Cryptola Anti-Money Laundering and Know Your Customer Policy (hereinafter – the “AML/KYC Policy”) is designated to prevent and mitigate possible risks of Cryptola being involved in any illegal activity.

Having regard for the safety of the users and due to the legal requirements of the Government of Poland, PlanetTec Sp. z o.o. has implemented and started to use KYC policy (customer’s identification), AML / CTF (combating money-laundering and terrorist financing) as it is required from banks and other financial institutions.

Both international and local regulations require Cryptola to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, a proliferation of weapons of mass destruction, corruption and bribery and take action in case of any form of suspicious activity from its Users. We shall identify and cease transactions made to not only purchase/sell a cryptocurrency but also made mainly to hide the criminal origin of money, finance illegal activity or other unlawful behaviours.

Specific provisions of our policies are confidential and for internal use only to prevent their avoidance by dishonest or fraudulent users. We would like to introduce to you some of our policies’ general rules and stipulations, which directly concern you and affect the services we render.

User’s identification

In the first place, we are obliged to identify, beyond a reasonable doubt, the identity of persons enabled to do transactions on our exchange. This is why we collect ID scans, whose authenticity is verified with the special software of professional external providers.

We require completing an automated identity check or ID document to preclude the possibility of using your documents by someone else. Verification of your likeness to the photo from your ID is made using special software of professional external providers or, in case of doubts, done manually by our customer support services.

Our customer support team will contact you to explain any concerns and solve the issues in case of any doubts.

Suppose we cannot determine, beyond a reasonable doubt, that the documents you provided belong to you and are authentic. In that case, we will not let you execute any transactions.

User’s identification – Companies

In the case of all legal entities (companies), the procedure is more stringent and depends on the company’s structure, country, etc. Primarily, we need to establish who is the owner of the company, who can represent it, where the company is based and what the company’s business is.

Since standards regarding governmental documentation of legal entities are different in each country, verification of such users is done “manually” and is considerably more time-consuming.

We use our proprietary software to monitor and supervise transactions on our exchange, looking for suspicious and unusual behaviour. Our AML specialists analyse such transactions and evaluate if they do not provide significant AML / CTF risks or if they need to be ceased and clarified with the user.

We don’t provide services to the following industries: shell banks; bearer share companies; weapons; drugs, legal or illegal; precious goods: metals, stones, or other precious materials, including raw materials and natural resources; alcohol, alcoholic beverages, spirits, Tobacco, e-cigarettes, other assimilated goods; pharmaceutical goods and services and other high-risk industries.

Additional verification

When your trade volume rises, our AML / CTF verification duties also increase when your trade volume rises. The same happens when your transactions are “flagged” as suspicious or unusual or our verification of your results in qualifying you as a person imposing significant AML / CTF risk.

In such cases, we can require additional documentation proving your real, exact place of residence, education, occupation, and source of money you are using on the exchange.

Unfortunately, suppose our AML specialists decide that the information you receive does not clarify our doubts. We will be obliged to end our cooperation with you or report your transactions to relevant authorities.

Basic AM / CTF Rules

Our operating rules include, among other things, as follows:

In accordance with international law, we are not obliged (or even forbidden) to inform our clients if we report their behaviours as suspicious to relevant authorities.

Sanctioned countries

In accordance with our policies, we do not open accounts and do not process transactions for citizens and residents of, as well as people staying in, countries where transactions are prohibited by international sanctions or their internal law regulations or countries based on various criteria selected by our AML team (for example Corruption Perceptions Index by Transparency International, FATF warnings, countries with weak anti-money laundering and terrorist financing regimes determined by European Commission), impose high AML / CTF high risk.

Currently, these countries are: 

Afghanistan, American Samoa, Angola, Bahamas, Botswana, Burundi, Cambodia, Central African Republic, Chad, Congo, Cuba, Democratic Republic of Congo, Equatorial Guinea, Eritrea, Ethiopia, Ghana, Guam, Guinea Bissau, Iran, Iraq, North Korea, Lebanon, Libya, Mali, Nigeria, Pakistan, Panama, Puerto Rico, Russia, Samoa, Saudi Arabia, Sierra Leone, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Venezuela, Yemen, Zimbabwe, USA (some states).

Tiers of KYC verification

AML / CTF risk increases when your trade volume rises, so we must introduce proper safety and verification procedures. As a result, we introduced two Tier verification systems based on the general rule that the more money (or cryptocurrencies) you deposit or want to withdraw, the more information about you and your funds we need to exclude AML / CTF risks (as we are required by law). You should remember that this model is a result of the work and experience of our AML team and can be changed as the legal requirements of countries change and as a result of gaining new knowledge and experience. In particular, transition limits may change due to periodical audits and verification of the efficiency of our procedures. We will keep you updated if any changes would influence your situation.

Contact us

If you have questions or concerns regarding this AML & KYC Policy, do not hesitate to contact us at [email protected].