AML/KYC policy

AML/KYC policy

Effective date: 01.08.2024

1. Introduction

GGPICK LTD, legal address 3rd Floor 86-90 Paul Street, London, United Kingdom, EC2A 4NE, company number 15642041 (hereinafter – GGpick) is committed to complying with all relevant Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations, applying FATF recommendations to prevent any illicit activities through our platform. This policy outlines the procedures and guidelines that GGpick follows to ensure the security and legitimacy of transactions on our online marketplace, where users can buy and sell digital goods.

2. Objectives

The primary objectives of this policy are to:

– Prevent the platform from being used for money laundering, terrorist financing, and other illicit activities.

– Ensure that all sellers on GGpick are properly identified and verified.

– Comply with relevant local and international regulations, including those relating to AML and KYC.

3. Scope

This policy applies to all users of the GGpick platform, particularly those who wish to register as sellers and offer digital goods for sale.

4. User Registration and Account Creation

Account Creation

To register as a seller on GGpick, users must create an account by providing basic information, including their name, email address, and a secure password.

Seller Verification Process

Upon account creation, GGpick will send the seller a link to complete the KYC process through our third-party provider, KYCaid. The seller must complete the KYC process by submitting the required identification documents (e.g., ID card, passport, driver’s license) through the KYCaid platform. KYCaid will conduct checks against the Politically Exposed Persons (PEP) list, Office of Foreign Assets Control (OFAC) list, United Nations (UN) sanctions list, and other relevant watchlists to ensure that the seller is not involved in any prohibited activities. Only after the successful completion of the KYC process, will the seller be authorized to start listing products on GGpick.

During the execution of AML and KYC procedures by GGpick, users may be required to provide various information and documents, which may include, but are not limited to, the following:

– Your full name;
– Your date of birth;
– Your identification document number;
– Your Tax Identification Number (TIN);
– Your residential address, including country, city, street, and postal code;
– A copy of your identification document containing valid information about you; – A photo of you holding your identification document;

5. Monitoring and Reporting

GGpick will monitor transactions on the platform for any unusual or suspicious activity. This includes large or irregular transactions that may indicate money laundering or other illicit activities. GGpick reserves the right to suspend or terminate any seller’s account if suspicious activity is detected. GGpick is committed to reporting any suspicious transactions or activities to the relevant authorities as required by law. GGpick will cooperate fully with law enforcement agencies and regulators in the investigation of any illegal activities detected on the platform.

6. Data Privacy and Security

All personal data collected during the KYC process will be handled in accordance with GGpick’s Privacy Policy and relevant data protection regulations. GGpick ensures that the data collected is stored securely and used solely for the purpose of compliance with AML/KYC regulations. The collection and processing of the above-mentioned data and documents are governed by our Privacy Policy.

We may utilize your personal data and any other information we collect to detect, investigate, and prevent fraudulent transactions and other illegal activities, comply with reporting obligations and legal requirements, develop new products and services, and verify compliance with our rules.

7. Continuous Compliance and EDD

GGpick will periodically review and update its AML/KYC policies and procedures to ensure ongoing compliance with applicable laws and regulations. Sellers may be required to undergo periodic re-verification to ensure the continued legitimacy of their accounts.

In addition to AML and KYC verification, GGpick reserves the right to conduct Enhanced Due Diligence (EDD) on its users, their data, and transactions carried out on the platform. This may involve requesting additional information to verify a user’s identity, the accuracy of the data provided, the source of funds, and the ownership of those funds. In such cases, users may be asked to provide further documentation as required by GGpick (including, but not limited to, a declaration of the source of funds).

8. Penalties for Non-Compliance

Failure to comply with this AML/KYC policy may result in the suspension or termination of the seller’s account. GGpick reserves the right to withhold payments or commissions associated with any transactions that are found to be in violation of this policy.

GGpick reserves the right to suspend, block, or terminate any user account, block specific user transactions, remove digital items from sale or the user’s inventory, terminate a user’s access to and registration with the platform, freeze the balance in a user’s account, and/or suspend any services without prior notice. This may occur if the user, their activities, background, or source of funds appear suspicious, pose excessive legal, security, financial, or reputational risk to GGpick, its affiliates, other users, or third parties, or if the user violates these Terms of Use. Additionally, access to the platform and use of the services may be restricted or prohibited as determined by GGpick at its sole discretion.

9. Policy Review

This policy will be reviewed and updated regularly to reflect changes in legal requirements or business practices,if applicable. The latest version of this policy will be made available to all users through the GGpick website.

10. Contact Information

For any questions or concerns regarding this AML/KYC policy, users can contact GGpick’s support team at [email protected]