Welcome and thank you for choosing VHCex.com (the "Site"). The following terms and conditions of service (these "Terms of Service") apply to all customers and users of the Site. You should read these Terms of Service carefully to have a clear understanding of the Terms of Service. By using any of the services, functions, or features offered from time to time on the Site (collectively or individually,
the "Services"), the customer (referred to herein as "you" or "your") agrees to these Terms of Service.
1. Terms of Service and Execution
The content of this Terms of Service includes main body of this Terms of Service and various rules that have been posted or may be posted from time to time by VHCEX. All these terms shall be an integral part of this Terms of Service and shall have the same legal effect as the main body of this Terms of Service. Unless otherwise expressly provided, any service provided by VHCEX and its affiliates (hereinafter referred as “VHCEX Service”) shall be bound by this Terms of Service.
You agreed to carefully read through and understand this Terms of Service before using any VHCEX Service. You may consult VHCEX if you have any question regarding this Terms of Service. This term of Service will take effect so long as you are using services provided by VHCEX.
You shall not claim to void or rescind this Terms of Service on the ground that you did not read this Terms of Service or you did not receive any respond from VHCEX to your consultation. You hereby promise to accept and observe this Terms of Service. If you do not agree to this Terms of Service, you shall immediately stop registration/activation or stop using any of VHCEX Service.
VHCEX reserved the rights to make or amend this Terms of Service and various rules from time to time as needed, and announce the same on the website, without any individual notice to you. The amended Terms of Service and rules shall come into effect
immediately and automatically upon being updated on the website. If you do not agree to the relevant amendment, you shall immediately stop using VHCEX Service. If you continue using VHCEX Service, you shall be deemed as having accepted the amended Terms of Service and rules.
2. Registration and Account Eligibility of Registrants
You hereby confirm that you are an individual, legal person or other organization with full capacity for civil rights and civil conducts when you complete the registration or while using VHCEX Services in any other way allowed by VHCEX. If you do not have the said capacity, you and your guardian shall undertake all the consequences resulted
therefrom, and VHCEX shall have the right to cancel or permanently freeze your account and claims against you and your guardian for compensation.
Registration and Account
You shall be bound by this Terms of Service once you have filled in information, read and agreed to this Terms of Service and completed the registration process following the instructions on the registration page or you have filled information, read and agreed to this Terms of Service and completed the activation process following the instructions on the activation page, or upon any use of VHCEX Service in a way permitted by VHCEX. You may log in VHCEX with your email address that you have provided or confirmed or
any other means permitted by VHCEX.
Upon first time signing in you must complete your profile by providing your real name, ID type, ID number and other information required by the laws and regulations. If any information you have provided during the registration is inaccurate, VHCEX is not responsibility of any loss, direct or indirect, and adverse consequence resulted therefrom will be borne by you. VHCEX accounts can only be used by the person whose name they are registered under. VHCEX reserves the right to suspend, freeze, or cancel accounts that are used by persons other than the persons whose names the accounts are registered under. VHCEX will also not take legal responsibility for these accounts.
During the registration or activation, you shall accurately provide and timely update your information by following the instructions on the relevant page according to the laws and regulations to make it truthful, timely, complete and accurate. If there is any reasonable doubt that any information provided by you is wrong, untruthful, outdated or incomplete, VHCEX shall have the right to send you a notice to make enquiry and demand corrections, remove relevant information directly and terminate all or part of VHCEX Service to you.
VHCEX is not responsible for any loss, direct or indirect, and adverse consequence resulted therefrom will be borne by you. You shall accurately fill in and timely update
your email address, telephone number, contact address, postal code and other contact information so that VHCEX or any other user will be able to effectively contact you. You shall be solely and fully responsible for any loss or extra expenses incurred during the use of VHCEX Service by you if you cannot be contacted through this contact information. You hereby acknowledge and agree that you have the obligation to keep your contact information effective and to take actions as required by VHCEX if there is any change or update.
You are advice and is highly recommended to complete the email verification, 2 factor authentication, phone number verification and profile to secure your account. You shall be solely responsible for the safekeeping of your VHCEX account and password on your own, and you shall be responsible for all activities under your log-in email, VHCEX
account and password (including but not limited to information disclosure, information posting, consent to or submission of various rules and Terms of Services by clicking on the website, online renewal of Terms of Service or online purchase of services, etc.).
You hereby agree that:
VHCEX shall not and will not be responsible for any loss caused by your failure to comply with this provision.
You understand that VHCEX needs reasonable time to take actions upon your request, and VHCEX will not undertake any responsibility for the consequences (including but not limited to any of your loss) that have occurred prior to such actions.
3. VHCEX Service
Through VHCEX Service and other services provided by VHCEX and its affiliates, members may post deal information, access to the pricing and dealing information of a deal and carry out the deal, participate in activities organized by VHCEX and enjoy other information services and technical services.
If you have any dispute with other members arising from any transaction on VHCEX, once such dispute is submitted by one or both of you and the other member to VHCEX for dispute resolution, VHCEX shall have the right to make decision at its sole discretion.
You hereby acknowledge and accept the discretion and decision of VHCEX. You acknowledge and agree that, VHCEX may, on requests from governmental authorities (including judicial and administrative departments), provide user information provided by you to VHCEX, transaction records and any other necessary information. If you allegedly
infringe upon any other’s intellectual rights or other legitimate interests, VHCEX may provide the necessary ID information of you to the interest holder if VHCEX preliminarily decides that the infringement exists.
All the applicable taxes and all the expenses in relation to hardware, software, service and etc. arising during your use of the VHCEX Service shall be solely borne by you. By using this service, you accept that all trade executions are final and irreversible. By using this service, you accept that VHCEX reserves the right to liquidate any trades at any time regardless of the profit or loss position.
4. User’s Guide of VHCEX Service
You hereby promise to observe the following covenants during your use of VHCEX Service on VHCEX: All the activities that you carry out during the use of VHCEX Service
will be in compliance with the requirements of laws, regulations, regulatory documents and various rules of VHCEX, will not be in violation of public interests, public ethnics or other’s legitimate interests, will not constitute evasion of payable taxes or fees and will not violate this Terms of Service or relevant rules.
If you violate the foregoing promises and thereby cause any legal consequence, you shall independently undertake all of the legal liabilities in your own name and hold VHCEX harmless from any loss resulted from such violation. During any transaction with other members, you will be in good faith, will not take any acts of unfair competition, will not disturb the normal order of online transactions, and will not engage in any acts unrelated to online transactions.
You will not use any data on VHCEX for commercial purposes, including but not limited to using any data displayed on VHCEX through copy, dissemination or any other means without prior written consent of VHCEX. You will not use any device, software or subroutine to intervene or attempt to intervene the normal operation of VHCEX or any ongoing transaction or activities on VHCEX. You will not adopt any action that will induce unreasonable size of data loading on the network equipments of VHCEX.
You acknowledge and agree: VHCEX shall have the right to unilaterally determine whether you have violated any of the covenants above and, according to such unilateral determination, apply relevant rules and take actions thereunder or terminate services to you, without your consent or prior notice to you. As required to maintain the order and security of transactions on VHCEX, VHCEX shall have the right to close relevant orders and take other actions in case of any malicious sale or purchase or any other events disturbing the normal order of transaction of the market.
If your violation or infringement has been held by any effective legal documents issued by judicial or administrative authorities, or VHCEX determines at its sole discretion that it is likely that you have violated the terms of this Terms of Service or the rules or the laws and regulations, VHCEX shall have the right to publish on VHCEX such alleged violations and the actions that having been taken against you by VHCEX.
As to any information you may have published on VHCEX that allegedly violates or infringes upon the law, other’s legitimate interests or this Terms of Service or the rules, VHCEX shall have the right to delete such information without any notice to you and
impose punishments according to the rules. As to any act you may have carried out on VHCEX, including those you have not carried out on VHCEX but have had impacts on VHCEX and its users, VHCEX shall have the right to unilaterally determine its nature and whether it constitutes violation of this Terms of Service or any rules, and impose punishments accordingly.
You shall keep all the evidence related to your acts on your own and shall undertake all the adverse consequences resulted from your failure to discharge your burden of proof. If your alleged violation to your promises causes any losses to any third party, you shall solely undertake all the legal liabilities in your own name and hold VHCEX harmless from any loss or extra expenses.
If, due to any alleged violation by you to the laws or this Terms of Service, VHCEX incurs any losses, is claimed by any third party for compensation or suffers any punishment imposed by any administrative authorities, you shall indemnify VHCEX against any losses and expense caused thereby, including reasonable attorney’s fee.
5. Scope and Limitation of Liability
VHCEX will provide VHCEX Service at an “as is” and “commercially available” condition. VHCEX disclaims any express or implied warranty with regards to VHCEX Service, however, including but not limited to applicability, free from error or omission, continuity, accuracy, reliability or fitness for a particular purpose.
Meanwhile, VHCEX disclaims any promise or warranty with regards to the effectiveness, accuracy, correctness, reliability, quality, stability, completeness and timeliness of the technology and information involved by VHCEX Service. You are fully
aware that the information on VHCEX is published by users on their own and may contain risks and defects.
VHCEX serves merely as a venue of transactions. VHCEX serves merely as a venue where you acquire coin related information, search for counterparties of transactions and negotiate and conduct transactions, but VHCEX cannot control the quality, security or legality of the coin involved in any transaction, truthfulness or accuracy of the transaction information, or capacity of the parties to any transaction to perform its obligations under the transaction documents.
You shall cautiously make judgment on your own on the truthfulness, legality and effectiveness of the coin and information in question, and undertake any liabilities and losses that may be caused thereby. Unless expressly required by laws and regulations or any of the following circumstances occurs, VHCEX shall not have any duty to conduct preliminary review on information data, transaction activity and any other transaction related issues of all users: VHCEX has reasonable cause to suspect that a particular member and a particular transaction may materially violate the law or Terms of Service. VHCEX has reasonable cause to suspect that the activities conducted on VHCEX by a member may be illegal or improper.
You acknowledge and agree, VHCEX shall not be liable for any of your losses caused by any of the following events, including but not limited to losses of profits, goodwill, usage or data or any other intangible losses (regardless whether VHCEX has been advised of the possibility of such losses): use or failure to use VHCEX Service.
unauthorized use of your account or unauthorized alternation of your data by any third parties. expenses and losses incurred from purchase or acquisition of any data or information or engagement in transaction through VHCEX Service, or any alternatives of the same. your misunderstanding on VHCEX Service. any other losses related to VHCEX Service which are not attributable to VHCEX.
In no event shall VHCEX be liable for any failure or delay of service resulted from regular equipment maintenance of the information network, connection error of information network, error of computers, communication or other systems, power failure, strike, labor disputes, riots, revolutions, chaos, insufficiency of production or materials, fire, flood, tornado, blast, war, governmental acts or judicial orders. You agree to indemnify and hold harmless VHCEX, its contractors, and its licensors, and their respective directors, officers, employees and agents from and against any and all claims and expenses, including attorneys’ fees, arising out of your use of the Website, including but not limited to out of your violation this Terms of Service.
6. Termination of Terms of Service
You hereby agree that, VHCEX shall have the right to terminate all or part of VHCEX Service to you, temporarily freeze or permanently freeze (cancel) the authorizations of your account on VHCEX at VHCEX’s sole discretion, without any prior notice, for whatsoever reason, and VHCEX shall not be liable to you; however, VHCEX shall have the right to keep and use the transaction data, records and other information that is related to such account. In case of any of the following events, VHCEX shall have the right to directly terminate this Terms of Service by cancelling your account, and shall have the right to permanently freeze (cancel) the authorizations of your account on
VHCEX and withdraw the corresponding VHCEX account thereof: after VHCEX terminates services to you, you allegedly register or register in any other person’s name as VHCEX user again, directly or indirectly; the main content of user’s information that you have provided is untruthful, inaccurate, outdated or incomplete; when this Terms of Service (including the rules) is amended, you expressly state and notify VHCEX of your unwillingness to accept the amended service Terms of Service; any other circumstances where VHCEX deems it should terminate the services. After the account service is terminated or the authorizations of your account on VHCEX is permanently froze (cancelled), VHCEX shall not have any duty to keep or disclose to you any information in your account or forward any information you have not read or sent to you or any third party. You agree that, after the termination of Terms of Service between you and VHCEX, VHCEX shall still have the rights to: keep your user’s information and all the transaction information during your use of VHCEX Service. Claim against you according to this Terms of Service if you have violated any laws, this Terms of Service or the rules during your use of VHCEX Service. After VHCEX suspends or terminates VHCEX Service to you, your transaction activities prior to such suspension or termination will be dealt with according to the following principles and you shall will take care of on your own efforts and fully undertake any disputes, losses or extra expenses caused thereby and keep VHCEX harmless from any losses or expenses: VHCEX shall have the right to delete, at the same time of suspension or termination of services, information related to any un-traded coin tokens that you have uploaded to VHCEX prior to the suspension or termination. If you have reached any purchase Terms of Service with any other member prior to the suspension or termination but such Terms of Service has not been actually performed, VHCEX shall have the right to delete information related to such purchase
Terms of Service and the coins in question. If you have reached any purchase Terms of Service with any other member prior to the suspension or termination and such Terms of Service has been partially performed, VHCEX may elect not to delete the transaction; provided, however, VHCEX shall have the right to notify your counterparty of the situation at the same time of the suspension or termination.
The privacy practices described in this Statement are designed to comply with the Data Privacy Act of 2012 (R.A. 10173) and its implementing rules and regulations. When accessing our websites and/or availing of our services, you acknowledge and agree that your information may be transferred to and processed following legal and regulatory standards for data protection that may differ from your current or home jurisdictions.
We may collect personal identification information (PII) from users in a variety of ways, including, but not limited to, when users visit our website, register on the website, and in connection with other activities, services, features or resources we make available on our website. Users may be asked for, as appropriate, name, email address. Users may, however, visit our website anonymously.
We will collect personal identification information from users only if they voluntarily submit such information to us. Users can always refuse to supply personally identification information, but if you chose not to do so in many cases we will not be able to provide you with our products or services or respond to any queries you may have.
VHCEX may also combine it with other non-personal identification information to provide and improve our products, services, content, and advertising. Non-personal identification information may include the browser name, the type of computer and technical information about users means of connection to our website, such as the operating system and the Internet service providers utilised and other similar information.
VHCEX may collect and use the users’ personal information for the following purposes:
We may, as and when necessary, seek to verify or augment these information with third-party entities including government regulators, judicial, supervisory bodies, tax authorities or courts of competent jurisdiction and, in the process, gain additional information about you.
In the course of availing our products and services, we also collect information about your transactions and dealings which include your account activities, movements and interactions with third parties such as merchants and utility companies.
VHCEX adopts appropriate data collection, storage and processing practices and security measures to protect against unauthorised access, alteration, disclosure or destruction of your personal information, such as username, password, transaction information and data stored on our website.
The exchange of private and sensitive data between the website and its users (web browser) happens over a SSL/TLS secured communication channel and is encrypted and protected with digital signatures issued by Certificate Authority.
We do not sell, trade, or rent users' personal identification information to others. We may share generic aggregated demographic information not linked to any personal identification information regarding visitors and users with our trusted affiliates, business partners and advertisers for the purposes outlined above.
Your personal information shall be retained as long as our business relationship remain active, and the related records and documents of transaction shall be retained up to 5 years; upon successful termination of our service, we shall retain your personal information and related records for additional 5 years from the date of termination of your user account, or beyond the 5-year retention period if requested by regulatory and legislation.
By using this website, you signify your acceptance of this policy and terms of service. If you do not agree to this policy, please do not use our website. Your continued use of the website following the posting of changes to this policy will be deemed your acceptance of those changes.
For any queries, clarifications or requests on any aspect of this Statement, the exercise of your rights pertaining to your personal information or to provide any feedback that you may have about our processing of personal information, please email to us at [email protected] which is manned during business hours.
Virtual Currency Philippines Inc. (VCP) is committed to fully comply with all applicable laws and regulations regarding anti-money laundering procedures. VCP has adopted and will enforce the provisions set forth in AML/CFT Regulations in order to prevent and detect money laundering, terrorist financing and other illegal activities.
If VCP, its personnel and/or premises and/or its services are inadvertently used for money laundering or other illegal activities, VCP can be subject to potentially serious civil and/or criminal penalties. Therefore, it is imperative that every member, officer, director, and employee (each, an "Employee") is familiar with and complies with the policy and procedures set forth in this document.
This Compliance Statement is designed to ensure all customers is adhering to VCP's policy and procedures, which, if followed diligently, are designed to protect themselves, VCP, its Employees, its facilities and its activities from money laundering or other illegal activities.
To ensure that the VCP's policies and procedures are adhered to, VCP shall designate an Anti-Money Laundering Compliance Officer (the "Compliance Officer"). The Compliance Officer is responsible for establishing and conducting Employee training programs to ensure that all appropriate Employees are aware of the applicable AML/CFT Laws and Regulations, VCP's AML/CFT Policies & procedures and their responsibilities with respect to these policies.
Law of Philippines: Anti-Money Laundering Act of 2001 (RA 9160);
Requirements: Guidelines for Virtual Currency (VC) Exchanges, Bangko Sentral Ng Pilipinas Circular No. 944.
The objectives of VCP’s AML/CFT Policies and Procedures are as follow:
Comply with all AML/CFT Rules & Regulations of the jurisdictions it operates in;
Appointment of a Compliance Officer who shall ensure adherence to the VCP's AML/CFT Policy and
Require its designated Employees to prevent, detect and report to the Compliance Officer all potential
instances in which VCP or its employees, its facilities or its activities have been or are about to be used
for money laundering, terrorist financing and other illegal activities;
Require its designated Employees to attend anti-money laundering training sessions, so that the
Employees are aware of their responsibilities under VCP's policies and procedures; and as affected by current developments with respect to anti-money laundering events.
Money laundering involves the placement of illegally obtained money into legitimate financial systems so that monetary proceeds derived from criminal activities are transformed into funds with an apparently legal source.
Money laundering has many destructive consequences both for society as a whole and for those entities involved in money laundering activities. With respect to society as whole, money laundering may provide resources for drug dealers, terrorists and other criminals to operate and expand their criminal activities.
With respect to entities, any involvement whether it be to instigate, assist, conceal, or ignore the source, nature, location, ownership or control of money laundering activities, can lead to both civil and criminal proceedings against both the individual and the entity involved.
Additionally, the adverse effects, including the adverse publicity to the Company associated with involvement in money laundering events cannot be emphasized enough.
Money laundering transactions may include:
Advising a potential or existing customer on how to structure a transaction to avoid reporting and/or record keeping requirements;
Engaging in any activity while wilfully or recklessly disregarding the source of the funds or the nature of the Customers transaction;
Engaging in any activity designed to hide the nature, location, source, ownership or control of proceeds of criminal activity;
Dealing in funds to facilitate criminal activity; or
Dealing in the proceeds of criminal activity.
Money laundering can involve the proceeds of drug dealings, terrorist activities, arms dealings, mail
fraud, bank fraud, wire fraud or securities fraud, among other activities.
Terrorist financing refers to the processing of funds to sponsors involved in or those who facilitate terrorist activity. Terrorist individuals/ groups/ organization derive income from a variety of sources, often combining both lawful and unlawful funding, and where the agents involved do not always know the illegitimate end of that income. The forms of such financing can be grouped into two types:
In the form of donations, community solicitation and other fundraising initiatives. Financial support may come from states and large organizations, or from individuals.
Revenue Generating Activities
Income is often derived from criminal activities such as kidnapping, extortion, smuggling or fraud. Income may also be derived from legitimate economic activities such as diamond trading or real estate investment.
VCP has appointed a dedicated Compliance Officer to oversight the Compliance function who will be reporting to the Board of Directors of the Company. Designated Employee shall immediately notify the Compliance Officer if he/she suspects or has any reason to suspect that any potentially suspicious activity has occurred or will occur if a transaction is completed. Designated Employees are encouraged to seek the assistance of the Compliance Officer with any questions or concerns they may have with respect to the VCP's AML/CFT Policy & Procedures.
Responsibilities of the Compliance Officer include the following:
To act as a primary contact person who represent Virtual Currency Philippines Inc. in dealing with local regulators;
Coordination and monitoring of VCP's day-to-day compliance with applicable Anti-Money Laundering Laws and Regulations and VCP's own AML/CFT Policy and Procedures;
To monitor adherence to money laundering deterrence procedures & controls;
To assist line management in complying with all relevant AML/CFT regulations;
To assemble and distribute information & policies / procedural matters regarding compliance with the
To ensure that staffs are aware of the principal objectives of the AML/CFT policy;
To ensure that staffs are familiar with the monitoring, detection and reporting procedures;
To ensure that staff education and training program on AML/CFT are in place;
To act as a central point for the receipt & validation of suspicious transaction reports (STR);
To investigate any suspicious transactions and advise designated staff on the next course of action;
To monitor changes to business practices to ensure that money laundering deterrence procedures are
adequate, including the introduction of new technology and any change in ML/TF trends;
To ensure records in relation to AML matters are properly kept acts as the reference point for AML/CFT
matters within Virtual Currency Philippines Inc.;
Coordination of enhanced due diligence procedures regarding Customers; and responding to both
internal and external inquiries regarding VCP's AML/CFT policy and procedures.
VCP’s Compliance Officer is the primary contact person to Anti-Money Laundering Council (AMLC) for AML/CFT related update.
In the event of changes of Compliance Officer, Senior Management of Virtual Currency Philippines Inc. will provide with contact information for the newly designated Compliance Officer, including: (1) name; (2) title; (3) mailing address; (4) email address; (5) telephone number; and (6) facsimile number by writing within ten (10) business days.
As part of the VCP's anti-money laundering program, all Employees are expected to be fully aware of VCP's AML/CFT policy and procedures.
Each Employee is required to read and comply with this Compliance policy and procedures, address concerns to the Compliance Officer and sign the acknowledgement form confirming that he/she has read and understands VCP's AML/CFT policy and procedures.
To ensure the continued adherence to VCP's AML/CFT policy and procedures, all Employees are required to reconfirm their awareness of the contents of this document by signing the acknowledgement form annually, or more frequently, as required by the Compliance Officer.
Designated Employees are required:
At a time specified by the Compliance officer, to undertake in-house or/and external training programs on AML/CFT policy and procedures;
To get trained in how to recognize and deal with transactions which may be related to money laundering;
To timely escalate and report the matter to the Compliance Officer;
To get themselves acquainted and comply with the requirements of AML/CFT Rules & Regulations.
VCP’s AML/CFT policy and procedures are intended to ensure that, prior to accepting funds from Customers, all reasonable and practical measures are taken to confirm the Customers' identities via proper Know Your Customer (KYC) process.
VCP may take assistance from third parties for completing customer identification process. The assistance shall not relieve VCP for identification process to be conducted by the company.
These CDD Procedures are based on the premise that VCP will accept funds from a new and existing Customer only after:
VCP has confirmed the Customer's identity and that the Customer is acting as a principal and not for the benefit of any third party unless specific disclosure to that effect is made; or
If the Customer is acting on behalf of others, VCP has confirmed the identities of the underlying third parties.
The CDD Procedures should be reviewed in light of the specific characteristics presented by a Customer and in any instance the Compliance Officer may determine to apply Enhanced CDD measures for reasons other than those discussed in section below.
As a reference tool, a CDD Checklist is used. Employees are encouraged to provide the Compliance Officer with any revisions they consider appropriate. The Compliance Officer shall retain copies of all documents reviewed or checklists completed in connection with its CDD Procedures in accordance with VCP's Customer Records Retention policy align with the local Personal Data Protection Act if applicable.
Every Customer shall be identified for establishing business relationship. For this purpose, Customers need to fill out all fields at the Registration page.
7.2 CDD for Individual Customer and Beneficial Owner
For Customer Due Diligence (CDD) purposes, at the minimum following information shall be obtained, verified and recorded on CDD form or account opening form:
Full name as per national Registration Identity Card (NRIC) of the Applicant;
NRIC number or passport number or reference number of any other official documents bearing the
photograph of the customer or beneficial owner;
Residential and mailing address;
Date of birth;
Home, office or mobile contact number; and
If a customer has authorized another person, then the additional documentations are required. These include:
Attested copy of NRIC of Authorized person;
Authorization Letter with the following minimum information:
The authorized person is only allowed to register on behalf of the customer; all payments or receipt of funds must be made to or from the customer’s own accounts.
7.3 CDD Procedures for Corporations, Partnerships, Trusts and Other Legal Entities
VCP shall take reasonable steps to ascertain satisfactory evidence of an entity Customer's name and address, its authority to make the contemplated transaction.
For CDD purposes, at the minimum following information shall be obtained, verified and recorded on CDD form or account opening form:
Company registration /Incorporation number;
Date and country of Incorporation;
Date of Business Commenced;
Type of Business;
Name of parent Company;
Email, website and contact numbers;
Registered and mailing address;
Details of Contact Person and authorized person to operate the account;
Details of Bank Account; and
Normal or expected mode of transaction.
VCP will obtain the following documents for the purpose of independent verification, as appropriate under the circumstances:
7.4 Name Screening
Compliance officer shall perform name screening to check on a name-screening database or internal blacklist to determine if a customer poses a risk to VCP. Typically, the objective is to ascertain if the customer is one of the following profiles:
7.5 Enhanced CDD Procedures
When the customer has been evaluated to be at high risk profile to the organization, or a transaction excessed of P500,000.00 within one business day, Enhance Customer Due Diligence (ECDD) shall be performed.
During ECDD, VCP will obtain the following documents, as appropriate under the circumstances:
CDD information under 7.2 for individual or 7.3 Corporations, Partnerships, Trusts and Other Legal Entities;
Additional information on the customer and beneficial owner (e.g. volume of assets and other information from public database);
Inquiring on the source of wealth or source of funds. In the case of PEPs, both sources must be obtained; and
VCP shall verify this document(s) against the earlier submitted information made during registration.
Part of the process of conducting ECDD is to obtain senior management approval before establishing a relationship and take reasonable measures to establish the source of wealth and the source of funds.
7.6 Ongoing CDD Procedures
VCP shall, on regular basis, take all reasonable steps to ensure that the customer’s profile is updated, transactions and account activity should be scrutinized for suspicious activity and that the behaviour of the transaction and accounts are in line with the expectation. This is an ongoing responsibility as clients’ risk profiles may change over time. To better perform ongoing monitoring, a compliance officer must take into consideration on the customer’s account activity and ensure that CDD documents are kept up-to-date.
8.1 Suspicious Transaction Report (STR)
A Suspicious Transaction Report (STR) will be lodged with the Financial Intelligence and Enforcement
Department of Bank Negara Malaysia when we know, suspect, or have reason to suspect that:
the transaction involves the use of our firm to facilitate criminal activity.
8.2 Reporting Procedure
The Compliance Officer will be responsible for submitting the STR. The reporting procedure will be as follows: [Workflow diagram]
VCP shall not notify any person involved in the transaction that the transaction has been reported. We will classify all STRs and any other supporting documentation as confidential.
VCP shall ensure proper documentation of all documents and information provided by our clients, together with the methods used, results of verification, and the resolution of any discrepancy in the identifying information. Records will be maintained for up to five (5) years from transaction dates. In the event of termination of the business relationship or transaction, the records shall be kept for five (5) years after the termination of business relationship.
The Compliance Officer will be responsible for ensuring that AML records are maintained properly and that STRs are filed as required. Copies of any STR, together any supporting documentation filed will be maintained for six years from the date of filing the STR.
All records will be stored securely and will be capable of being retrieved without undue delay.
The Board of Directors has the ultimate responsibility in ensuring with compliance with the provisions of the AMLA.
VCP’s AMLA policies and practices will be reviewed and updated as and when necessary.