We consider it necessary to make public our anti-money laundering (AML) policy due to the Anti-money laundering legislation that is in place in most countries including Nigeria. Our AML policies, procedures and management controls are designed to comply with money laundering regulations and prevent us from accepting payments that will expose us to possible criminal fines and penalties at the court of law.
Money laundering is the process of creating the appearance that large amounts of money obtained from criminal activity, such as drug trafficking, kidnapping or terrorist activity, originated from a legitimate source. The money from the illicit activity is considered dirty, and the process "launders" the money to make it look clean.
CoinArenas views Money Laundering as a serious criminal offence, and as such, complies with regulatory requirements intended to forestall and prevent money laundering.
We have therefore devised the following measures to check such activities:
Verification of all our customers
Retaining transaction and verification documents for a minimum period of 4 years
limitation on daily transaction for all customer.
Constant regulation of deposits by the introduction of the Invoice System;
Enlighten and teaching our staffs periodically about the terms of anti-money laundering regulations;
Monitoring and reporting any suspicious activities and transactions to appropriate state or federal las agency
Preventing of virtual/anonymous registration on our site by using the customer's bank information system
supervise of all transactions and information in the system making sure they are updated at all times and complies with applicable laws.
Please note that Coinarenas reserves the right to refuse a transaction at any time should suspicion arise that may be connected to money laundering and/ or terrorist financing or any other criminal activity.