Corytech, a leading paytech solutions provider, today emphasized its unwavering commitment to uphold the highest standards in AML and KYC practices. The company’s dedication to these standards is evident in its rigorous policies and procedures, ensuring the utmost security and compliance in all its operations.
AML Policy Highlights:
- Corytech is steadfast in its commitment to comply with various regulatory requirements related to AML rules imposed by applicable laws and regulations.
- The company’s policy focuses on managing compliance risks arising from its customers. Key areas of oversight include ongoing compliance with applicable laws, regulations, and sanctions; implementation of the risk-based approach; and the determination and reporting of suspicious transactions.
- Corytech ensures that it understands and interprets the legal and regulatory framework for AML/CTF requirements and systems, adopts standard industry best practices, and designs systems to mitigate risks associated with money laundering or financing terrorism.
Know Your Customer (KYC) Policy Highlights:
- KYC is a crucial process for customer identification. Corytech makes every effort to determine the identity and beneficial ownership of accounts, the source of funds, the nature of the customer’s business, and the reasonableness of transactions in the account concerning the customer’s business.
- The KYC policy encompasses key elements such as a customer acceptance policy, risk management criteria, customer identification, and ongoing monitoring.
- Corytech adopts a risk-based approach to measure risks for potential laundering of proceeds of crime. The company ensures that any risks are controlled and duly assessed.
- The KYC procedure involves obtaining information from the customer, validating the provided information, and continuously checking the client’s identification data during the term of the contractual relationship. All data obtained during KYC is retained in accordance with applicable laws and regulations.
Corytech is obligated to identify prospective customers’ identities under applicable AML/KYC regulations. This procedure is mandatory in various scenarios, including before establishing a business relationship, when transactions exceed certain amounts, or when a politically exposed person is involved.
Corytech takes its legal and ethical responsibilities seriously. The company does not collaborate with companies or individuals from countries under sanctions nor offers its services in those countries. Accordingly, the services are unavailable in, and cannot be accessed by residents of, the following countries or territories: Russia, Belarus, Iran, North Korea, Syria, Cuba, and other occupied and/or unrecognized territories. Corytech has implemented strict policies to ensure that its business activities are always conducted within the legal framework.
“We believe that our company’s commitment to compliance and ethical conduct is not only a legal obligation but also a moral imperative,” – says Dmytro Miliukov, CEO of Corytech. – “The company continues to prioritize the safety and security of its customers and stakeholders by adhering to the highest standards in AML and KYC practices.”
About Corytech
Corytech is a global FinTech force with a successful track record serving leading enterprises (70+ employees onsite, 15450+ users, and 1137500+ transactions monthly). Businesses and customers trust us to manage their financial ecosystem and leverage our paytech solutions.
Company details
Address
63-66 Hatton Garden, Fifth Floor, Suite 23, London, England, EC1N 8LE
Contact
George Chandramani
george.chandramani@corytech.io
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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