Regulations require that Restocks take measures against abuse and the prevention of financial violations (such as fraud and money laundering) via our services.
To be compliance and in control, this means that we need to know who our customer is and what his or her purposes are.
Know your customer (KYC)
Regulations regarding platforms require that Restocks take measures against abuse. This regulation always has two sides. One, protecting customers and two, preventing them of financial violations (such as fraud and money laundering) via our services.
This means that we will ask you to provide personal information before we can provide certain services. This is called a "Know your customer." policy. Also known as KYC.
For example, you can easily buy sneakers for a certain amount. For larger amounts we will verify your identity, by a bank account verification or proof of identity. In addition, with large amounts we will have to ask questions about the origin of the funds (proof-of-wealth).
Anti-money laundering measures (AML)
Money laundering is the attempt to hide the nature, location, source, ownership or control of money. Restocks must keep in mind that there are customers who want to sell sneakers, that have been obtained illegally, via the services of Restocks.
Restocks has developed an extensive policy to minimize the risk that our services will be used for
money laundering. In addition to KYC, this policy includes such as transaction monitoring with fraud detection and good cooperation with police and other government agencies. Also known as AML, from the English Anti Money Laundering.
Our "anti-money laundering" and "know your customer" guidelines for major transactions differ from customer to customer based on the type of transaction and the client's risk profile. For the assessment of unusual transactions or indications of money laundering or terrorist financing, we pay attention to various factors. An additional investigation can be used to assess such a risk.
The Client Survey
The client survey is tailored to the risk sensitivity of the client type, business relationship, product or risk of money laundering or terrorist financing. In all cases it applies that: if the risk profile is high or Restocks has doubts about the reliability of the data obtained, based on that risk
adequate measures must be taken to verify that the information obtained is correct. In that case there is a "Sharpened client research". Restocks is free to request more information and suspend the transaction until the risk is removed.
The customer due diligence and the policy implemented by the management of Restocks ensures that Restocks is fully compliant with European and Dutch legislation and regulations. The procedures of Restocks also ensure that the client investigation is up-to-date with the developments on the internet.
- Monitoring developments in laws and regulations regardaring to KYC / AML requirements
- An approach based on risk sensitivity (Risk Based Approach)
- Training of personnel in the field of legislation and regulations and the dealing with customers.
- Verify the customer in multiple ways and multiple moments
- Internal compliance officer
- Transaction monitoring. Manual audit and control of payments
- Reporting triggers that signal deviations