AML-KYC Policy
Our AML & KYC Policy: Ensuring a Safe Crypto Experience
At Lemma-X we are committed to providing a secure and trustworthy platform for all of our users. To protect against fraud, money laundering, and other illicit activities, we follow strict Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures. These practices comply with MiCA regulations and are aligned with the requirements of the Bank of Lithuania, our regulatory authority.
What is KYC (Know Your Customer)?
KYC is a process that helps us verify the identity of our users. This is crucial to ensure we meet our legal obligations and create a secure environment for everyone on the platform.
Why Do We Need KYC?
KYC helps us:
- Prevent fraud: By verifying your identity, we reduce the risk of unauthorized access to your account.
- Comply with regulations: KYC is a regulatory requirement aimed at preventing illegal activities like money laundering and terrorist financing.
- Protect the community: By ensuring the legitimacy of all users, we can offer a safer and more reliable platform for all customers.
What Information Do We Ask For?
When you create an account or begin using certain services, you may be asked to provide the following:
- Personal Identification Information: This includes your name, date of birth, and address.
- Proof of Identity: A government-issued ID (e.g., passport, driver’s license, or national ID card) is required to confirm your identity.
- Proof of Address: A recent utility bill or bank statement that shows your name and address.
- Source of Funds: We may request information regarding the source of your funds (e.g., earnings, investments, or savings) to ensure that they are legitimate and comply with regulatory standards.
Why Do We Ask These Questions?
These steps are necessary to:
- Confirm your identity: Ensuring that only authorized users can access the platform.
- Comply with regulations: By adhering to KYC rules, we help prevent the use of our platform for illegal activities such as money laundering.
- Protect your account: By understanding the source of your funds, we can ensure that all transactions are legitimate and safe for everyone.
Ongoing Monitoring for Your Security
Even after you complete the KYC process, we continuously monitor transactions on our platform to ensure that everything stays secure. If any suspicious activity is detected, we are obligated to investigate and may need to take action to protect our users and the platform.
What Happens If KYC is Not Completed or Fails?
If you do not complete the KYC process or provide the required information, you may experience restrictions on your account or services. To avoid interruptions and ensure full access to all features, please complete the KYC process promptly.
The KYC process helps us provide a secure and compliant platform for you. We appreciate your cooperation and are here to assist you if you have any questions about the process.
