Anti-Money Laundering (AML) Notice

In order to protect you and Kibo from being misused for money laundering purposes, we are required to have proven knowledge of you as a customer .

What is Money Laundering, Terrorist Financing and the Anti-Money Laundering Act?

Money laundering occurs when money from criminal activities is transformed through various transactions into assets that can be reported and used officially. Money laundering conceals the criminal origin of the money. Terrorist financing means supporting terrorism financially. This includes not only direct contributions to terrorism, but also collecting, providing or receiving funds or other assets known to fund terrorism.

All financial companies in the EU are obliged to prevent money laundering. The Money Laundering Act means that Kibo must conduct a risk assessment to determine if the Services are being misused for money laundering purposes. In addition, Kibo must have a good knowledge of its customers and their businesses, and understand the purpose of the customer's business relationship and transactions.

We need to question you

In order to comply with the Anti-Money Laundering Act, we need to ask you certain questions. All information Kibo receives will be processed in accordance with applicable data protection legislation and is subject to confidentiality. Here we describe various conditions or events that we need to pay more attention to.

Know Your Customer (KYC) Notice

As part of our security measures, we need to be able to identify you as a customer whenever you do business with us. The identification is done using the verification method that Kibo uses every time. If you request a new service, as an existing customer you may be asked to re-identify and answer additional questions.

If you represent a company or are self-employed, you must provide valid identification and prove that you are an authorized representative of the company. Kibo also needs to know if someone owns more than 25 percent (25%) of the company and if someone has a controlling influence over the company. You must also be prepared to answer questions about the company's operations, its revenue, and how the company will use Kibo's services.

KYC and Transactions

If you wish to open an account, make a payment or perform any other transaction, you may be required to answer questions and identify yourself. If Kibo cannot understand where the money is coming from, Kibo is obliged to ask. You as a customer must be prepared to provide receipts, invoices or other documents that support your statement.

Politically Exposed Person (PEP)

Under the Money Laundering Act, we as a company need to know if you hold a high-level political or government office, are a director of an international organization, or are a confidante (family member or close associate) of a person holding such office. Because of this requirement, we ask you questions about this when you become a customer with us.

In certain cases, Kibo is not allowed to provide its service

If you cannot identify yourself, in many cases Kibo will not be able to provide the service you have requested. If Kibo does not comply with the Anti-Money Laundering Act, Kibo may be subject to sanctions. It is also important for Kibo to do everything in its power to prevent our services from being used for criminal activities.

If we suspect money laundering, it is reported to the Financial Police in the appropriate jurisdictions.In order to prevent money laundering and terrorist financing, we must work together and support one another. If you have any questions about this, you can contact us at any time.