PLAAK KYC (Know Your Customer)

POLICY

PLAAK Australia Pty Ltd (PLAAK, PLAAK Pte Ltd [Singapore]) is committed to complying with relevant global Anti-Money Laundering (“AML”) and Terrorist Financing rules, regulations and guidelines. As part of its AML obligation, PLAAK will conduct a Know Your Customer (KYC) process with all subscribers/applicants to meet the requirements. In Australia, we will meet the obligations of the Australian Transaction Reports and Analysis Centre (AUSTRAC) Regulations and Acts.

SCOPE

This policy applies to all customers who use the PLAAK Digital Exchange to trade, store, buy or sell cryptocurrencies and/or fiat currencies. KYC procedures also enable us to know/understand our customers and their financial dealings better which in turn help them manage their risks prudently.

DUE DILIGENCES

All PLAAK Digital Exchange customers will be required to provide the following information as a minimum to create an account including depositing and withdrawing funds.

CUSTOMER IDENTIFICATION

Individual – required to provide the following documents

  1. Full Name
  2. Date of Birth
  3. Residential Address
  4. Copy of a Utilities Bill with proof of residential address/ Notice of Assessment from the Australian Taxation Office
  5. Copy of valid Government issued photographic identification – Drivers Licence or Passport

Corporate, Company or Business - required to provide the following documents

  1. Certificate of Incorporation
  2. Government issued registration number
  3. Copy of Utilities Bill with mailing address
  4. Copy of Directors details including photo identifications
  5. Copy of beneficial owners who own 25% or more of the company or business

CUSTOMER ACCEPTANCE POLICY

  • No account is opened in anonymous or fictitious name(s)
  • No account is opened on behalf of another person
  • The PLAAK Exchange account will only be approved under the name submitted in the KYC process
  • The Bank Account must be in the same name as the PLAAK Exchange account
  • PLAAK has the right to refuse a person’s application if they deem the applicant a risk as per AML and CTF AUSTRAC guidelines.
  • Monitoring of transactions

PRIVACY

The information you provide to us is for the sole purpose to identify you and make sure you meet the minimum requirements as set out by AUSTRAC. The information collected is stored in accordance with our privacy policy which can be found on our website at www.plaak.com or by sending an email to privacy@plaak.com At all times, the information stored will by no means be used for any marketing purposes unless otherwise stated, we have your permission or are requested by law to provide your information. PLAAK reserves the right to report any suspicious behaviour to AUSTRAC and PLAAK has the right to request the customer to move their funds out of the PLAAK Exchange and Wallet and close the account. Please refer to our Terms & Conditions.