Customer Due Diligence
Regulations require Restocks to take measures against misuse and the prevention of financial crimes (such as scams, fraud and money laundering) through our services.
In practice, to be compliant and in control, this means we need to know who our customer is and what his or her goals are.
Know your customer (KYC)
Platform regulations require Restocks to take measures against misuse. This regulation always has two sides. Protecting customers on the one hand and preventing financial crimes (such as scams, fraud and money laundering)
through our services on the other.
In practice, this means we will ask you for personal information before we can provide certain services. This is called a “know your customer” policy. It is also known as KYC.
For example, you can easily buy sneakers for a small amount. For larger amounts, we will verify your identity, by means of a bank account verification or by submitting proof of identity. In addition, in the case of 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 conceal the nature, location, source, property or control of the money. Restocks must take into account that there are customers who want to sell illegally obtained sneakers through the services of Restocks.
Restocks has developed a comprehensive policy to minimise the risk that our services will be used for money laundering. In addition to KYC measures, this policy also includes transaction monitoring with fraud detection and good cooperation with the police and other government agencies. It is also known as AML.
Our “anti-money laundering” and “know your customer” guidelines for large transactions vary from customer to customer, based on the type of transaction and the customer’s risk profile. To assess whether it concerns an unusual transaction or whether there are indications of money laundering or terrorist financing, we will look for various factors. To assess such a risk, an additional investigation may be required.
Customer Due Diligence
Customer due diligence is tailored to the risk sensitivity of the type of customer, the business relationship, the product or the risk of money laundering or terrorist financing. In all cases, if the risk profile is high or Restocks has doubts about the reliability of the data obtained, appropriate and risk-based measures must be taken to verify whether the information obtained is correct. In that case, it concerns an ‘enhanced customer due diligence’. Restocks is free to request more information at any time and to suspend the transaction until the risk has been eliminated.
Customer due diligence and the policy drawn up by Restocks management ensure that Restocks is fully compliant with European and Dutch laws and regulations. The Restocks procedures also ensure that customer due diligence
is up to date with developments on the Internet.
- Monitoring developments in legislation and regulations regarding KYC/AML requirements.
- An approach based on risk sensitivity (Risk-Based Approach).
- Training of personnel in the field of legislation and regulations and dealing with customers.
- Verifying the customer at multiple times and in different ways.
- Appointed an internal compliance officer.
- Transaction monitoring. Manual audit and check of payments and disbursements.
- Reporting triggers that signal deviations.