Money laundering is defined as the process where the identity of the proceeds of crime is so disguised that it gives an impression of legitimate income. Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firms’ knowledge or suspicion.
In response to the scale and effect of money laundering, the European Union has passed Directives designed to combat money laundering and terrorism. These Directives, together with regulations, rules and industry guidance, form the cornerstone of our AML/CTF obligations and outline the offenses and penalties for failing to comply.
The Tizer OÜ Policy is designed to prevent money laundering by meeting the European standards on combating money laundering and terrorism financing, including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
  • Appointing a Compliance Officer (CO) who has a sufficient level of seniority and independence, and who has responsibility for oversight of compliance with the relevant legislation, regulations, rules and industry guidance;
  • Establishing and maintaining a Risk-Based Approach (RBA) to the assessment and management of money laundering and terrorist financing risks faced by the firm;
  • Establishing and maintaining risk-based Customer Due Diligence (CDD), identification, verification and Know Your Customer (KYC) procedures, including enhanced due diligence for customers presenting a higher risk, such as Politically Exposed Persons (PEPs);
  • Establishing and maintaining risk-based systems and procedures for the monitoring of on-going customer activity;
  • Establishing procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
  • Maintaining appropriate records for the minimum prescribed periods;
  • Providing training for and raising awareness among all relevant employees.
Anti-money laundering and know your customer policy (AML&KYC) In order to protect Assets of our customers and to ensure the compliance with international trade standards we operate exclusively in accordance with the legislation on combating illicit money laundering and countering the terrorism financing.
Key point
Tizer Wallet shares values of a Decentralized Finance and Decentralized Internet and personal privacy is the basis of this philosophy. Tizer Wallet do not need or want any information about the identities of the people using the Tizer Wallet to deliver services. Even in the case of problem inquiries, users are identified only by an anonymous ID or email, which doesn’t consist of any personal data.
AML/KYC Policy covers the following matters:
  1. 1.
    Verification procedures
  2. 2.
    Identity verification
  3. 3.
    Card verification
1. Verification procedures
One of the international standards for preventing illegal activity is customer due diligence (“CDD”). According to CDD, Tizer Wallet’s partners (payment service providers, not Tizer Wallet itself) establish verification procedures within the standards of anti-money laundering and “Know Your Customer” frameworks.
2. Identity verification
In rare cases, providers of Buy crypto and Exchange features (payment service providers) can require the User to provide them with a reliable ID. Please note: Tizer Wallet itself didn’t collect any personal users’ data. To know more, check our Privacy Policy.
Tizer Wallet’s partners reserve the right to verify the User's identity during the Buy Crypto or Exchange processes, according to their own policies.
3. Card verification
Users who are intended to use payment cards to buy cryptocurrencies have to pass card verification in accordance with instructions available on the Guide. We guarantee that we didn’t collect or store this data. Therefore it can’t be sold or shared with any kind of third party.
We are prohibited from transacting with individuals, companies, and countries that are on prescribed Sanctions lists. We will, therefore, screen by IP addresses against the United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.
Copy link