AML & Compliance

1. Our Commitment

Baysart Gold is committed to preventing money laundering, terrorist financing, and other financial crimes. As a dealer in precious metals, we implement robust Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures in compliance with Azerbaijan's Financial Monitoring Service regulations and international standards.

2. KYC Requirements

All users must complete identity verification before purchasing gold or accessing custody services. We collect and verify:

• Full legal name as it appears on official documents
• Date of birth
• Current residential address
• Government-issued photo ID (passport, driver's license, or national ID card)
• Proof of address (utility bill, bank statement, or official correspondence within last 3 months)
• Selfie verification with liveness detection

3. Enhanced Due Diligence

For certain users or transactions, we may require additional information:

• Source of funds documentation (payslips, bank statements, business records)
• Purpose of gold purchase and intended use
• Employment and income information
• Politically Exposed Person (PEP) screening and declarations
• Ultimate Beneficial Owner (UBO) identification for business entities
• Additional verification for large transactions or cumulative purchases

4. Transaction Monitoring

We conduct risk-based verification and monitor transactions solely to comply with regulatory requirements, working in cooperation with our payment partners.

• Unusual patterns: Transactions inconsistent with customer profile or stated purpose
• Large transactions: Amounts exceeding normal thresholds or customer history
• Rapid movements: Frequent purchases followed by immediate sales or buybacks
• Multiple accounts: Potential structuring or layering to avoid reporting
• High-risk jurisdictions: Connections to sanctioned countries or high-risk areas
• Inconsistent behavior: Deviations from expected transaction patterns
• Cash-intensive activities: Patterns suggesting cash conversion

5. Suspicious Activity Reporting

If we detect potentially suspicious activity, we are required by law to:

• Conduct further investigation and gather additional information
• File Suspicious Transaction Reports (STRs) with the Financial Monitoring Service of Azerbaijan
• Comply with information requests from law enforcement and regulatory authorities
• Freeze or restrict Profile activity pending investigation
• Not disclose to the user that a report has been filed (tipping off is prohibited)

6. Sanctions Screening

We screen all users and transactions against:

• OFAC (Office of Foreign Assets Control) sanctions lists
• United Nations Security Council sanctions lists
• European Union sanctions and restrictive measures
• National sanctions lists of the Republic of Azerbaijan
• Other relevant international and regional watchlists
• PEP databases and adverse media screening

Users from sanctioned jurisdictions or individuals appearing on watchlists will be denied service. Existing accounts may be suspended or terminated.

7. Transaction Limits

To manage risk and comply with regulations, we impose transaction limits based on verification level:

• Basic KYC: Limited daily and monthly transaction amounts for purchases and sales
• Enhanced KYC: Higher limits with additional documentation and verification
• Institutional/Business Accounts: Custom limits upon approval and enhanced due diligence
• Unverified Accounts: Severe restrictions or no transaction capability

Limits may be adjusted based on Profile history, jurisdiction, risk assessment, and regulatory requirements. We reserve the right to implement additional controls without prior notice.

8. Prohibited Activities

The following activities are strictly prohibited:

• Money laundering or terrorist financing
• Fraud, scams, or deceptive practices
• Structuring transactions to evade reporting requirements
• Using Baysart Gold for illegal purposes or criminal activity
• Providing false, misleading, or fraudulent information
• Creating multiple accounts to circumvent limits or controls
• Facilitating transactions for third parties without authorization
• Purchasing gold with proceeds from criminal activity
• Using the platform to convert or launder illicit funds

9. Profile Freezing and Closure

We reserve the right to:

• Temporarily freeze accounts pending investigation or verification
• Request additional documentation at any time
• Delay or reject purchases, sell-back transactions, or bank transfers
• Suspend access to custody services
• Permanently close accounts for policy violations or regulatory requirements
• Report violations to appropriate law enforcement and regulatory authorities
• Refuse service to high-risk individuals or entities

Frozen accounts may have limited functionality. Physical precious metals delivery may be delayed pending resolution of compliance concerns.

10. Ongoing Monitoring and Review

AML compliance is a continuous process. We:

• Periodically review Profile activity and transaction patterns
• Update risk assessments based on customer behavior and external factors
• Re-verify customer information when required (typically annually or upon significant changes)
• Monitor news and adverse media for existing customers
• Adapt procedures to evolving regulations and emerging threats
• Conduct regular internal audits and compliance reviews

11. User Responsibilities

As a Baysart Gold user, you must:

• Provide accurate, complete, and up-to-date information
• Notify us immediately of changes to your personal details, address, or financial situation
• Respond promptly to information requests and verification inquiries
• Use services only for legitimate, lawful purposes
• Ensure funds used for gold purchases come from legal sources
• Report any suspicious activity you encounter on the platform
• Cooperate fully with compliance investigations
• Maintain records of your own transactions for tax and legal purposes

12. Data Retention for Compliance

We retain KYC documentation and transaction records for:

• Minimum 5 years after Profile closure (or longer if required by Azerbaijan law)
• Compliance with legal obligations and regulatory audits
• Responding to law enforcement requests and investigations
• Maintaining chain of custody for gold ownership records

Records related to suspicious activity or ongoing investigations may be retained indefinitely.

13. Third-Party Service Providers

We use reputable third-party services for compliance functions:

• Identity verification providers (e.g., Jumio, Onfido, Sumsub)
• Sanctions screening and PEP databases (e.g., ComplyAdvantage, Dow Jones, World-Check)
• Transaction monitoring and analysis tools
• Fraud detection services

These providers operate under strict data protection agreements and are bound by confidentiality obligations.

14. Regulatory Compliance

Baysart Gold complies with:

• Law of the Republic of Azerbaijan on Combating Money Laundering and Terrorism Financing
• Regulations of the Financial Monitoring Service of Azerbaijan
• Financial Action Task Force (FATF) recommendations and standards
• International standards for precious metals dealers
• European Union directives where applicable
• Best practices for AML/CTF compliance

15. Contact for Compliance Matters

For compliance-related questions or to report suspicious activity:

• Email: compliance@baysart.com
• Compliance Officer: Available through in-app support system
• Confidential reporting: aml@baysart.com

All reports will be handled confidentially and in accordance with legal requirements.