KYC/AML procedures

BAFEX adheres to international anti-money laundering (AML) and counter-terrorist financing (CTF) standards similar to the Financial Action Task Force (FATF) recommendations and the Virtual Asset Regulatory Authority (VARA) requirements vara.ae.

Therefore, we are introducing some rules that will protect us as a platform and future users from possible risks.

General Principles

• All new users go through the initial KYC level upon registration: checking e-mail, mobile number, and uploading a photo of a document (passport/ID and selfie).

• When certain thresholds are exceeded (for example, the equivalent of 10,000 USD or the equivalent in BAFEX), in-depth verification is required: confirmation of address (utility bill), verification of sources of funds.

Identification when participating in ICO/IDO

• To participate in a public or private token sale, all investors (individual and institutional) undergo formal KYC/AML procedures.

• Payments are accepted only after full KYC: provision of documents, verification through a third-party AML provider (for example, Jumio, Onfido, Shufti Pro).

• If the system detects a high level of risk or there are sanctions, the profile is automatically blocked, and the funds are returned to the user with a notification of access suspension.

• All transactions (incoming/outgoing) are monitored by the AI ​​module (outsourced company) to identify abnormal patterns (potential money laundering, scam).

• If suspicious transactions are detected (volume discrepancies, frequent transfers to “new” addresses, etc.), the system automatically initiates an additional verification procedure (manual review, document request).

• BAFEX undertakes to store transaction logs for at least 5 years in accordance with the requirements of VARA and international regulators.