Introduction
At iRamp, we are committed to the highest standards of anti-money laundering (AML) compliance. Our goal is to prevent and detect any activities related to money laundering, terrorist financing, and other financial crimes. We adhere to all applicable laws and regulations, including the Polish Act on Counteracting Money Laundering and Financing of Terrorism, EU Directives, and international standards, including the Markets in Crypto-Assets Regulation (MiCA).
Regulatory Compliance
iRamp operates in full compliance with relevant AML laws and regulations, including MiCA, which mandates robust AML measures for crypto-asset service providers. Our policies are designed to prevent the misuse of our platform and ensure that all transactions are legitimate.
Customer Due Diligence (CDD) and KYC
We conduct thorough Customer Due Diligence (CDD) procedures as part of our Know Your Customer (KYC) process. All customers must verify their identity by providing valid identification documents.
Enhanced Due Diligence (EDD)
Enhanced Due Diligence is applied for high-risk customers, such as Politically Exposed Persons (PEPs), or transactions exceeding €15,000. EDD measures include:
- Proof of source of funds.
- Conducting video verification.
- Enhanced transaction monitoring.
Transaction Monitoring
iRamp utilizes advanced transaction monitoring tools, including real-time KYT (Know Your Transaction) checks through Crystal, to detect suspicious activities such as layering, structuring, or the use of flagged wallets. All flagged transactions are logged and reviewed by our compliance team for further action.
Risk Assessment
We regularly assess the risks associated with our customers, transactions, and business relationships. Risk assessments are conducted periodically and documented in accordance with MiCA requirements. This includes evaluating the risks of new products, services, and customer behaviors.
Reporting Obligations
iRamp complies with MiCA’s reporting framework by submitting suspicious transaction reports (STRs) to the Polish Financial Intelligence Unit (FIU) within the required timelines. All flagged transactions and associated data are logged and retained for regulatory audits.
Employee Training
Our employees undergo regular training to stay informed about AML regulations and best practices, including MiCA-specific requirements. Training topics include transaction monitoring, risk-based assessments, and compliance for crypto-asset transactions.
Prohibited Activities
iRamp strictly prohibits transactions and business activities that conflict with MiCA’s principles of transparency and legitimacy, including but not limited to:
- Drug trafficking
- Human trafficking
- Illegal arms dealing
- Money laundering
- Terrorist financing
- Unlicensed financial services
- Online gambling (unless properly licensed)
- Fraudulent activities, including identity theft and phishing
Definitions
- Money Laundering: The process of disguising the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses.
- Terrorist Financing: The provision of funds or other support to individuals or groups engaged in terrorist activities.
- PEP (Politically Exposed Person): An individual who holds a prominent public position or function and, therefore, may be at higher risk for involvement in bribery or corruption.
Sanctions Compliance
iRamp complies with all applicable international sanctions. We do not engage in transactions with individuals, entities, or countries subject to sanctions by the United Nations, European Union, United States, or other relevant authorities.
Customer Consent
By using iRamp’s services, customers consent to the collection, use, and sharing of their information as described in this AML policy. This includes consent to perform identity verification checks and transaction monitoring.
Data Protection
iRamp ensures compliance with GDPR and MiCA traceability requirements by securely storing all transaction data and maintaining robust audit logs for at least 5 years. Customer data collected during the CDD and KYC processes is stored securely and handled with the utmost confidentiality.
Review and Updates
This AML policy is reviewed annually or more frequently if required by updates to MiCA or related regulations. Updates reflect changes in laws, regulations, or business practices, ensuring continuous improvement of our compliance framework.
Consequences of Non-Compliance
Customers who fail to comply with our AML policy may face account suspension or termination. iRamp reserves the right to take appropriate action against any individual or entity found to be engaging in prohibited activities or providing false information.
Contact Information
For any questions or concerns regarding our AML policy, please contact our compliance team at support@iramp.io.