AML / KYC policy

At  WEME  CANADA  MONEY  SERVICE  LTD,  operating  in  British  Columbia,  Canada,  we  are committed to maintaining the highest standards of Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. Our policy is designed to prevent and mitigate potential risks of illegal activities  such  as  money  laundering,  terrorist  financing,  and  fraud  in  cryptocurrency  and  fiat transactions.
This policy applies to all users of our platform, including individual and corporate clients.

For Individual Clients:
•     Identity Verification: Clients must provide a valid government-issued photo ID (e.g., passport, national ID, driver’s license).
•     Proof of Address: A utility bill, bank statement, or equivalent document issued within the last 3 months.
•     Selfie Verification: Clients may be required to upload a real-time selfie holding their ID for additional verification.
For Corporate Clients:
•     Company Documents: 

o    Certificate of Incorporation or equivalent document.
o    Memorandum and Articles of Association (if applicable).
•     Authorized Signatories: Identification and proof of address for all authorized representatives.
•     Ultimate Beneficial Owners (UBOs): Verification of individuals owning 25% or more of the company’s shares.

We employ advanced tools to monitor transactions in real-time, ensuring compliance with global AML standards. Suspicious transactions are flagged and may result in account restrictions or reporting to relevant authorities. Monitoring includes:
•     Unusual transaction volumes or patterns.
•     Transfers involving high-risk jurisdictions.•     Use of anonymous or high-risk cryptocurrencies.

Clients are categorized into risk levels (low, medium, high) based on:
•     Geographic location.
•     Transaction frequency and volume.
•     Nature of the relationship with our platform.
High-risk clients and transactions are subject to Enhanced Due Diligence (EDD).

For high-risk clients or transactions, we may request additional documentation, such as:
•     Source of funds or wealth.
•     Detailed business description and financial statements (for corporate clients).
•     Explanation of the purpose of specific transactions.

We adhere to the following global and Canadian regulations:
•     FATF Recommendations.
•     Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA).
•     Local regulatory requirements of British Columbia, Canada.

•     Data Security:
Client data is stored securely in compliance with Canadian data protection laws, including PIPEDA.
•     Retention Period:
Client identification data and transaction records are retained for a minimum of 5 years after the account is closed or the transaction is completed, in line with AML requirements.

We  are  obligated  to  report  any  suspicious  activities  to  the  Financial  Transactions  and  Reports Analysis Centre of Canada (FINTRAC). This includes, but is not limited to:
•     Unusual transaction patterns.
•     Transactions linked to high-risk jurisdictions or flagged individuals/entities.

All clients are required to:
•     Provide accurate and truthful information during the onboarding process.
•     Promptly update any changes to their personal or corporate details.
•     Refrain  from  engaging  in  prohibited  activities,  such  as  money  laundering  or  fraudulent 
transactions.

This AML/KYC policy is subject to periodic reviews and updates to comply with evolving regulations. Clients will be notified of any significant changes to this policy.
For further details or assistance, please contact our Compliance Team at support@wemecanada.com. WEME CANADA MONEY SERVICE LTD reserves the right to reject or terminate any account that does not meet our compliance standards.