Know Your Customer (KYC) Policy
Last Updated: July 1st, 2022
- Introduction
At Sports Figures (“we,” “our,” or “us”), we are committed to complying with applicable laws and regulations regarding the prevention of money laundering, terrorist financing, and other financial crimes. This Know Your Customer (KYC) Policy outlines the procedures we follow to verify the identity of our customers, assess risks, and ensure the integrity of our services. The purpose of this policy is to maintain compliance with relevant anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. - Purpose of the KYC Policy
The purpose of this policy is to:
• Verify the identity of our customers.
• Assess and mitigate risks related to money laundering, terrorist financing, and other illegal activities.
• Ensure compliance with applicable AML and CTF regulations.
• Maintain the security and trustworthiness of our platform and services. - Scope
This KYC policy applies to all customers who use our services, including individuals and entities that purchase AI-generated sports information articles or other services through Sports Figures. All users who interact with our services will undergo identification verification procedures based on the risk associated with their activity. - Customer Identification Process
We follow a stringent process to verify the identity of all customers, whether they are individuals or corporate entities. This process ensures that our platform is secure and that we meet all regulatory requirements - Individual Customers
For individual customers, we collect the following information:
• Basic Information: Full name, date of birth, residential address, and a valid email address.
• Identity Verification: Customers must provide a valid, government-issued identification document such as:
• Passport
• Driver’s license
• National ID card
• Address Verification: Customers must also submit a utility bill or bank statement that includes their residential address and is no older than 90 days.
For certain transactions that carry higher risks, we may request additional verification, such as:
• A selfie with the identification document for enhanced verification. - Corporate Customers
For corporate customers, we collect the following information:
• Company Information: Company name, registration number, country of incorporation, registered address, and the names of the directors or authorized signatories.
• Beneficial Ownership: Information on the ultimate beneficial owners (UBOs) of the company, including their full names, dates of birth, and identification documents.
• Verification: Documents required for verification include:
• Certificate of incorporation.
• Memorandum and articles of association.
• Identification documents for directors or authorized signatories. - Risk Assessment
We assess the risk profile of each customer based on several factors to ensure compliance with AML and CTF regulations. These factors include:
• Customer Type: Individual or corporate entity.
• Geographic Risk: The customer’s country of residence or operation, especially if it is a high-risk jurisdiction.
• Transaction Risk: The size, frequency, and nature of the customer’s transactions.
• Service Usage: The customer’s intended use of our services and any unusual or suspicious activity.
Based on this assessment, customers may be classified as low, medium, or high risk. Higher-risk customers may be subject to enhanced due diligence and more frequent monitoring. - Ongoing Monitoring
We continuously monitor customer transactions and activities to detect and report any suspicious behavior. Our monitoring procedures include:
• Regular review of customer information and transactions to ensure accuracy and compliance.
• Investigation of any unusual or suspicious transactions.
• Updating customer profiles as necessary based on changes in behavior, risk factors, or regulatory requirements.
If a customer’s risk profile changes or if suspicious activity is detected, additional verification and enhanced due diligence may be required. - Record Keeping
We maintain accurate records of all KYC-related information and documentation, including:
• Copies of identification documents.
• Transaction records and communications with customers.
• Risk assessments and ongoing monitoring reports.
These records are stored securely and retained for at least five years after the end of the customer relationship, as required by law. - Reporting Obligations
In compliance with AML and CTF regulations, we are required to report suspicious activities to the relevant authorities. This includes filing Suspicious Activity Reports (SARs) when we identify potential money laundering, terrorist financing, or other illegal activities. We take all reasonable steps to investigate and escalate concerns where necessary. - Data Protection Privacy
We are committed to safeguarding the privacy and security of our customers’ personal data in accordance with our Privacy Policy and applicable data protection laws, such as the General Data Protection Regulation (GDPR) or the California Consumer Privacy Act (CCPA).
• KYC information is collected solely for identity verification and risk management purposes.
• Customer information is never shared with unauthorized third parties and is processed only as necessary to comply with legal obligations.
For more information on how we process personal data, please refer to our Privacy Policy. - Training Awareness
We provide regular training to our staff to ensure they are familiar with KYC procedures, AML/CTF regulations, and how to identify and report suspicious activities. Our employees are aware of their responsibilities in maintaining compliance with this policy and applicable laws. - Policy Review and Updates
This KYC Policy is reviewed and updated periodically to reflect any changes in regulations, industry standards, or our business practices. Significant updates to this policy will be
communicated to our customers in a timely manner through our website and other relevant communication channels. - Contact Us
If you have any questions or concerns about this KYC Policy, please contact us at:
Sports Figures
Corporation Trust Center, 1209 Orange Street
Wilmington Delaware, 19801
Phone: (833) 216-2380
Email: [email protected]
Sport Figures
Key Highlights of KYC Policy:
• Verification of Identity: All customers must provide valid documentation for identity verification.
• Ongoing Monitoring: Transactions are continuously monitored to detect suspicious behavior.
• Data Privacy: Personal information is securely stored and used only for compliance purposes.
• Reporting: We report suspicious activities to relevant authorities.
This Know Your Customer (KYC) Policy ensures that you are compliant with regulations around identity verification and risk management. This standalone document should be linked in the footer of your website, next to other important legal documents like the Privacy Policy and Terms & Conditions.