Anti-money laundering (AML) and Counter Terrorist Financing (CTF)
We require all Xago customers to comply with the Financial Intelligence Center Act (FICA) in order for us to maintain strict Know Your Customer (KYC) and AML standards. The process is different for individuals and businesses. We have appointed a third-party service provider, DocFox to ensure that we comply with FICA through automatic sanctions screening and risk rating.
On signing up for a Xago account you are able to immediately store, send and receive XRP. In order for you to buy and sell XRP and withdraw or deposit ZAR in your account you will need to be fully verified. This process can take up to 2 business days.
As a means to combating money laundering and terrorist financing Xago has implemented systems and controls that meet the standards applicable to regulated sectors such as banking. This decision reflects our firm commitment as a business to preventing money laundering and terrorist financing.
Key components of our AML and CTF framework include the following:
- We have appointed an internal Compliance Officer.
This person is responsible for oversight of compliance with the relevant legislation, regulations, rules and industry guidance;
- We have a risk-based approach to the assessment and management of money laundering and terrorist financing risks;
- When opening a Xago account, to ensure we meet KYC standards, our customers are required to provide certain personal details and documentation. Xago may perform enhanced due diligence procedures for customers presenting a higher risk, such as those transacting in large volumes;
- We monitor customer activity on our platform on an ongoing basis and maintain risk-based systems and procedures for this;
- We have internal procedures in place for reporting suspicious activity;
- All relevant employees of Xago receive a framework and guidance on raising awareness on suspicious activity;
- We keep and maintain appropriate KYC records for the minimum prescribed periods and update as necessary