AML/KYC

Anti-Money Laundering (“AML”), Counter Terrorist Financing (“CTF”)  and Know Your Customer (“KYC”) policies of PURPLE NUMBERS

The PURPLE NUMBERS (hereafter – “PN” ) AML Policy is designed to prevent money laundering by meeting United Arab Emirates AML legislation obligations in its most part including the need to have adequate systems and controls to mitigate the risk of being used to facilitate financial crime.

PN insists on a comprehensive and thorough KYC and AML compliance framework. This includes monitoring of suspicious transactions and obligatory reporting to local regulators and other compliance bodies.

PN reserves the right to refuse registration to persons from jurisdictions that do not meet international AML standards as well as jurisdictions that are on prescribed sanctions lists. PN will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.

PN reserves the right to carry out customer diligence verification of its users and their operations. Enhanced customer review will be carried out periodically as part of our ongoing risk assessment. In addition to this, any attempt to abuse PN or its platform will result in immediate account suspension and reporting violations to respective authorities.

The PN AML and KYC policies are as follows:

  • Transactions (payouts etc.) conducted from the PN platform will be subject to AML transaction monitoring;

  • Identity documents and transaction records will be maintained for at least six years and will be submitted to regulators as required without prior notification to registered users; and

  • PN may at any time without liability and without disclosing any reason, suspend the operation of user’s account. PN shall notify user after exercising its rights under this clause.

Registered users will be required to verify their identity in line with PN KYC policy and in accordance with the PN service capabilities. This includes:

  • For individuals:

    • Full name;

    • Full residential address;

    • Valid government ID.

  • For corporates:

    • Legal entity full name;

    • Legal entity full address;

    • Certificate of incorporation (or similar document);

    • Full name of an official representative of the legal entity;

    • Valid government ID of an official representative of the legal entity.

 

User account will be unverified until account validation has been completed. PN reserves the right to verify your identity on an on-going basis, especially when your identification information has been changed or their activity seems to be suspicious or unusual. In addition, PN reserves the right to request up-to-date or additional documents from you, even though you have passed identity verification in the past.

PN is prohibited from transacting business with individuals, companies and countries that are on prescribed Sanctions lists. PN will therefore screen against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.