KYC POLICY OF PANALOBET CONSULTANCY LTD.

Last updated: 02.07.2024

Panalobet adheres to Know Your Customer (KYC) principles to prevent financial crime and money laundering. We perform due diligence checks to verify the identity and location of all users.

KYC Process and Documentation

Panalobet reserves the right to request any necessary KYC documentation at any time to confirm the user's identity. We may restrict services, payments, or withdrawals until identity verification is complete.

Due Diligence Categories

Simplified Due Diligence (SDD): Applied to low-risk transactions.
Customer Due Diligence (CDD): Standard verification for most users.
Enhanced Due Diligence (EDD): Applied to high-risk users or large transactions.

Mandatory KYC for Withdrawals and Suspicious Transactions

When a user requests a withdrawal or attempts/successfully completes a suspicious transaction, they must complete the KYC process. This includes submitting the following:

Proof of ID:

Government-issued photo ID (front and back, if applicable).
The country of issue must not be restricted (e.g., USA, UK, France, Germany, etc.).
Full name matches the user’s details.
Document expiration date must be at least three months away.
Users must be over 21.

Proof of Residence:

Recent bank statement or utility bill (dated within the last 3 months).
Country of residence must not be restricted.
Full name and address must match the ID.

Selfie with ID:

Selfie showing the user holding their ID document.
The document number and details must match those on the ID.

Notes on KYC Process

If the KYC verification fails, the reason is documented, and a support ticket is created. The ticket number and explanation are communicated to the user.
Once all required documents are provided, the user account will be approved.