Aug 5, 2019

5-8: EXCHANGE PLATFORM WEEKLY SUMMARY

Week 13, 05.08.2019

IT DEVELOPMENT

*Ongoing work for the application of Exchange limits based on the liquidity (no limits applicable from wallet to wallet as it is an internal transfer)

*Compliance Platform (not compulsory at the beginning): Platform expected to be up and running by mid-September. It is being currently developed, has received approval of the security controls and processes, API links to Worldcheck and to GoAML provided.

The GoAML application is a fully integrated software solution, developed specifically for usage by the Financial Intelligence Units (FIU's) and is one of UNODC's strategic responses to financial crime, including money-laundering and terrorist financing. Purpose is also to control the flow of funds internationally based on the profile of the client. Financial Intelligence Units play a leading role in any anti-money laundering regime as they are responsible for receiving, processing and analyzing reports made by financial institutions or other entities according to the requirements of domestic anti-money laundering laws and regulations.

Such reports and other information gathered by FIUs often provide the basis for investigations into money laundering, terrorist financing and other serious offenses.

FYI: GoAML is specifically designed to meet the data collection, management, analytical, document management, workflow and statistical needs of any Finance Intelligence Unit.

LICENSING AND IT AUDIT

Currently waiting for the exact date of the visit to be communicated by the CB. Once the Site Visit is completed and, if all the small details are cleared out (the ONE is approved), then The Exchange company will receive temporary permission allowing it to start the setup and operation.

*Ongoing discussions with two new payment gateways. Contracts have to be signed until August 8th if all sides come to an agreement.

*European license:

Received a request for an original Police Criminal and Judicial Report from 1990 until present date including traffic violation and financial crimes for the Exchange company executive. Report has already been ordered and will be given for translation to English, authentication from relevant Ministry of Justice and Ministry of Foreign Affairs.

Meeting with authorities is set to happen after 20 of Aug 2019. If all good, the Company will be able to start the Exchange after that period and after proper training of the IMA-s on the mechanisms of all the exchange functionalities and how to operate on the Exchange.

Bank account opened. Share capital injected.

!NB If the specific coin doesn't have the permission to be exchanged, traded or offered - it is ILLEGAL. If there is no permission granted for a certain coin to be traded on an exchange, that exchange can only trade conventional cryptocurrencies.

Therefore, once again we would like to remind you all that you should be extremely cautious in case you are contacted by ambitious entrepreneurs that have recently appeared on the market, offering fancy crypto products.

Post date 05 August 2019
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