KNOW YOUR CUSTOMER (KYC) POLICY
Bkquote Global Market Limited
No: 2025-00089
The Sotheby Building, Rodney Village, Rodney Bay, Gros-Islet, Saint Lucia
1. INTRODUCTION
2. OBJECTIVES OF THE KYC POLICY
The primary objectives of this KYC Policy are to:
● Establish the true identity of our clients.
● Assess the financial background and trading experience of our clients.
● Evaluate the source of funds used for trading and exchange activities.
● Prevent the use of the Company’s services for money laundering, terrorist financing, or other illicit activities.
● Ensure full compliance with international KYC and AML regulations.
3. SCOPE
This policy applies to:
● All new and existing client accounts.
● All transactions executed on the Company’s trading platform and crypto asset exchange.
● All employees, agents, and representatives of the Company. This policy is aligned with the following regulations and standards:
● Recommendations of the Financial Action Task Force (FATF).
● Saint Lucia's laws and regulations on customer due diligence.
● European Union (EU) directives on KYC and AML.
4. CLIENT IDENTIFICATION AND VERIFICATION
The Company will establish and verify the identity of each client before allowing them to access the trading platform or the crypto asset exchange, only under specific circumstances.
4.1. KYC IS NOT REQUIRED IN THE FOLLOWING CASES:
● Clients may open an account and trade on the platform without completing the KYC process as long as the total accumulated deposit does not exceed $100,000.
● However, the Company reserves the right to request additional information or initiate the KYC process at any time if there is suspicion of suspicious activity or regulatory risk.
4.2. KYC IS MANDATORY IN THE FOLLOWING CASES:
1. Deposits exceeding $100,000:
○ If a client deposits more than $100,000 (accumulated), the KYC process will be mandatory before allowing any new trades or withdrawals.
2. Withdrawals through bank accounts or credit or debit cards:
○ KYC is mandatory for any withdrawal starting from 1 € through: Bank transfer. Credit card. Debit card.
4.3. Individual Clients
To complete the KYC process, individual clients must provide the following information:
4.4. Corporate Clients
To complete the KYC process for corporate accounts, the following documents are required:
● Company name and registration number
● Certificate of incorporation
● Articles of association and memorandum of association
● List of directors and officers
● Identity verification of ultimate beneficial owners (UBO) holding 25% or more of the company’s shares
● Proof of registered address (utility bill or bank statement dated within the last 3 months)
● Authorized signatory list and power of attorney (if applicable)
4.5. Verification Process
The Company will verify the authenticity of all submitted documents by:
● Cross-checking data with public and private databases.
● Verifying information against international sanctions and Politically Exposed Persons (PEP) lists.
● Conducting background checks using third-party verification services. If discrepancies or inconsistencies are found, the Company reserves the right to: ● Request additional information or documents.
● Suspend the client’s account until the verification process is complete.
● Terminate the account if the client fails to provide the required information.
5. ONGOING MONITORING
The Company continuously monitors client accounts and trading activity to detect suspicious behavior or financial inconsistencies.
● Large or unusually frequent transactions.
● Transactions with counterparties in high-risk jurisdictions.
● Rapid inflow and outflow of funds.
● Suspicious trading patterns in crypto asset markets.
6. DATA PRIVACY AND PROTECTION
● All client data and documentation will be securely stored in compliance with data protection regulations.
● Client information will not be shared with third parties unless required by law or regulatory authorities.
7. RESTRICTIONS ON THIRD-PARTY PAYMENTS
● The Company will only accept payments from bank accounts or wallets held in the client’s name.
● The Company will not process payments from or to anonymous accounts or unregulated financial institutions.
● Payments from third parties will be rejected unless properly documented and verified.
8. REGULATORY COMPLIANCE AND REPORTING
● If suspicious activity is detected, the Company will file a Suspicious Activity Report (SAR) with the Financial Intelligence Unit (FIU) of Saint Lucia.
● The client’s account may be temporarily frozen while the suspicious activity is investigated.
● The Company may request additional information from the client to clarify the origin of funds or the nature of the transactions.
9. CLIENT RESPONSIBILITIES
● Provide accurate and truthful information during the account opening process.
● Respond promptly to requests for additional information or documents.
● Not engage in activities that may be considered money laundering, terrorist financing, or financial fraud.
10. EMPLOYEE TRAINING AND AWARENESS
● The Company provides regular training to employees on KYC procedures and compliance requirements.
● Employees are required to report any suspicious behavior or inconsistencies to the Compliance Department.
11. MODIFICATIONS AND UPDATES
● The Company reserves the right to update or modify this policy at any time to reflect changes in regulations or business practices.
● Changes will take effect on the date they are published on the Company’s website.
12. ACKNOWLEDGEMENT AND ACCEPTANCE
By opening an account and using the Company’s services, you acknowledge and accept that you understand and comply with the provisions set forth in this Know Your Customer (KYC) Policy.
13. FINAL PROVISIONS
● This policy forms part of the Terms and Conditions of Bkquote Global Market Limited.
● If any provision of this policy is found to be invalid or unenforceable, the remaining provisions shall remain in full force and effect.
● This policy is governed by the laws of Saint Lucia.