Know Your Counterparty (KYC) Policy and Procedure

The policy below confirms Mining Techn Group OÜ’s commitment to preventing money laundering and financial terrorism in business practices and transactions. Money laundering is defined as disguising the financial proceeds of crime to conceal the customer’s illegal origin. Financial terrorism, on the other hand, is any form of financial support to those who encourage any acts or engage in terrorism.

Mining Techn Group OÜ has and will establish the Know Your Counterpart (KYC) Procedures to try and combat money laundering and acts of financial terrorism. The aforementioned procedures allow the Company to identify every organization and user we deal with. It stands that the KYC proves the legitimacy of our business relationships and gets the power to identify and react to any and all suspicious activities.

Miningwatchdog Marketplace is solely responsible for developing and implementing the aforementioned policy and any relevant procedures with Mining Techn Group OÜ committed to reviewing the KYC policies and procedures yearly.

Please note the above procedures are overseen by a qualified and experienced manager with expertise in the industry and who knows key counterparties. The key manager has good knowledge of money laundering techniques, including how these techniques can be used in operations and the overall industry.

To support the KYC policy and procedure, Miningwatchdog Marketplace developed a KYC form that will be sent to all counterparties (including business partners, clients, customers, manufacturers, suppliers, and vendors) to collect relevant business information that helps identify money laundering risks. We require the form to be completed by all existing and new counterparties.

By collecting and reviewing all necessary information under the KYC form, Miningwatchdog Marketplace commits to the following;

- Establishing the identities of counterparties.

- Checking and confirming the third parties are not considered high-risk parties by several jurisdictions, including sponsored watchlists or international sanctions lists. 

- Maintaining and understanding the legitimacy and nature of all our counterparties' businesses.

- Maintaining KYC records for a minimum of FIVE years.

- Maintaining all records of any single or linked cash (or cash-like) transactions on the platform.

- Monitoring transactions for any and all unusual or suspicious activities (such activities will cause the counterparty to be considered high risk.)

If any of the counterparties are in any way considered high-risk for any reason, Miningwatchdog Marketplace may;

- Cease partnering or trading with the counterparty.

- Identify the beneficial owners of the counterparty and check whether the beneficial owners are on the watchlist or sanctioned lists.

- Make an on-site visit to the high-risk counterparty and assess the risks.

Please Note: It’s the sole responsibility of each member to add details and information specific to its procedures and actions to help meet the KYC policy. Additions may include reference to;

- Additional legal requirements and how the counterparty meets them.

Endorsed:

Date of Effect:

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