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Exchange platform weekly summary 👉👉[Week 14] 🌏

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****** Exchange platform weekly summary ******

  Week 14 09.08.2019  

IT development  

 *Friends we are working on setting the limits from OneLife to bank account transfer (please remember that there are no limits applicable from wallet to wallet transfer as it is an internal transfer) 

*Compliance Platform: Friends this Platform is expected to (it is not compulsory to be set up at the start so maybe) set up and running by mid-September.

Friends exchange is being currently developed almost so don’t worry. Be sure that exchange has received approval of the security controls and processes, API links to World check and to Go AML provided.

The financial authority was auditing the compliance platform and they approved the first part of the authentication of applicants. Friends I want to share some useful information about GoAML application. 

GoAML Week 14 exchange summery

GoAML (fully integrated application) will be used by Financial Intelligence Units(FIU’s). This financial intelligence unit will be quick responding agency against financial crime, like money laundering and terrorist funding.

Furthermore, its aim is to control the flow of funds internationally based on the profile of the client.

Likewise, FIU will be responsible for any kind of illegal payment or money laundering. This unit will monitor everything like payment processing, receiving and also they will analyze the report developed by the financial institute.

So these reports will be very helpful for investigating any kind of money laundering and terrorist funding. We are very serious about any kind of illegal offense.

FYI: GoAML Main Work Week 14 exchange summery

  1. data collection,
  2. management,
  3. analytical,
  4. document management,
  5. workflow and
  6. statistical needs of any Finance Intelligence Unit.

Licensing and IT Audit

 Currently waiting for the exact date of the Site Visit to be communicated by the CB. Once the Site Visit is completed and, if all the small details are cleared out (ONE is approved), then the Exchange company will receive temporary permission, allowing it to start the setup and operations. 

Compliance Week 14 exchange summery

*Countries:  This week the Exchange company has sent out a serious reminder to all countries who still haven’t replied to the inquiry and it will set a deadline. The Exchange company also stated that if it doesn’t receive any clarifications by the date set, it will consider that the service is allowed and that it is legally protected.

Directive (EU) 2018/843 which amended the so-called Fifth Directive 2015/849 (EU) entered into force on 9 July 2018 and EU Member Countries are required to bring their national laws into line with it by January 10th, 2020. 

Week 14 exchange summary

Exchange Platform Weekly Summery Week 14

In every member country, an inter-ministerial working group has been gathered in order to implement the amendments in their national law regarding the crypto exchanges and remittance services.

It is interesting to know what will each country decide – whether only Exchanges with a registered office and address in the specific country have to be included in the government registry (which will be compulsory when the national laws come into force).

Or also other Exchanges, not registered in the country but providing exchange and remittance services on the national market will be a subject to registration. Many governments have still not taken a decision on this matter. 

Remaining true to our professional acumen, we began an initiative to communicate with governments in advance. According to the Directive and its last amendment, Exchanges and remittances’ wallets should also take measures in order to be compliant with the AML regulations.

Including the adoption of internal rules to control and prevent money laundering, carry out risk assessments, establish procedures and tools for identifying and verifying their customers, etc.

*European license: – criminal reports from police for the executive management will be delivered at the beginning of next week.  – the whole documentation, delivered as SOW (scope of work), was reviewed and accepted with the exception of the list of currencies to be traded on the Exchange platform which will be available after the interview –

Payment gateway – it will be in coordination with the bank as the API code to connect gateway needs to be provided by the bank *Meeting with authorities is set to happen after August 20th, 2019. If all goes well, the Company will be able to start the Exchange after that period and after proper training of the IMA-s on mechanisms,

Exchange platform weekly summary of how to operate on the Exchange. 

 Friends only licensed coins can be traded, exchanged and offered. Except these all other coins will be illegal to trade and mine and exchange.

Suppose no permission is granted to a special coin then the ordinary currencies can be traded on this exchange.

Dear friend, please be aware of the new businessman who is recently coming to the system and they may offer you their new and fancy cryptocurrencies.

So, friends, this was the all news regarding Exchange platform weekly summary 14 week.

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