Source: http://ktc.trading/start/index.php/aml-policy
Timestamp: 2018-12-14 21:42:12
Document Index: 129589187

Matched Legal Cases: ['art. 13', 'art. 28', 'art. 24', 'art. 6', 'Art. 15', 'art. 30']

KTC GROUP LTD, as a provider of services relating to the use of virtual currency and in compliance with the regulations on anti-money laundering and against international terrorism financing (see Legislative Decree no. 231/2007 - "Anti-Money Laundering Decree"), implemented suitable measures to manage the relevant risk in order to prevent KTC GRUOP LTD involvement in criminal events that may have negative effects on its stability and reputation on the market.Money laundering and terrorist financing are criminal offences, which, in view of their transnational dimension, may seriously threaten the lawful economy. These are factors that cause a great deal of damage to the entire economic system: the reinvestment of illicit profits in legal activities and the presence of economic players and entities involved in crime deeply alter market mechanisms, affect the efficiency and correctness of financial activities and weaken the economic system.
It is known that KTC GRUOP LTD provides users with services linked to blockchain technology: an internet platform that allows them to buy and sell tokens or any other existing "virtual" or "mathematical" currency, as well as allowing the conversion of virtual or cryptographic tokens between them or legal tender countervalue and vice versa. In this context, transactions are protected through encryption, potentially vulnerable, due to their anonymity, to leakage of money laundering and international terrorist financing events, as indicated by the Financial Action Task Force (FATF).
Given all this, the action to prevent and contrast money laundering and terrorism financing by KTC GRUOP LTD is carried out through the introduction of controls aimed at guaranteeing proper customer verification, traceability of financial transactions, identification of suspicious transactions and storage of customer data and documents. This document ("AML Policy"), in particular, describes the general principles and criteria - which are in turn subject to further and timely internal regulation - implemented and managed by KTC GRUOP LTD for the fulfilment of the obligations required by the AML Decree in relation to its core business, which employees, collaborators, customers, corporate representatives and business partners are required to comply with.
Following the implementation of Directive 2015/849/EU (known as the Fourth AMLD) into our legal system, the relevant national legislation has been significantly amended, extending its scope to service providers relating to the use of virtual currency, limited to the performance of the activity of converting virtual currencies from or into legal tender currencies.The IV AMLD has been implemented in our legal system with the Legislative Decree. 90/2017, which amended and supplemented the Anti-Money Laundering Decree. The Anti-Money Laundering Decree consists of three main pillars:
• proper customer verification;
• retention of customer data and information;
• suspicious transaction reports.
The regulatory provisions of the Anti-Money Laundering Decree provide for an accurate identification of customer information and introduce the concept of a "risk-based approach" according to the "sensitivity" of customers, comparing customer due diligence obligations with the risk related to the customer, the product and the geolocation.Authorities at national level called upon to supervise compliance with the regulations are the Ministry of the Economy of Finance, the Financial Information Office (FIU) at the Bank of MALTA, the Supervisory Authorities of each sector where the parties required to apply the regulations operate, the Anti-Mafia Investigative Directorate and the Tax Authorities.
In order to clarify the terminology used in this AML/KYC Policy, the following definitions are specified:Client: The person, who enters into a continuous relationship with KTC GROUP LTD, opens an account on the Website and carries out purchase and sale transactions or requests or obtains the provision of a professional service by https://ktc.trading .Identifying data: given name and family name, place and date of birth, domicile, if different from the registered residence, the references of the identification document and, if granted, the tax number or, in the case of persons other than natural persons, the name, registered office and, if granted, the tax number.
KYC (know your customer) is an essential element of national and European legislation governing financial transactions between agents/traders and customers.Careful customer control, in addition to being a valid tool for combating money laundering and terrorist financing, protects traders against commercial and reputational risks together with the enforcement of administrative, civil and criminal penalties and fines.
KTC GROUP LTD carries out the appropriate customer verification and monitors the activity through the analysis of the following parameters:
In gathering customer information, KTC GROUP LTD makes use of the activities carried out by third parties entrusted with the task of adequate verification. In particular, the authorised party shall acquire at least the customer's identification document and verify its identity. In any case, the acquisition of internal and external data allows KTC GROUP LTD to determine the relevant money laundering risk profile for each customer, monitored periodically based on the risk profile mentioned above.
KTC GROUP LTD constantly updates customer due diligence during the relationship with the same, both during the review phase (scheduled according to the risk level) and when any events occur, such as, but not limited to: anomalies detected by the IT applications used, reports by the Authorities, identification of transactions carried out by the customer not consistent with the nature of the relationship underlying the transaction.
In order to comply with the storage obligations, KTC GROUP LTD has implemented an IT register, ensuring that data management is clear and complete, so that information is easy to access and readily available. KTC GROUP LTD has entrusted the maintenance of the register to a third party.
KTC GROUP LTD has appointed a Manager of the AML Department.
KTC GROUP LTD internal control system, however, involves the entire corporate structure from corporate boards to control functions. KTC GROUP LTD ensures that adequate internal controls are maintained to protect the integrity of the money laundering risk management process and the relevant reputational risk by drafting strict guidelines on the topic, as well as by means of an adequate internal organizational structure.
The Anti-Money Laundering Policy updates, as well as the assessment of the compliance with procedures and internal provisions adopted by KTC GROUP LTD, is entrusted to the AML Department which, in partnership with other internal functions or external professions, is responsible for ensuring the effectiveness of the activities implemented to mitigate the risks related to money laundering and terrorist financing.
KTC GROUP LTD has implemented dedicated organizational/regulatory supervision to fulfil the obligations set out in the AML Decree. In particular, adequate internal regulatory procedures have been prepared to govern the requirements established in order to provide KTC GROUP LTD corporate functions with internal reference and support tools useful for understanding the issues involved.
Furthermore,KTC GROUP LTD adopted specific IT tools for the analysis of the anti-money laundering risk profiles to be attributed to customers and for the monitoring of "anomalous" transactions for which an analysis is carried out by the relevant structures in order to assess the same.
In order to cooperate with the Authorities to ensure the stability of the financial system and to avoid KTC GROUP LTD involvement in money laundering and terrorist financing, the latter has adopted a structured process for reporting suspicious transactions regarding the illicit origin of transferred funds. For this purpose, KTC GROUP LTD has identified a reporting party responsible to report suspicious transactions, required to transmit reports to the Financial Intelligence Unit (FIU) in the form and manner required by the Authority.
As provided for by the Anti-Money Laundering Decree, KTC GROUP LTD annually provides a Training Program (e-learning, specific courses) mandatory for all personnel, consultants and company representatives.
KTC GROUP LTD Malta 163 Guardamangia Hill, Msida PTA 1311 REG: C86282 or even "Data Controller" of users who access and visit https://ktc.trading website and of customers who access the services thereof ("Site").
KTC GROUP LTD, as Data Controller, provides the following disclosure ("Privacy Policy"), pursuant to Article 13 of Legislative Decree No. 231/2001. 196/2003 "Personal Data Protection Code" ("Privacy Code") and amendments thereto, as well as art. 13 of EU Regulation 2016/679 (or General Data Protection Regulation, hereinafter also referred to as the GDPR).
1.Data processed
As a rule, the Website can be used without having to provide any personal data. Should the Website be accessed for information only (opening no account), we are not going to collect any personal data, except for those transmitted by the user's browser or terminal device and IP address in order to enable access to the Website. In this case, data transmitted to KTC GROUP LTD shall be, by way of example: (i) date and place of the request; (ii) the type and version of the browser used; (iii) the OS; (iv) page views and navigation paths of the Website; and (v) information on the timing, frequency and layout of the use of the Website, and in general all the use-related data offered by KTC GROUP LTD automatic tracking system, whereby, in any case, anonymous information is collected to report use-related trends.
Personal data are collected within specific sections of the Website via electronic forms, only to access KTC GROUP LTD services. In this case, personal data collected between the user and KTC GROUP LTD for service use consist of two different categories, depending on whether you want to use the services only for the exchange and trading of virtual currencies, or you also want to access the services of conversion, purchase and sale of virtual currencies in exchange for currency legal tender or vice-versa.
In the first case, KTC GROUP LTD, as Data Controller, collects and processes personal data, such as given name, family name, business name, address and e-mail address (hereinafter "Personal Data" or "Data"), communicated by the user when opening an account and registering on the Website. In the latter case, since the account is to be verified for personal identification purposes, Personal Data required will also be those necessary for identification, and may include, without limitation: (i) first name and surname; (ii) date of birth; (iii) place of birth; (iv) place of residence; (v) domicile, if different from residence; (vi) tax number, if issued; (vii) references to identification document and date of issue and expiry, etc.
KTC GROUP LTD does not collect data from persons younger than 18 and does not process sensitive data revealing racial or ethnic origin, religious, philosophical or other beliefs, political opinions, membership of parties, trade unions, associations or organizations of a religious, philosophical, political or trade union nature, or health status.
Once the user has registered on the website in order to use the services by accepting the Terms and Conditions relating to the Website and the services, KTC GROUP LTD is obliged to fulfill its obligations as a service provider relating to the use of virtual currency, as per Legislative Decree 231/2001. 21 November 2007, no. 231, as amended by Legislative Decree 25 May 2017, no. 90, concerning anti-money laundering and the fight against terrorist financing, limited to the conversion of virtual currencies from or into legal tender currencies.
KTC GROUP LTD is obliged to verify the User's identity by means of a valid identification document, keep specific information taken from this document, check the authenticity of such document together with all additional information, including documents, which must be requested and which, during the relationship, must be updated. Therefore, the User must provide all the information additional to that required for opening the account, which will be requested through electronic forms also providing for the possibility to upload documents, or through questionnaires that will be submitted and that KTC GROUP LTD will request to fill off-line.
In order to comply with all obligations regarding anti-money laundering, KTC GROUP LTD , as Data Controller, makes use of third-party services, duly authorized to process Personal Data through specific outsourcing contracts with KTC GROUP LTD , or specific mandates to process such Personal Data; third parties are required, pursuant to the GDPR, to comply with KTC GROUP LTD Privacy Policy and with instructions on the storage and non-disclosure, nor misuse of Personal Data other than for the purpose of data processing. A detailed and updated list of these parties is available to the user; a formal request should be addressed to KTC GROUP LTD
comply with pre-contract, contract and tax obligations of KTC GROUP LTD or carry out all measures and actions upon request of the data subject, as well as arising from all existing relationships with users, customers, collaborators, business partners, suppliers, and consultants;comply with the obligations set out under the law, any Regulation, EU legislation or any Authority order ( as, for example, concerning anti-money laundering); pursue legitimate rights and interests (such as the right of defense before the Court);
B) only upon specific and separate consent (Articles 23 and 130 of the Privacy Code and Article 7 GDPR), for the following marketing purposes: send by e-mail, post and/or sms and/or telephone contacts, newsletters, commercial communications and/or advertising material on products or services offered by the Data Controller and assess the satisfaction rate on service quality;
send via e-mail, mail and/or sms and/or telephone contacts commercial and/or promotional communications from third parties (such as, for example, business partners). In any case, KTC GROUP LTD shall, insofar as possible, ask the data subject's consent even when the legal basis for Personal Data processing is based on the purposes referred to in paragraph 3.A).
If the data are not provided by the data subject, KTC GROUP LTD cannot guarantee the provision of business services, nor can it perform its contractual obligations towards customers, employees, suppliers, business partners and, in general, all those connected with KTC GROUP LTD . In such cases, the Company further states that even the partial or incorrect provision of Personal Data may result in the impossibility to provide services and in any case prevents KTC GROUP LTD from fulfilling the pre-contract, contract and tax requirements it is required to fulfill.
If consent to personal data processing is required to the data subject and the latter discontinues the consent to the provision of Personal Data already made, it shall remain mandatory and basic condition for the performance of all the purposes specified under paragraph 3.A) above. Should the data subject fail to provide his/her Personal Data, given that KTC GROUP LTD is unable to fulfill its obligations, KTC GROUP LTD shall not be deemed liable, resulting in the termination of any previous relationship or otherwise being unable to continue the same.
to employees or consultants of the Data Controller who are in charge of the processing under the direct authority and instructions of KTC GROUP LTD;
to KTC GROUP LTD partner companies, in Malta and abroad, in their capacity as data controllers and/or system administrators pursuant to art. 28 of the GDPR acting as Personal Data Processors on behalf of the Data Controller and having provided sufficient guarantees to put in place appropriate technical and organisational measures to ensure that the processing thereof complies with legal requirements;
Without specific consent (art. 24 letters a), b), and d) Privacy Code and art. 6 letters b) and c) GDPR), the Data Controller may disclose Personal Data of the data subject for the purposes set forth in paragraph 3.A) to Supervisory Boards (such as FIU, Bank of Malta, OAM, IVASS, etc.), Judicial Authorities, insurance companies for the provision of insurance services, as well as to whom the communication is compulsory by law for the fulfillment of said purposes. Said parties will process the data in their capacity as autonomous data controllers and the Personal Data of the data subject will not be disclosed. Personal Data will be retained on servers located within the European Union. Should it become necessary, Data Controller will be entitled to move servers also to non-EU countries.
Cookies are used on the Website. By using cookies, KTC GROUP LTD can provide Website users with more user-friendly services that would not be possible without cookie setting. By means of a cookie, the information on the Website may be optimized as cookies enable the identification of Website users. The purpose of this identification is to make it easier for users to access the Website https://ktc.trading . The user, for example, is not obliged to enter the access data every time they visit the Website, since these data are already acquired by the Website through the cookies saved in the user's IT system.
The data subject is entitled to the rights set forth in Article. 7 Privacy Code and Art. 15 GDPR and precisely the following: i) obtain confirmation as to whether or not personal data concerning him/her exist, regardless of their being already recorded;
The data subject is also entitled to the rights under Articles 16-21 GDPR, namely the right to be forgotten, the right to restrict processing, the right to data portability, and the right to submit a complaint to the Data Protection Authority. Lastly, if consent is required to the processing of personal data by the data subject, the latter may revoke the provision of the Personal Data already carried out.
The interested party may, at any time, apply his/her rights by sending a request drawn up on the basis of the form prepared by the Personal Data Protection Authority.
Data controller is KTC GROUP LTD, with registered office Malta ,163 Guardamangia Hill ,Msida PTA 1311, in the person of its legal representative.
In order to comply with the GDPR, KTC GROUP LTD has been drafting a privacy organisational model, identifying roles and responsibilities in the processing of Personal Data, and identifying in particular, as internal privacy contact persons, the Persons in charge of the Organisational Units or Offices who, limited to the processing of data under their responsibility, are responsible for implementing the data protection model in compliance with legal requirements. Data Controller shall appoint in writing as Data Processors, pursuant to art. 30 of the Privacy Code, employees of the company functions responsible for pursuing the above purposes and providing suitable instructions.