AML rules
AML/KYC Policy
Anti-Money Laundering and Counter-Terrorist Financing Policy and Know Your Customer Procedures
This Policy (the “AML/KYC Policy”) sets out the measures that velorex.cc (“Velorex”, the “Service”, the “Website”) applies to prevent its involvement in money laundering, terrorist financing, fraud and other unlawful activity.
This Policy is based on the requirements of applicable law and international AML/CFT standards. Personal data is processed in line with applicable data protection rules.
Important notice for users. AML checks in the digital asset space may extend order processing times, require additional documents or result in a temporary suspension of a transaction. Some checks are performed by automated systems and external providers, so their timing may depend on responses from third parties (payment systems, exchanges, AML providers) or on requirements of competent authorities.
Definitions
- Website / Velorex — the online digital (electronic) currency exchange service at https://velorex.cc/, including its subdomains, API, Telegram bot and mini app, and any other means of accessing the Service.
- Services — digital (electronic) currency exchange operations carried out using the Website’s functionality.
- User — any person using the Website. The User confirms that they are at least 18 years old, that the laws of their country of residence do not prohibit use of the Service, and that they do not intend to use the Services for unlawful purposes.
- Administration — the authorized persons who manage the Velorex Website.
- Personal data — any information relating directly or indirectly to an identified or identifiable natural person.
- Order — a User’s request to buy or sell digital (electronic) currency submitted through the Website.
The Service may restrict or refuse Services to persons and transactions connected with high-risk or sanctioned jurisdictions, and in other cases provided for by applicable law and Velorex’s internal compliance rules.
1. Purpose
1.1. Velorex applies measures and procedures aimed at countering the laundering of criminal proceeds and the financing of terrorism.
1.2. These measures are intended to prevent the Website from being used for unlawful purposes and to ensure compliance with applicable law and international AML/KYC standards.
2. Warning
2.1. Velorex must not be used to launder criminal proceeds, finance terrorism, commit fraud, or pay for prohibited goods and services.
2.2. Velorex takes reasonable steps to prevent unlawful activity but cannot fully rule out illegal actions by third parties.
2.3. The User understands and agrees that a transaction’s elevated risk level may be determined by automated systems and third-party providers whose decisions the Service does not directly control. Velorex acts in good faith and, within its capabilities, protects Users’ interests while complying with the law.
3. Order requirements
3.1. To prevent unlawful transactions, the Service applies the following requirements to all Orders:
3.1.1. The sender and the recipient of funds under an Order must be the same person. Transfers to third parties through the Service are prohibited.
3.1.2. Contact details and other Personal data provided by the User must be current, accurate and truthful.
3.1.3. Users are advised not to split funds from a single address or source across multiple Orders. Monitoring systems may treat this as suspicious activity, which can lead to an additional review or suspension of the Order — even if previous transactions from that address raised no concerns.
4. Verification procedures
Customer due diligence (the “Verification”) is one of the key international standards for preventing unlawful activity. Velorex carries out Verification under this Policy.
4.1. If monitoring systems are triggered, elevated risk is identified, a transaction is suspended or an additional review is carried out, the Service may request documents and information confirming the User’s identity and the source of funds, including but not limited to:
- a clear photo of an identity document;
- a photo of the User holding that document;
- proof of employment;
- proof of the source of funds;
- video identification;
- video or information confirming the transaction: hash, sender and recipient addresses, amount and date.
4.2. Velorex performs automated and/or manual AML analysis of transactions using a risk-based approach. Risk score thresholds set by internal procedures or AML providers may be used for internal control. High-risk transactions may be suspended for review or investigation.
4.2.1. Elevated risk includes, in particular, transactions linked to the following categories:
illegal service, mixing service, fraudulent activity, darknet marketplace, darknet service, ransom, scam, stolen coins, terrorism financing, sanctions, illicit actor or organization, high-risk jurisdiction, gambling, fraud shop, enforcement action, child exploitation.
4.3. Before creating an Order, we recommend contacting support for a preliminary AML check of your address.
4.4. If a transaction is suspended due to elevated risk, suspicious activity or an official investigation, the funds may be held until the review is completed, to the extent and for the period permitted by applicable law.
4.5. The Service may collect and process the User’s identification data to comply with this Policy.
4.6. Velorex verifies the authenticity of submitted documents and may carry out additional checks if suspicious activity is detected.
4.7. The Service may re-verify the User’s identity, once or periodically, including requesting updated documents, where required by internal procedures or applicable law.
4.8. The User’s identification data is processed and stored in accordance with the Velorex Privacy Policy and applicable law. Retention periods are determined by legal requirements, internal record-keeping rules and the terms of cooperation with payment partners and AML providers.
4.8.1. Where data protection law applies, the User may have the right to access, correct and updаte their data, as well as other rights provided by law. The procedure for exercising these rights is described in the Privacy Policy.
4.9. Following the review, the Service may refuse to provide Services if unlawful use of the Service is identified or on other grounds provided for by law or this Policy. In that case, funds may be returned to the User minus applicable fees, unless prohibited by competent authorities.
4.10. Velorex may verify the sources of funds and digital assets.
4.11. The Service may not have full information on why a transaction was assigned a high risk score, since the assessment is performed by automated systems and third-party providers. Disclosure of such reasons may be restricted by the terms of use of those systems or by law.
5. Responsible officer
5.1. An authorized officer of Velorex is responsible for compliance with AML/KYC requirements.
5.2. Their duties inсlude overseeing implementation of this Policy, monitoring transactions, liaising with law enforcement and keeping risk assessment procedures up to date.
6. Monitoring systems
6.1. Velorex uses monitoring and analysis systems that provide:
- screening against sanctions and watch lists;
- monitoring of transaction activity;
- record-keeping and case management;
- reporting where required.
7. Behavioral analysis
7.1. The Service analyzes Users’ transaction behavior to detect suspicious activity and assess risk.
8. Risk assessment
8.1. Velorex applies a risk-based approach in line with international AML/CFT standards and the requirements of applicable law.
9. User reviews
9.1. Where there are reasonable grounds for suspicion, the Administration may:
- analyze transaction chains;
- suspend operations for the duration of the investigation, including beyond standard time frames where there are objective reasons;
- request additional documents and information;
- share information with competent authorities as prescribed by law.
9.2. Following the investigation, the Administration decides whether to proceed with the transaction or return the funds, where permitted by law.
9.3. If the decision is positive, the exchange rate may be recalculated as of the time the review is completed.
9.4. The User must confirm the payment details for the refund or exchange.
9.5. The standard internal review period is up to 7 (seven) business days. If the review requires inquiries to competent authorities, payment systems, exchanges or AML providers, the period may be extended until responses are received. Such time frames are set by third parties or by law and may be outside the Service’s control.
9.6. During the review, the Service will, where possible, keep the User informed of the Order status and request additional information, where permitted by law.
10. Confidentiality
10.1. Velorex processes information in accordance with its Privacy Policy.
10.2. Information about suspicious transactions is kept confidential to the extent permitted by law.
10.3. Confidentiality obligations survive the termination of relationships with employees and counterparties.
10.4. Information may be disclosed where required by law and in the course of cooperation with competent authorities and partners.
11. Final provisions
Velorex takes reasonable measures to prevent the Service from being used for unlawful purposes and complies with AML/KYC requirements. By using the Website’s Services, the User confirms their agreement with this Policy and undertakes to comply with it.
Unsure about the origin of your funds? Contact support before creating an order — we’ll check your address in advance.