Customer Survey and Anti Money Laundering (KYC / AML)
When placing an order, we ask whether you understand that customers must identify themselves. We understand that this is annoying and do not want to hide behind a checkbox, but think it is important that you know exactly what to expect from us. In addition, cryptocurrency buying and selling platforms such as SATOS fall under the supervision of De Nederlandse Bank and we must properly adhere to these rules. Before diving in depth, we encourage anyone using or intending to use our services to review our current verification method and FAQs related to our KYC / AML. Here you can see at a glance what you can expect from us and you will find the answers to questions that we see every day.
SATOS is a crypto currency broker. SATOS 'business activities consist of buying and selling cryptocurrencies against traditional currencies. These activities supervised by De Nederlandsche Bank and the Netherlands Authority for the Financial Markets. SATOS prevents it from committing any form of money laundering and handling. To this end, the management of SATOS has developed a Know Your Customer procedure and Anti Money Laundering procedure (KYC / AML policy) that meets the requirements of European legislation and regulations. In practice, this means that in some cases we will ask you for personal information before we can provide certain services. We do this not only because it is in the rules, but also because we want to uphold the reputation of SATOS as a reliable gatekeeper and the reputation of cryptocurrency as a means of payment.
Know Your Customer and Anti-Money Laundering (KYC/AML)
The client due diligence and policy drawn up by SATOS management ensures that SATOS fully complies with European and Dutch laws and regulations. SATOS procedures also ensure that customer due diligence is up-to-date with developments on the internet. Among the measures that SATOS carries out include but are not limited to:
- An appointed Executive Compliance Officer who has the experience and freedom to design and implement measures and who is fully responsible for the AML / KYC policy;
- Monitoring developments in legislation and regulations regarding KYC / AML requirements;
- An approach based on risk sensitivity (Risk Based Approach);
- A system that automatically detects abnormalities and brings them to the attention of SATOS personnel;
- Training of personnel in the field of legislation and regulations and dealing with customers.
The customer due diligence is tailored to the risk sensitivity of the type of customer, the business relationship, the product or the risk of money laundering or terrorist financing. In all cases, if the risk profile is high or SATOS has doubts about the reliability of the data obtained, appropriate and risk-based measures must be taken to verify that the information obtained is correct. In that case, there is a "stricter customer due diligence". SATOS is free to request further information at any time and suspend the transaction until the risk is eliminated.
It is good to know that from May 21, 2020, new legislation has entered into force for all crypto companies in the Netherlands. Companies that fail to comply with these guidelines run the risk of sky-high fines and in some cases even have to close their doors. We therefore advise everyone to only do business with crypto companies that adhere to this legislation and therefore fall under the supervision of De Nederlandsche Bank (DNB). If you do not do this, you run the risk that your money will be frozen or a crypto broker suddenly stops paying out and you will therefore no longer be able to access your cryptocurrency.