Due Diligence

MYKOBO takes measures to identify and verify a user's identity before entering into a business relationship in the following cases:

  • before performing Virtual Currency exchange operations or transactions in Fiat or Virtual Currency.

  • before depositing or withdrawing Fiat or Virtual Currency.

  • where there are doubts about the correctness or authenticity of the identification data previously obtained.

  • where there is a suspicion that a Money Laundering or Terrorist Financing transaction is being, has been or will be carried out. MYKOBO will request this information in order for you to be able to complete or clarify the desired transaction.

Identity data may include:

  • your first name

  • maiden name (where applicable)

  • last name

  • username or similar identifier

  • marital status

  • title

  • nationality

  • date of birth

  • gender

  • photographic likeness

  • identity card and/or passport number.

Contact data may include:

  • address, may also be your billing address

  • email address

  • contact number (telephone and/or mobile)

  • your preferences in receiving marketing from MYKOBO or third parties

  • your communication preferences (email or phone)

Financial data may include:

  • your bank account and payment details

Money Laundering, Terrorist Financing and Know Your Customer (KYC) data may include:

  • Sanctions screening

  • KYC database checks

  • Fraud database checks

  • Any documentation or information which we may ask for from time to time

MYKOBO applies a risk-based approach to Money Laundering and Terrorist Financing and as such will:

  • endeavour to establish whether a user is a Politically Exposed Person.

  • update the documents, data and information provided by a user periodically.

  • screen users against the sanctions lists of the United Nations Security Council, Office of Foreign Assets Control (OFAC) and the United States Department of the Treasury amongst others.

  • report suspicious transations to the FCIS.

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