This Risk and Compliance Disclosure should be read in conjunction with the Terms of
Service(“Terms”) of UZNEX. In plain English, we want you to understand the important risks
and compliance matters while you trade on our platform.
1. PURPOSE OF OUR PROGRAM
We have established and implemented an Anti-Money Laundering, Combating the Financing of Terrorism, and Trade & Economic Sanctions Program (“AML/CFT/Sanctions Program” or “Program”) to ensure a robust and compliant virtual asset trading platform. We want to promote legal, transparent business activities and maintain a strong reputation among our customers, regulators, and the virtual asset industry.
2. OUR ROLE AND ACTIVITIES
We are a global virtual asset trading platform or marketplace, where traders come as buyers and sellers (commonly referred as market-makers and market-takers). For clarity, buyers and sellers trade with each other and not with UZNEX. We are not a counterparty to any trade. Our Services are available through uznex.com, associated application program interfaces and/or mobile applications and through customer onboarding entities, including UZNEX(incorporated in Republic of Uzbekistan).
Disclosure: Trading is risky. The risk of loss in trading or holding virtual assets can be substantial. You should therefore carefully consider whether trading is suitable for you in light of your financial condition.
3. REGULATORY LANDSCAPE
We understand that regulatory bodies have taken a diverse approach to the laws and regulations regarding virtual assets. As a trading platform, we believe that all virtual assets available on uznex.com are an innovative alternative asset class; and therefore, virtual assets should not be called currency or money.
Disclosure: Virtual assets are not fiat money nor fiat currency. Virtual assets are NOT backed by any government or central bank. We may at times have opinions of the different regulatory approaches taken by various government bodies; however, at all times, we will fully abide by rules and regulations of the respective countries we operate in. We regularly communicate with regulators and industry on the best approach to regulating virtual asset businesses. The risk of loss in trading or holding virtual assets can be substantial. You should carefully consider whether interacting, holding, or trading virtual assets is suitable for you in light of your financial condition.
We cooperate with governments and respect regulations and comply with applicable regulations. As good corporate citizens, we may be asked for information from law enforcement authorities and will assist if permissible by law as law enforcement conduct investigations to pursue and thwart illicit activity. What this also means is that our platform is intended for law abiding customers. We welcome the opportunity to earn your business, and in return we require that you act legally and properly on our platform.
4. OUR AML/CFT PROGRAM
We have designed our Program to reasonably prevent money laundering and terrorist financing through a risk-based, multi-layer control system. The first layer includes a stringent customer identification program, including verifying the identity of our customers, whether individuals or entities. In addition to obtaining identification documents, we obtain for non-natural persons their entities’ beneficial owners/natural persons consistent to international standards such as the Financial Action Task Force (FATF).
The second layer includes a risk-based system to warrant additional customer due diligence. To accomplish this, we screen our customers (including beneficial owners), United States Office of Foreign Assets Control (OFAC) Sanctions Lists, and the United Nation Security Council Sanctions List, among other government-provided lists of sanctioned individuals and entities. We also may screen against other lists on a discretionary basis to protect our reputation and customers.
The third layer includes ongoing monitoring for suspicious activity. If our Program suspects or has reason to suspect suspicious activities have occurred, we will file suspicious activities reports with local regulators. A suspicious transaction is often inconsistent with a customer’s known and legitimate business, or personal activities. These are the primary components of our compliance program; however, the most important glue or connection to these layers are our leadership team and staff, including AML/Risk personnel that execute training, oversight and a sound compliance culture.
Trading in virtual assets is considered high risk. Virtual assets are NOT backed by any government or central bank. The risk of loss in trading or holding virtual assets can be substantial. You should carefully consider whether interacting, holding, or trading virtual assets is suitable for you in light of your financial condition.
If you have questions or require assistance with our customer due diligence controls, please reach customer service representatives by phone, chat or email at email@example.com.
7. DIFFERENT VERSIONS
This "Risk & Compliance Disclosure" may be posted in different languages. If there are any discrepancies, the English version shall prevail.
This disclosures takes effect from November 30th, 2019.