KYC and AML policy

1. Introduction

Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures exist to make sure that financial services are not used to launder the proceeds of crime or to fund terrorism. This policy explains the steps Aurora Finspire takes, the information we need from you and how that information is used. We apply the same standards to every account holder, whatever the size of the account.

The procedures also serve you. They make it much harder for someone to open or take over an account in your name, and they help keep the platform a place that legitimate users can rely on.

2. What is KYC

KYC means identifying a customer and confirming that the details they give are genuine. In practice we establish your full name, date of birth and address, and check them against reliable documents and independent data sources before the account is allowed to deposit or withdraw. The process is repeated in a lighter form when key details change.

3. What is AML

AML covers everything a firm does to prevent, detect and report money laundering. That includes assessing the risk each customer presents, screening against sanctions and watch lists, monitoring activity for unusual patterns and reporting suspicions to the authorities where the law requires it. In the United Kingdom, cryptoasset businesses must follow the Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017.

4. Why we verify your identity

Verification protects against fraud and account takeover, supports compliance with the rules that apply to us and reduces the financial risk of dealing with unknown parties. It is not optional and we cannot waive it. Until it is complete, deposits and withdrawals may be limited or unavailable.

5. Documents we ask for

We use only the documents below, and we do not ask for anything that is not needed for the check.

• Proof of identity: a valid passport, UK photocard driving licence or national identity card, in colour and fully legible.
• Proof of address: a utility bill, bank statement or council tax letter dated within the last three months and showing your name and address.
• Live check: a short selfie or liveness check to confirm that the person registering is the person on the ID. This involves comparing your face with the photograph in the document.

6. The verification process

1. You register and give your basic details.
2. You upload the documents above through the secure page your manager points you to.
3. Automated tools read the documents, test them for signs of tampering and compare the details.
4. If anything is unclear, a trained member of staff reviews the case by hand.
5. You are told the result by email, and your account limits are updated.

7. Enhanced due diligence

Some customers present a higher risk, for example those with large or unusual funding, links to higher-risk countries or a public political role. For these cases we carry out enhanced due diligence, which can include questions about the source of funds or wealth, supporting evidence such as payslips or sale agreements and sign-off by a senior member of the compliance team. We explain what is needed and why.

8. How long checks take

Many checks finish within a few minutes of documents being uploaded. Manual review or enhanced checks take longer, and the time depends on the quality of the documents, how quickly you reply to questions and the complexity of your circumstances. We do not give a fixed time because we would rather be thorough than fast.

9. Reasons a check may fail or be paused

A check can be paused or refused when documents are expired, cropped or unreadable, when the details do not match across documents, when we suspect forgery or alteration, when information we asked for is not provided or when screening raises a concern we cannot resolve. We will tell you what is wrong wherever the law lets us, so that you can put it right.

10. Transaction monitoring

We review deposits, withdrawals and account behaviour against risk rules. Activity that looks out of character, such as sudden large transfers, funds passing straight through with little trading or use of many payment sources, can trigger a review. While we look into it we may limit some functions. In some cases the law prevents us from telling you that a report has been made.

11. Your responsibilities

You must give accurate, current and genuine information and documents, and tell us promptly if your details change. Supplying false information may lead to the account being closed, funds being held while we investigate and, in serious cases, a report to the authorities.

12. Storage and protection of data

Verification records are stored securely with restricted access and are kept for the period required by law after the relationship ends. How we handle personal data in general is explained in the Privacy Policy, which applies to everything described here.

13. Sharing of data

We may share verification data with identity-checking providers, technology suppliers who process it on our instructions, group companies and, where the law requires, regulators, law enforcement and other public authorities. Each recipient is bound to protect the information and to use it only for the stated purpose.

14. Compliance with requirements

This policy reflects the UK requirements that apply to our activities, including the Money Laundering Regulations 2017, UK sanctions law administered through OFSI and the data protection rules enforced by the ICO. Our Licensing and regulation page shows how these fit together.

15. Contact and support

Questions about KYC or AML can be sent to [email protected]. Please do not email copies of your ID. Your personal manager will give you the secure upload route instead.