Compliance

KYC and AML Compliance

To maintain the integrity of our ecosystem, Finsteco adheres to comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) guidelines. These measures are essential to prevent illicit activities, ensure transparency, and build a secure trading environment for all users. By implementing rigorous KYC and AML practices, Finsteco not only complies with regulatory requirements but also upholds the trust of its clients and stakeholders.

Verification Process

At Finsteco, we have established a clear and structured verification process to ensure that all users meet the necessary regulatory standards. This process involves multiple steps designed to confirm the identity of the user and the legitimacy of their participation in our ecosystem.

1. Email and Phone Verification - The initial step requires users to verify their email address and phone number. This ensures we can communicate effectively with our users and that their contact details are authentic.

2. Submission of Documents - Users are required to submit:

   • A valid identity document, such as a passport or national ID, to verify their identity.
   • A proof of address, such as a utility bill or bank statement, to confirm their place of residence.

3. Completion of a Questionnaire - Each user must fill out a brief questionnaire to provide details about their status, the source of their funds, and their intended use of our platform. This helps us gain a clearer understanding of our clients and ensure compliance with AML laws.

Advanced Verification Technology

To streamline the verification process while maintaining the highest level of security, Finsteco employs SumSub, a trusted verification platform used by industry leaders such as Binance. SumSub combines advanced technology with robust data protection measures to deliver a secure, efficient, and user-friendly verification experience. This technology ensures that user information is processed quickly while adhering to global compliance standards.

Risk-Based Due Diligence

At Finsteco, we implement a risk-based approach to due diligence. This allows us to tailor our compliance measures based on the individual profile of each user. By considering factors such as the purchase amount, citizenship, and the user’s overall profile, we can apply the appropriate checks without compromising the user experience.

Tailored Checks

The level of due diligence varies based on the nature of the client’s engagement with Finsteco. For example, higher purchase amounts or more complex profiles may require additional documentation or scrutiny.

Access Restrictions

To safeguard our ecosystem, Finsteco does not accept clients from jurisdictions classified as high-risk or under increased monitoring by the Financial Action Task Force (FATF):

• High-Risk Jurisdictions subject to a Call for Action:

  • Democratic People’s Republic of Korea (North Korea)
  • Iran
  • Myanmar

• Jurisdictions Under Increased Monitoring:

  • Algeria, Angola, Bulgaria, Burkina Faso, Cameroon, Côte d'Ivoire, Croatia, Democratic Republic of the Congo, Haiti, Kenya, Lebanon, Mali, Monaco, Mozambique, Namibia, Nigeria, Philippines, South Africa, South Sudan, Syria, Tanzania, Venezuela, Vietnam, Yemen.

For clients from monitored regions, exceptions may be made if they meet stringent compliance criteria, including providing comprehensive proof of funds and undergoing additional verification steps.

Why It Matters

Our KYC and AML compliance framework is not just about meeting legal obligations—it’s about fostering a safe, transparent, and trustworthy ecosystem for all participants. By identifying and verifying every user, we prevent unauthorized access and mitigate risks associated with fraud, money laundering, and other illicit activities.

At Finsteco, we believe that compliance is a shared responsibility. Our robust processes ensure that all users contribute to the integrity of our platform while enjoying a seamless and secure experience.