Veem is committed to Anti-Money Laundering (AML) compliance, Anti-Terrorist Financing and has built policies, procedures, and reporting to prohibit the use of the Veem platform for such activities. In support of our AML and Anti-TF policy and procedures Veem must:
- Identifying our customers. Customer information is collected during registration and during transactions. Based on the level of risk, Veem will ensure that it has a reasonable knowledge of the true identity of our customers. In verifying the customer, Veem will perform enhanced due diligence for those presenting higher risk and may require additional information such as photo identification.
- Monitor transactions and activity. Veem employs a risk-based system and procedures to monitor ongoing customer activity to detect fraud and money laundering activities. These include, but are not limited to, the placement, layering, and integration of funds.
- Procedures for reporting. Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities are implemented in appropriate circumstances.
Veem is prohibited from transacting with individuals, companies, and countries on prescribed Sanctions Lists. Veem will, therefore, screen against the European Union, U.S. Office of Foreign Assets Control (OFAC), and other global sanctions lists in all jurisdictions in which we operate.
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