Money laundering is the act of converting money or other monetary instruments gained from illegal activity into money or investments that appear to be legitimate, so that its illegal source cannot be traced. Domestic and international laws that apply to companies, whose customers can deposit and withdraw funds from their accounts.
Nexus Crest upholds the anti-money laundering and counter-terrorism financing policy in strict adherence with its provisions and requires its employees to fully comply with these standards. To this end, the Company implements all necessary measures to identify and prevent instances of money laundering and terrorism financing. The internal regulations are designed to conform with the relevant international standards.
Anti-money laundering procedures
Implemented Procedures
The objective of Anti-Money laundering procedures that Nexus Crest implements is to ensure that customers engaging in certain activities are identified to a reasonable standard, while minimizing the compliance burden and impact on legitimate customers. Nexus Crest is committed to assisting governments combat the threat of money laundering and financing terrorist activities around the world. For that purpose Nexus Crest has set up a highly sophisticated electronic system. This system documents and verifies client identification records, and tracks and maintains detailed records of all transactions.
Nexus Crest carefully tracks suspicious and significant transaction activities, and reports such activities “providing timely and comprehensive information” to law enforcement bodies. To uphold the integrity of reporting systems and to safeguard businesses, the legislative framework provides legal protection to providers of such information.
In order to minimize the risk of money laundering and financing terrorist activities, Nexus Crest neither accepts cash deposits nor disburses cash under any circumstances. Nexus Crest reserves the right to refuse to process a transfer at any stage, where it believes the transfer to be connected in any way to money laundering or criminal activity. It is forbidden for Nexus Crest to inform customers that they have been reported for suspicious activity.
Client’s identification and verification
For the purpose of complying with Anti-Money laundering laws, Nexus Crest requires two different documents to verify the identity of the customer. The first document we require is a legal government-issued, identifying document with the picture of the customer on it. It may be a government-issued passport, driver’s license (for countries where the driver’s license is a primary identification document) or local ID card (no company access cards). The second document we require is a bill with the customer’s own name and actual address on it issued 3 months ago at the earliest. It may be a utility bill, a bank statement, an affidavit, or any other document with the customer’s name and address from an internationally recognized organization.
To change the phone number related to the Client Profile, Clients are required to provide a document confirming ownership of a new phone number (agreement with a mobile phone service provider) and a photo of the ID held beside the Client’s face. The Client’s personal data shall be the same in both documents.
Clients are required to submit uptodate identification and contact information in a timely manner, as soon as changes occur.
Documents in non-western letters must be translated into English by an official translator; the translation must be stamped and signed by the translator and sent together with the original document with a clear picture of the customer on it.
Payment Policy: Deposits and Withdrawals
To change the phone number related to the Client Profile, Clients are required to provide a document confirming ownership of a new phone number (agreement with a mobile phone service provider) and a photo of the ID held beside the Client’s face. The Client’s personal data shall be the same in both documents.
As for withdrawals, money may be withdrawn from the same account and by the same way it was received. For withdrawals where the name of the recipient is present, the name must exactly match the name of the customer in our records. If the deposit was made by wire transfer, funds may be withdrawn only by wire transfer to the same bank and to the same account from which it originated. If the deposit was made by means of electronic currency transfer, funds may be withdrawn only by the means of electronic currency transfer through the same system and to the same account from which it originated.
The Anti-Money Laundering Policy requires the Company to collect information and take the necessary action to prevent transformation and legalization (laundering) of money gained from illegal activity through Nexus Crest’s services. In particular cases, Nexus Crest in order to verify the Client’s identity and to confirm the withdrawal may request additional documents such as a photo of the ID held beside the Client’s face or a document disclosing the sources of money.
The Company has a right to demand that the Client provide a video record or a live video where he/she is reading aloud his/her personal information in English, holding the identity document opened at the photo page close to his/her face.
By processing transactions by the means of cryptocurrencies, The Company has a right to demand additional documents if the client’s wallet address can be associated with illegal “dark net” marketplaces or stolen coins.
The Company accepts deposits in the following currencies: USDT, ETH, BTC and TRX. To comply with the AML procedures, funds withdrawals have to be made solely in the same currency that was used to make a deposit.
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