Announce risk control standards! The Taiwan Virtual Currency Business Association has announced self-regulatory norms, and these behaviors will all be monitored for trading.

The Virtual Currency Business Association of the Republic of China (VASP Association) has officially announced self-regulatory standards, including member self-discipline conventions, shelf review, customer protection, and prevention of Money Laundering and counter-terrorism financing. Due to the recent widespread complaints about exchanges' extensive risk control of users, the self-regulatory standards of VASP Association also clearly outline the criteria for 'trading surveillance patterns'.

1. Customer Identity Category

Customers are suspected of using anonymous, false names, dummy accounts, or fictitious legal entities, and support the use of forged or altered identity documents and information to establish business relationships.

When the customer's online location (such as IP address) is different from the customer's nationality, country or region of registration, and there is no reasonable reason.

There is no reasonable reason to open multiple company or group trading accounts, and the ultimate beneficiary is the same person.

The transaction accounts of several different customers retain the same Address, phone number, or email address, but based on the individual retained data (such as name, age, place of residence, and phone number), there is no apparent relationship between the customers.

Customers frequently change customer information without reasonable cause, or refuse to cooperate in providing relevant documents to confirm customer identity measures.

Aware that the customer has been refused to establish business relationship or transactions by other Virtual Money platforms and Virtual Asset Service Providers (VASPs), or their customer identity has been terminated.

2. Trading

Customers engage in a large amount or short-term intensive buying, selling, and exchanging of Virtual Money, and their identities appear to be disproportionate or without reasonable cause.

Sudden large-scale transactions in newly registered or inactive accounts, which do not correspond to their identities or have no reasonable reasons.

The use of multiple unrelated transaction accounts with the same IP address for trading without a reasonable reason.

Customers shall not split transactions into microtransaction without reasonable grounds, such as accumulating a certain amount of transactions within a specific period of time, in order to avoid the threshold for confirming customer identity for temporary transactions.

If a customer buys or receives Virtual Money and quickly transfers it out or exchanges it for other Virtual Money, and within a certain period of time, the total number or amount of transactions is reached, and the transaction content is disproportionate to the customer's identity or there is no reasonable reason.

If a customer receives multiple or different types of Virtual Money in small amounts and transfers or sells each Virtual Money to obtain legal currency without a valid reason, such behavior will be considered suspicious.

Customers who continuously trade and accumulate a certain amount of money within a certain period of time in cash or through cash payment channels (such as convenience stores, Virtual Money self-service purchase machines BTM) without reasonable reasons.

Customers are involved in special major cases reported in real-time by media such as TV, newspapers, magazines, or the Internet, and the transactions appear abnormal.

Aware of the IP address of customer transactions, legal currency funds, Virtual Money source or transaction address, as well as Darknet, mixed services, Virtual Money mixers, the Money Laundering or terrorist financing high-risk countries or regions announced by the international anti-money laundering organization, or illegal activities related.

The IP address from which the customer comes from or the customer trades belongs to the Money Undering or high-risk countries or regions announced by the International Prevention and Control Money Laundering Organization, countries or regions with high tax avoidance risk, and frequently conduct a large number of transactions.

Regardless of the amount of the transaction or whether the transaction is completed, if any other obvious abnormal situations or forms of the transaction are found.

Three, Terrorism Financing and Weapons Proliferation

If the client himself or the ultimate beneficiary is identified by a foreign government or international organization as being involved in terrorist activities or money laundering, or if there are reasonable grounds to suspect that they are associated with terrorist activities, terrorist organizations, or money laundering.

The customer himself or the beneficial owner recognized by foreign governments or international organizations for the investigation and tracking of the funded and expanded Financial Institution, or individuals, legal persons, or groups with reasonable grounds to suspect their association with funded and expanded.

This article announces risk control standards! The Taiwan Virtual Currency Business Association has announced self-discipline regulations. These behaviors will be monitored by the trading authority. First appeared on Chain News ABMedia.