Anti-Fraud AML and KYC Policy

1. Introduction

Pinbasket is committed to full compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. This policy defines the procedures implemented to prevent and detect financial crimes.

2. Purpose

The purpose of this policy is to:

  • Prevent money laundering and terrorist financing
  • Detect fraud and fraudulent transactions
  • Verify user identities
  • Monitor and report suspicious transactions
  • Comply with national and international regulations

3. Customer Identity Verification (KYC)

Identity verification process may be initiated when certain transaction limits are exceeded or suspicious activity is detected:

Basic Verification

  • Account creation with a valid email address
  • Phone number verification
  • Provision of basic personal information (first name, last name)

Enhanced Verification

Additional verification may be requested in the following cases:

  • High-value transactions
  • Suspicious account activity
  • Seller account creation
  • Large balance deposit or withdrawal requests

Documents that may be requested:

  • Identity document (national ID, passport, or driver's license)
  • Address verification document (utility bill or bank statement)
  • Selfie identity verification
  • Payment method ownership proof

4. Transaction Monitoring

All financial transactions are monitored through automated and manual systems. The following situations are considered suspicious:

  • Unusually large or frequent transactions
  • Multiple account usage with different payment methods
  • Geographically inconsistent transaction patterns
  • Rapid balance loading and immediate withdrawal attempts
  • Transactions linked to sanctioned individuals or organizations

5. Risk Assessment

Each user and transaction is classified according to risk level:

  • Low Risk: Standard users with normal transaction volume and amounts.
  • Medium Risk: Users who transact above average or meet certain criteria.
  • High Risk: Users showing suspicious activity or accessing from high-risk regions.

6. Suspicious Transaction Reporting

When a suspicious transaction is detected:

  1. The relevant account is temporarily suspended.
  2. The transaction is subject to detailed review.
  3. When necessary, notifications are made to competent authorities.
  4. Additional verification documents are requested from the user.

7. Account Freezing and Closure

Accounts may be frozen or closed in the following cases:

  • Failure to complete the identity verification process
  • Provision of false or misleading information
  • Strong suspicion of money laundering activity
  • Inclusion on sanctions lists
  • Instructions from regulatory authorities

8. Data Retention

KYC verification documents and transaction records are retained for a minimum of 5 years in accordance with legal requirements. This data is stored in secure and encrypted environments.

9. Employee Training

All Pinbasket employees receive regular training on AML/KYC procedures. Our training program covers suspicious transaction detection, reporting processes, and current regulatory updates.

10. Contact

For questions regarding our AML & KYC policy, you can reach us at legal@pinbasket.com.

Last updated: May 2026