  • Employees and contractors
  • Business partners and service providers
  • Transactions conducted through the MoneyHub platform

All users must comply with this policy when accessing or using MoneyHub services.

3. Know Your Customer (KYC) Requirements

MoneyHub implements identity verification procedures to confirm the identity of customers before allowing access to certain services.

3.1 Customer Identification

Customers may be required to provide:

  • Full legal name
  • Date of birth
  • Residential address
  • Email address and phone number
  • Government-issued identification document

Examples of acceptable identification documents may include:

  • Passport
  • National identity card
  • Driver’s license

3.2 Identity Verification

  • Verify documents submitted by the user
  • Perform biometric verification such as facial recognition
  • Use trusted third-party identity verification providers
  • Conduct database checks against identity records

3.3 Enhanced Due Diligence (EDD)

For higher-risk users or transactions, MoneyHub may perform Enhanced Due Diligence, which may include:

  • Additional identity documentation
  • Verification of source of funds
  • Background checks
  • Manual review by compliance staff

4. Customer Due Diligence (CDD)

MoneyHub applies Customer Due Diligence procedures to:

  • Understand the nature of a customer’s financial activity
  • Assess potential risk levels
  • Ensure transactions are consistent with expected behavior

CDD may be conducted:

  • During account registration
  • When users perform certain transactions
  • Periodically throughout the customer relationship

5. Transaction Monitoring

MoneyHub uses automated monitoring systems and manual reviews to identify suspicious or unusual activity.

Examples of suspicious activity may include:

  • Large or unusual transactions inconsistent with the account history
  • Rapid movement of funds between accounts
  • Transactions involving high-risk jurisdictions
  • Repeated failed login attempts or account access anomalies

Transactions flagged by monitoring systems may be reviewed by compliance personnel.

6. Sanctions Screening

MoneyHub screens customers and transactions against global sanctions lists, including those maintained by:

  • The Office of Foreign Assets Control
  • The United Nations Security Council
  • Other applicable regulatory bodies

Accounts linked to sanctioned individuals or organizations may be blocked or terminated.

7. Reporting Suspicious Activities

If suspicious activity is detected, MoneyHub may:

  • Temporarily suspend the account
  • Conduct internal investigations
  • Report the activity to the relevant regulatory or law enforcement authorities where required by law

MoneyHub complies with legal obligations to report suspicious financial activities.

8. Risk-Based Approach

MoneyHub evaluates the risk level of customers and transactions based on factors such as:

  • Geographic location
  • Transaction patterns
  • Customer behavior
  • Nature of financial activities

Higher-risk accounts may be subject to stricter monitoring and verification procedures.

9. Record Keeping

MoneyHub maintains records of:

  • Customer identity verification documents
  • Transaction records
  • Compliance investigations
  • Suspicious activity reports

Records may be retained for a period required by applicable laws and regulatory standards, typically 5 to 7 years.

10. Prohibited Activities

Users are strictly prohibited from using MoneyHub services for:

  • Money laundering
  • Terrorism financing
  • Fraud or identity theft
  • Illegal gambling
  • Unauthorized financial services
  • Transactions involving sanctioned individuals or entities

Any user found engaging in prohibited activities may have their account suspended or permanently terminated.

11. Compliance Oversight

MoneyHub maintains internal compliance procedures to ensure the effectiveness of its AML/KYC program.

  • Internal risk assessments
  • Compliance monitoring
  • Employee training on AML regulations
  • Periodic policy reviews and updates

12. Account Suspension or Termination

MoneyHub reserves the right to suspend, restrict, or terminate user accounts if:

  • Required verification information is not provided
  • Suspicious activity is detected
  • Users violate this AML/KYC Policy or other platform rules

Users may be required to provide additional documentation before account access is restored.

13. Updates to This Policy

MoneyHub may update this AML/KYC Policy from time to time to reflect:

  • Changes in regulatory requirements
  • Updates to financial crime prevention standards
  • Operational improvements to compliance procedures

Users are encouraged to review the policy periodically.

14. Contact Information

For questions regarding this AML/KYC Policy or compliance matters, please contact:

  • MoneyHub Compliance Team
  • Email: compliance@moneyhub.app
  • Website: moneyhub.app