Revised: 22 January 2018
This document is anti-money laundering policy of Digital Exchange Mongolia LLC (the Company).
INTRODUCTION TO ACTIVITIES OF MONEY LAUNDERING POLICY● The conversion or transfer of property, knowing that such property is the proceeds of crime, for the purpose of concealing or disguising the illicit origin of the property or of helping any person who is involved in the commission of the predicate offence to evade the legal consequences of his or her action;
● The concealment or disguise of the true nature, source, location, disposition, movement or ownership of or rights with respect to property, knowing that such property is the proceeds of crime;
● The acquisition, possession or use of property, knowing, at the time of receipt, that such property is the proceeds of crime;
● Participation in, association with or conspiracy to commit, attempts to commit and aiding, abetting, facilitating and counselling the commission of any of the offences established in accordance with this article.
Criminal Code of Mongolia 18.6 (Revised,02 December 2015) states that the act of money laundering is determined as follows.● The acquisition, possession or use of property, knowing that such property is the proceed of crime; Concealment of the illicit origin, participation in illicit acts, transfer or conversation to help any person who is involved in the commission of the predicate offences to evade from legal consequences of their actions; The concealment or disguise of the true nature, source, location, disposition, movement or ownership of or rights with respect to property, knowing that such property is the proceeds of crime. if any of these is found, legal charge is from 6 months to 1-year imprisonment.
● The above crimes:● Knowing that the properties, income and money is from the illicit actions with more than 5 years.
● Commit crimes constantly.
● Misuse the power or position, legal charge is to ban travel from 1 year to 5 years or from 1 year to 5 years imprisonment.
● If it is organized crimes, legal charge is from 5 years to 12 years imprisonment.
● If the crime is committed in the behalf of crimes or for the interest of crimes, the rights and activities will be restricted, and fine is 120,000-400,000 MNT as punishments.
THE ACTIONS FROM THE COMPANY
The company takes the following actions such as● Our staffs monitor according to AML policy.
● According to AML and KYC, the Company receives the identification and address verifications on registration. If these do not meet requirements, the Company refuses to register the account. The Company creates the data or information based on which the Company supervise and analyses.
● The Company supervise income and withdrawal of cryptocurrencies of users in the planned or specialized way.
● If it is suspected that the users do money laundering and defraud, the Company will suspend the user account, check and make inquiries.
● If suspicious act is found on the fact, the Company may inform the relating government institution.
● If suspicious or illicit act is found, the Company is obliged to send your identification verified address and bank statement as the government and bank require.
The Company refuse to verify the account to prevent from fraud if the identification does not meet requirements, is changed or fake.