BlockEx has put in place policies and procedures in relation to customer due diligence and monitoring, among others. However, the exact policy is not prescribed in detail on how firms have to do this. Firms’ practices will vary depending on the nature of the money-laundering risks they face and the type of products they sell.

KYC

The objective of BlockEx’s tiered KYC onboarding procedure is to ensure and implement a flexible risk based approach, meeting the needs of the clients taking into consideration their context. We aim to have strong policies of customers authentication and fraud prevention.

We will implement robust and fair KYC policies, automating input processes where possible ensuring efficient procedures, enabling financial inclusion, yet mitigating money laundering risks.

Tier 2
  • • withdrawal authorisation 2 business days
  • • 6 month expiration date for KYC status

DOCUMENTS REQUIRED

  • • Additional different photo ID
  • • Additional different proof of address

our actions

  • • Verify documents with an integrated third party provider.
  • • OFAC check, sanctions/politically exposed persons PEP.
Tier 1
  • • withdrawal authorisation 2 business days
  • • 6 month expiration date for KYC status

DOCUMENTS REQUIRED

  • • Photo ID
  • • Picture with photo ID
  • • Proof of address

our actions

  • • Verify documents with an integrated third party provider.
  • • OFAC check, sanctions/politically exposed persons PEP.
Tier 3

Procedure for KYC of High Net Worths and Self-Certified Sophisticated Investors

High Net Worth

DOCUMENTS REQUIRED

  • • Personal Information
  • • Signed Declaration
  • • Proof of Net Worth
  • • Signed Declaration and Terms and Conditions

PROOF OF NET WORTH
Net Income over £100,000

  • • Employment Contract, or
  • • Bank Statements, or
  • • Other proof

Net Worth Over £250,000

  • • Proof of net worth over £250,000 excluding first home.

Sophisticated Investors

DOCUMENTS REQUIRED

  • • Personal Information
  • • Signed Declaration
  • • Proof of Sophisticated Investor
  • • Signed Declaration and Terms and Conditions

PROOF OF SOPHISTICATED INVESTOR
Net Income over £100,000

  • • Syndicate of Business Angels, or
  • • Made Investment in The Last 2 Years, or
  • • Worked in Private Equity, or
  • • Was a Director of a Company Turning Over £1,000,000

Once verified as a high net worth or sophisticated investor, the client will have access to our bond products.

If our MLRO spots any suspicious transactions we will block it and start inquiry procedures.

Tier 4

The corporate tiered verification is the highest available of BlockEx, extensive background check will be conducted on corporate bank accounts, managers, and ultimate beneficial owners, therefore, requiring us to gather larger amounts of information provided by the corporate wishing to use BlockEx’s digital asset exchange. Some required information will need to be uploaded and other information will need to be filled out on our website in text fields and drop downs.

DOCUMENTS REQUIRED

Corporate Account Holder details

  • • Certification of Incorporation
  • • AML questionnaire
  • • Annual Return (company directors and beneficials shareholders of the last fiscal year)
  • • Recent Bank Statement to Company at The Company’s Address
  • • Identification of UBO & Sources of Funds
  • • Signed Certification