AsalWallet AML & KYC Policy

1. Introduction

AsalWallet is committed to providing secure, transparent, and compliant digital-asset and currency exchange services.

Because cryptocurrency and electronic payment services can be exposed to risks such as money laundering, fraud, terrorist financing, sanctions violations, and other financial crimes, AsalWallet maintains appropriate Anti-Money Laundering (AML) and Know Your Customer (KYC) controls.

This Policy explains how AsalWallet identifies and verifies customers, assesses financial-crime risks, monitors transactions, and responds to suspicious or high-risk activity.

This Policy applies to customers, businesses, partners, and other users of AsalWallet services, as well as employees and contractors involved in relevant operations.

2. Purpose of the Policy

The objectives of this Policy are to:

• Prevent the use of AsalWallet for money laundering, fraud, terrorist financing, sanctions evasion, or other unlawful activities.
• Verify the identity of customers and, where applicable, beneficial owners.
• Assess and manage customer and transaction risk.
• Monitor transactions for unusual or suspicious activity.
• Comply with applicable AML, KYC, sanctions, and financial-crime requirements.
• Protect AsalWallet, its customers, partners, and the wider financial system.
• Maintain effective and auditable compliance procedures.

3. Regulatory and Compliance Standards

AsalWallet maintains a risk-based AML/KYC framework designed to comply with applicable laws and regulatory requirements.

Where applicable, our compliance framework takes into consideration:

• Financial Action Task Force (FATF) Recommendations and relevant guidance.
• Applicable AML and Counter-Terrorist Financing (CTF) requirements.
• Applicable sanctions requirements and screening obligations.
• Travel Rule requirements applicable to virtual-asset transfers.
• Customer due diligence and transaction-monitoring requirements.
• Applicable local and international regulatory obligations.

The specific requirements applicable to a customer or transaction may vary depending on the customer's location, services used, transaction activity, and risk profile.

4. Risk-Based Approach

AsalWallet uses a risk-based approach to determine the level of verification and monitoring required for each customer and transaction.

Risk may be assessed based on factors including:

• Customer type and profile.
• Country or geographic exposure.
• Products and services used.
• Transaction amount, frequency, and pattern.
• Source and destination of funds.
• Blockchain and wallet activity.
• Sanctions or PEP screening results.
• Adverse media or other relevant risk indicators.
• Unusual or inconsistent account behavior.

Higher-risk customers or transactions may be subject to additional verification, enhanced monitoring, transaction limits, or compliance review.

5. Know Your Customer (KYC)

AsalWallet may require customers to complete identity verification before accessing certain services or transaction limits.

Depending on the customer's risk level and applicable requirements, verification may include:

• Full legal name.
• Date of birth.
• Nationality.
• Government-issued identification.
• Proof of residential address.
• Selfie or liveness verification.
• Additional identity verification where required.

Acceptable identification documents may include a valid passport, national identity card, driver's license, or another approved government-issued document.

AsalWallet may reject documents that are expired, altered, incomplete, unverifiable, or otherwise unacceptable.

6. Proof of Address

Customers may be required to provide proof of residential address.

Acceptable documents may include:

• Recent utility bill.
• Bank statement.
• Government correspondence.
• Other approved official documents.

Documents may be required to be recent, authentic, and clearly associated with the customer.

7. Beneficial Ownership

Business and corporate customers may be required to provide information about their ownership and control structure.

This may include:

• Certificate of incorporation or registration.
• Business registration documents.
• Registered business address.
• Directors and authorized representatives.
• Beneficial owners.
• Ownership and control structure.
• Nature and purpose of the business.
• Source of funds or wealth where required.

AsalWallet may require identification and verification of beneficial owners and controlling persons in accordance with applicable requirements.

8. Politically Exposed Persons (PEPs)

AsalWallet may identify and screen customers and relevant beneficial owners against applicable Politically Exposed Person (PEP) databases.

PEP status does not automatically prevent a customer from using AsalWallet. However, PEPs and associated higher-risk relationships may be subject to:

• Enhanced due diligence.
• Additional source-of-funds or source-of-wealth information.
• Enhanced transaction monitoring.
• Additional compliance review or approval where required.

9. Sanctions Screening

AsalWallet may screen customers, beneficial owners, counterparties, and transactions against applicable sanctions and restricted-party lists.

Where a potential sanctions match or other prohibited activity is identified, AsalWallet may:

• Request additional information.
• Restrict or suspend an account or transaction.
• Prevent a transaction from being completed.
• Escalate the matter for compliance review.
• Take other action required by applicable law.

10. Enhanced Due Diligence (EDD)

Additional due diligence may be required where a customer, transaction, jurisdiction, wallet, or activity presents a higher level of financial-crime risk.

EDD may include:

• Source of funds verification.
• Source of wealth verification.
• Additional identity or business documentation.
• Additional information regarding the purpose of a transaction.
• Verification of counterparties.
• Enhanced transaction monitoring.
• Senior or compliance-team review.

AsalWallet may request additional information at any time where required for risk management or compliance purposes.

11. Customer and Transaction Monitoring

AsalWallet monitors account and transaction activity using appropriate compliance controls.

Monitoring may include:

• Review of transaction patterns and account activity.
• Blockchain and wallet-risk analysis.
• Detection of unusual transaction behavior.
• Monitoring for structuring or suspicious transaction patterns.
• Screening of relevant counterparties and destinations.
• Review of activity involving higher-risk jurisdictions or wallets.

Where an alert is generated, the transaction or account may be reviewed by the appropriate compliance personnel.

12. Suspicious Activity

Where AsalWallet identifies activity that may indicate fraud, money laundering, terrorist financing, sanctions violations, or other unlawful activity, the Exchange may take appropriate action.

Depending on the circumstances, AsalWallet may:

• Request additional information or documentation.
• Delay or restrict a transaction.
• Suspend account functionality.
• Freeze or restrict funds where legally permitted or required.
• Terminate the customer relationship.
• Report the matter to the relevant authority where required by law.

AsalWallet may be legally prohibited from informing customers about certain reports, investigations, or regulatory actions.

13. Source of Funds and Source of Wealth

AsalWallet may request information regarding the origin of a customer's funds or wealth, particularly for higher-risk or high-value activity.

Customers may be asked to provide supporting information such as:

• Bank statements.
• Salary or employment information.
• Business records.
• Invoices or contracts.
• Investment records.
• Tax or financial documents.
• Other reasonable evidence of the source of funds or wealth.

Failure to provide requested information may result in transaction restrictions or account limitations.

14. Verification Levels

AsalWallet may apply different verification levels depending on the customer's risk profile and the services being used.

Level 1 — Basic Verification

May require:

• Full legal name.
• Date of birth.
• Nationality.
• Government-issued identification.
• Basic sanctions and PEP screening.

Level 2 — Standard Verification

May require:

• Level 1 verification.
• Proof of residential address.
• Selfie or liveness verification.
• Additional account information where required.

Level 3 — Enhanced Verification

May apply to high-risk or high-value customers and may require:

• Level 2 verification.
• Source of funds verification.
• Source of wealth verification.
• Additional transaction information.
• Video verification or compliance review where required.

Business and Corporate Verification

Business customers may be required to provide:

• Business registration documents.
• Ownership and control information.
• Beneficial-owner information.
• Director and authorized-signatory details.
• Business activity information.
• Source of funds or wealth information where required.

AsalWallet may require customers to move to a higher verification level if their transaction activity, risk profile, or applicable regulatory requirements change.

15. Re-Verification and Ongoing Due Diligence

KYC verification is not necessarily a one-time process.

AsalWallet may periodically review and update customer information and may request new documentation when:

• Customer information changes.
• Documents expire.
• Transaction activity changes significantly.
• Suspicious or unusual activity is identified.
• The customer's risk profile increases.
• Applicable legal or regulatory requirements change.

Customers are responsible for providing accurate and up-to-date information.

16. Data Protection and Confidentiality

AsalWallet takes reasonable measures to protect customer information collected through the AML/KYC process.

Customer information may be:

• Stored securely.
• Accessed only by authorized personnel.
• Used for identity verification, fraud prevention, compliance, and related legitimate purposes.
• Shared with regulators, law-enforcement authorities, financial institutions, service providers, or other parties where required or permitted by applicable law.

AsalWallet does not request passwords, private keys, recovery phrases, or other wallet security credentials as part of standard KYC verification.

17. Account and Transaction Restrictions

AsalWallet may restrict, suspend, or terminate an account or transaction where:

• Required KYC information has not been provided.
• Information provided cannot be verified.
• Fraud or financial crime is suspected.
• A sanctions concern is identified.
• A transaction presents unacceptable risk.
• The customer fails to cooperate with a compliance review.
• Required by law, regulation, court order, or competent authority.

Restrictions may remain in place until the relevant review has been completed.

18. Customer Responsibilities

Customers are responsible for:

• Providing accurate and complete information.
• Providing genuine and valid documents.
• Keeping account information up to date.
• Cooperating with reasonable verification requests.
• Using AsalWallet only for lawful purposes.
• Providing information regarding the source or purpose of funds when requested.

Providing false, misleading, forged, or fraudulent information may result in account restrictions or termination.

19. Employee Training and Compliance

AsalWallet maintains appropriate AML/KYC training and compliance procedures for employees and relevant contractors.

Training may cover:

• AML and CTF requirements.
• KYC and customer due diligence.
• Sanctions screening.
• Transaction monitoring.
• Fraud prevention.
• Suspicious activity identification and escalation.
• Data protection and confidentiality.

Compliance procedures may also be subject to periodic internal or independent review.

20. Record Keeping

AsalWallet maintains appropriate records relating to customer verification, transactions, compliance reviews, and other relevant activities for the period required by applicable law.

Records may include:

• KYC documents.
• Customer information.
• Transaction records.
• Compliance reviews.
• Risk assessments.
• Monitoring alerts.
• Relevant communications.
• Regulatory reports where applicable.

21. Policy Enforcement

Failure to comply with this Policy may result in:

• Additional verification requirements.
• Transaction delays or restrictions.
• Account suspension.
• Account termination.
• Regulatory reporting where required.
• Other appropriate action under applicable law.

AsalWallet reserves the right to apply appropriate AML/KYC controls based on the circumstances and applicable legal requirements.

22. Policy Review

AsalWallet reviews this AML/KYC Policy periodically and may update it to reflect:

• Changes in applicable laws and regulations.
• New financial-crime risks and typologies.
• Changes to AsalWallet products or services.
• Regulatory guidance and industry standards.
• Improvements to internal compliance controls.

The most recent version of this Policy will be published through AsalWallet's official channels.

23. Contact

For questions regarding KYC verification or compliance requirements, customers may contact the AsalWallet Support Team:

Email: support@asalwallet.com

For security reasons, customers should never provide passwords, private keys, recovery phrases, or one-time authentication codes to anyone claiming to perform KYC verification.