Rules and KYC/AML Policy

This document contains important aspects, conditions and rules on which the provision of services by island-exchange.com to its clients is based. In order to use the services of the platform, the user must agree to the conditions presented below. The user must accept all terms and conditions without exception before starting to use the service. The terms of service are available on the website island-exchange.com in the public domain.

Rules

Terms of service for the service Basic concepts and terms.
1. The island-exchange.com platform (hereinafter referred to as the Service) is an online service that provides the opportunity for individuals and legal entities to exchange, purchase or sell various electronic currencies. All operations are carried out using special software available at: island-exchange.com.
2. User is a person (both legal and physical) who unconditionally agreed with all the terms of this offer and uses the services of the island-exchange.com service.
3. A payment system is a software package developed by a third party, which serves to record digital funds, electronic money and other obligations, as well as organize mutual settlements between users, etc. According to this agreement, the main payment systems are Yandex.Money, BTC, Perfect Money, QIWI, Payeer and others. A complete list of all payment systems is available to legal entities and individuals on the website island-exchange.com.
4. Electronic money, or electronic currency, represents financial or other obligations that arise between participants dealing with this form of currency and its creators. Such obligations are issued in digital form.
5. Transactions, or payments, mean the movement of digital currency (electronic money) from the sender's account to the recipient's account.
6. The application represents the specific intention of the visitor to the island-exchange.com platform to use the services of the site, accepting all the relevant rules of the offer. The user expresses his desire to provide the necessary information and transfer it to the service through a special electronic form provided on the island-exchange.com web resource.
7. The original electronic currency is the currency in the user's possession that he plans to exchange or sell to obtain another electronic currency or funds in a different format.
8. The received currency is the currency that the user receives from the island-exchange.com service as a result of an exchange transaction, transferring his original currency in exchange for the currency offered by the resource.
9. Parties are all users who approve these rules in the agreement and decide to use the services of the island-exchange.com platform, including the island-exchange.com resource itself.
10. Currency exchange is the process of carrying out an electronic currency exchange operation between various payment systems.
11. Currency reserves are the amount of electronic money available at the disposal of the island-exchange.com service, which users can use to conduct exchange transactions through this service. To obtain up-to-date information on the volume of reserves, each user can visit the “Reserves” page on the website of the specified service.
12. The rate represents the ratio of one electronic currency to another during the exchange process.
13. The service website is located at the following address: island-exchange.com.
Subject and procedure of the agreement.
1. The subject of this agreement is to provide island-exchange.com users with various services, including:
  1. Exchange of one electronic currency for another or for funds of another form.
  2. Sale of electronic money.
  3. Purchasing electronic money.
2. Acceptance of the terms of this agreement occurs upon:
  1. Filling out and submitting the exchange application form for execution by the service.
  2. Registration on the website island-exchange.com.
3. When submitting an application for exchange, the user agrees with the terms of the exchange and confirms his desire to use the services of the island-exchange.com service under the established conditions.
  1. This agreement comes into force from the moment funds are received into the service account for subsequent crediting of electronic currency or funds to the user in accordance with the terms of the application.
  2. When funds are received to the details specified by the user, the current agreement automatically terminates. The same happens if the user cancels the exchange request.
4. By agreeing to this electronic version of the agreement, each party automatically accepts its legal force, comparable to a written document.
5. Any changes to this agreement may be made by the island-exchange.com service without prior notice to the user. However, the service undertakes to provide the current version of the agreement on its website island-exchange.com.
Cost of services. Subject of the agreement.
1. Today, the current agreement provides for the implementation of operations for the sale, purchase and exchange of electronic currency of various payment systems through the service. It is important to note that all these actions can be performed only at the request of the user and with his agreement with the terms of the agreement.
2. For the services provided by the service, the user is obliged to pay a commission in accordance with the amount specified in the exchange application. Payment of this commission is made only after the user gives his consent to the exchange operation.
3. Information about the amount of commission for the services of the island-exchange.com service when performing exchange transactions is displayed in the form of an exchange rate in the application and requires confirmation from the user on one of the pages of the user interface.
4. Detailed information about the current exchange rate, methods of performing the exchange, as well as the amounts that the user transfers or receives are available at the stage of filling out the application.
5. The service fee for the purchase or sale of electronic assets or funds is included in the exchange rate for each specific exchange direction.
Conditions under which the island-exchange.com service provides its services to users.
1. Submitting an application for the exchange of electronic funds by a user to the service is equivalent to a request for island-exchange.com services.
2. The user interface available on the island-exchange.com website provides the ability to manage the exchange process and receive the most up-to-date information about the services provided by the service.
3. Processing of user requests is carried out in strict accordance with the privacy policy set out in section 5 of this agreement, as well as with the anti-illegal transactions and money laundering policy specified in section 6 of this document.
4. All transactions carried out with electronic funds are carefully taken into account within the framework of the rules, regulations and standards of existing payment systems.
5. After completion of the operation carried out by the Service at the request of the user, the action is considered final and cannot be canceled by the user himself after receiving the amounts corresponding to the terms of the transaction.
6. If more than 60 minutes have passed since the application was accepted, but the user’s funds have not been credited to the service account, the agreement is automatically terminated and ceases to be valid. In this case, the service has the right to unilaterally terminate the agreement without notifying the user.
7. Upon termination of the agreement, electronic units received after the expiration of the above period will be returned to the sender within the next 48 hours. When returning, all fees for the transfer of electronic units will be covered from the sender's funds. It is important to note that the service is not responsible for possible delays in returns if they do not depend on the actions of the service.
8. In the event of a discrepancy between the amount of electronic currency declared by the user and the amount actually transferred, the service has the right to unilaterally terminate the agreement. In this case, the service may refuse to provide the service to the user and undertakes to return the previously transferred funds to him within 48 hours. Refunds will be made less fees from the user's funds. The service is not responsible for possible delays in refunding funds if they do not depend on the actions of the service.
9. If the cash equivalent has not been sent to the details specified by the user within 48 hours from the receipt of payment from the user, and there are no reasons for blocking electronic units received at the user’s request from the service, the user has the right to demand termination of the agreement by canceling his application and returning the electronic units in full.
10. All requests related to cancellation of an application are processed by the service only if, at the time of receipt of such a request, the service has not sent funds for the application to the details specified by the user.
11. After receiving a request to cancel the application from the client, the service will refund the user within 24 hours. The service is not responsible for delays that are not due to its fault.
12. To fulfill its obligations, the service has the right to involve third-party performers in the process.
13. The service reserves the right to unilaterally cancel the transaction and return the funds to the user’s details, taking into account the commission. Providing a reason for refusing the service to the user is not mandatory.
14. If the user violates the terms of the agreement, the service has the right to refuse service.
15. A refusal notification is sent to the user via email or bot. After this, island-exchange.com will return the funds to the user according to the application within 48 hours, deducting commission costs. The service is responsible for delays in returns if they are due to its fault.
16. After a service failure, subsequent user requests are automatically frozen and refunds are issued within 30 calendar days.
17. The island-exchange.com service reserves the right to delay the execution of the exchange to carry out the user identification procedure. This identification may be made through a telephone call or other legal methods.
18. By confirming his desire to use the services of island-exchange.com, the user automatically asserts that all funds involved in the transaction belong to him legally and were not obtained illegally.
19. According to tax legislation, the user is obliged to pay all taxes and fees independently.
20. When making transactions with Ethereum, Litecoin and Bitcoin cryptocurrencies, the user must keep in mind that the application will be executed only after the first successful confirmations of the transaction.
21. By accepting the terms of this agreement, the user confirms that he is not involved in transactions related to money laundering, financing of terrorist and criminal activities, drug trafficking, illegal international trade or any other illegal activity.
22. If, due to the client’s fault, confirmation of an application for the purchase, sale or exchange of cryptocurrency is delayed for more than 8 hours, the island-exchange.com service may require the client to create a new exchange application. In such cases, the service reserves the right to return the funds to the user minus the commission of the wallet of the corresponding cryptocurrency.
23. The service also has the right to unilaterally terminate the agreement if the client violates the rules for using the service.
24. In case of unilateral termination of the agreement, the service returns the funds to the sender within 30 calendar days.
25. We do not accept payments from legal entities, so applications paid from legal entities will be blocked.
26. The service sends Bitcoin transactions with the recommended commission at the time of sending. If the commission increases after sending a transaction and the confirmation time increases, the service is not responsible, since it is impossible to predict changes in the commission on the network.
Privacy Policy.
1. To perform exchange, purchase or sale operations of electronic money and cryptocurrency, the service requests personal data from the user. This data is stored in encrypted form and is not transferred to third parties, except for the cases specified in clauses 5.4, 5.5 and 6.5 of the agreement.
2. Transactions based on client requests and data transfer between clients and the service are carried out via an encrypted TLS channel with a 256-bit key.
3. If necessary, the service reserves the right to collect additional information about the user using legal means. Regardless of this, any collected information about the client will not be transferred to third parties, except as provided for in clauses 5.4, 5.5 and 6.5 of the agreement.
4. The transfer of personal data and information about customer transactions can be carried out by a court decision, an official request in writing from law enforcement agencies, or on the service’s own initiative, while the confidentiality of the data will be maintained.
5. Details of user transactions may be provided upon request by the electronic settlement system for the purpose of internal investigation.
Policy to combat illegal transactions and money laundering.
1. In accordance with international law, the island-exchange.com service strictly complies with established rules and implements procedures aimed at preventing the use of the island-exchange.com platform for transactions related to money laundering. This means suppressing operations whose purpose is to return illegally obtained assets to the legal market for legalization. The service also actively suppresses all transactions of an illegal nature.
2. To effectively prevent illegal transactions, the service has established certain requirements for applications submitted by clients:
  1. The recipient and sender of the payment must be the same person; transfers in favor of third parties are prohibited.
  2. All data provided by the client in the application must be current at the time of application and must be reliable.
  3. The use of anonymous connections to create orders is not allowed; such orders will not be processed by the island-exchange.com service. Creating requests through anonymous connections is prohibited.
3. To prevent possible illegal transactions, island-exchange.com takes the following measures:
  1. Sets restrictions on user transactions depending on various factors, such as their country of residence and the degree of their identification.
  2. Uses its own system for automatic analysis of customer actions and transactions. If suspicious operations are detected, the service immediately suspends their execution.
  3. Maintains know-your-customer principles in accordance with generally accepted policies.
  4. Carefully checks the information provided by users using all available verification methods.
4. The service has the right to suspend and freeze user applications if it is necessary to obtain from them copies of identity documents and documents certifying the legal origin of funds. A request for the provision of such documents can be initiated in the following cases: if the user has violated the conditions established in the agreement; if the management of island-exchange.com has suspicions about the client’s intentions to commit illegal transactions or money laundering; if the fraud prevention system has suspended the execution of the user's application. To resume processing the application, the client must provide all required documents to island-exchange.com within 7 business days from the date of the request from the service. If the client refuses to provide the required documents, the application will be canceled.
  1. If the client refuses to provide the required documents upon request, island-exchange.com has the right to refuse further service.
5. If transactions aimed at financing terrorism, money laundering or fraud are detected, the island-exchange.com service has the right to refuse service to the client and transfer the information received from him to law enforcement agencies.
  1. In the transactions identified by the island-exchange.com service, transactions related to the financing of terrorism, money laundering and involvement in fraud were found.
  2. The island-exchange.com service suspects that the user has provided fake documents.
  3. Information has been received from law enforcement and other authorized bodies that the user of island-exchange.com has funds acquired illegally.
  4. This also includes the receipt of any other information that prevents the client from further fulfilling the request.
  5. User behavior is defined as potentially harmful to island-exchange.com, regardless of the form of possible damage: material (physical), intangible, and other.
  6. The client's actions may cause damage to the island-exchange.com software package or be aimed at unauthorized access to the service database.
Limited liability.
1. The service operates 24 hours a day, 7 days a week, but it is worth noting that island-exchange.com is not a banking organization. The main goal of the service is to provide users with high-quality services that guarantee the uninterrupted operation of all components of the software package.
2. The service does not provide any additional guarantees to its clients; all services are provided as provided.
3. The user, by agreeing to use this application, automatically agrees that island-exchange.com's entire liability to him is limited only to those funds that he receives from the client. In addition, island-exchange.com does not bear additional liability to clients, and the user’s liability to the service is also limited. There are exceptions described in section 7.9.
4. Island-exchange.com specialists make every effort to ensure the availability of services 24/7. However, there is no guarantee of this mode of operation, and the service is not responsible for losses incurred by users in case of downtime.
5. Failures, errors and delays in wire transfers and banking transactions may occur and island-exchange.com is not responsible for customer losses caused by such situations.
6. Island-exchange.com is also not responsible for lost income, losses arising due to exceeded expectations under the terms of exchange and other subjective factors.
7. If the client made a mistake when specifying the details and transferred money to the wrong address, the client himself, and not the service, is responsible for this.
8. The client is also obliged to make timely payment of taxes and fees in accordance with the laws of his country, without notification from the service, since the service is not a tax agent.
9. In the event of claims and lawsuits from the service, the client will have to compensate for the losses incurred, unless the cause of the losses was the fault of the service itself.
10. The Client agrees not to commit illegal or fraudulent activities through island-exchange.com and accepts responsibility for any attempts to carry out such transactions in accordance with the law.
11. He also undertakes to avoid falsification of communication flows on the part of the client and guarantees that there will be no such attempts. In addition, the client undertakes not to interfere with the hardware and software of the island-exchange.com service and not to take actions that could lead to disruption of the service.
12. If a client's attempts to negatively impact the island-exchange.com program code or communication flows are detected, the orders created by him will be frozen and their execution will be suspended. Next, the service will take the measures described in section 6.5 of this agreement.
13. If the failure of the service or the client to fulfill obligations was caused by force majeure circumstances, such as floods, fires, terrorist attacks, etc., the parties are not responsible for these events.
14. Financial institutions and electronic payment systems limit their liability to the amounts transferred to them by the customer. island-exchange.com is not a party to the relationship between the user and the payment system, and, therefore, is not responsible for the fulfillment of obligations by these parties.
15. By accepting the terms of this agreement, the client confirms that he is not a US tax resident or citizen of this country.
16. If funds are credited to the account of the island-exchange.com service 3 months after the client creates an exchange application, these funds become the property of the service, which independently determines their further use.
17. If funds are received into the island-exchange.com account without a created exchange request, the service reserves the right to dispose of these funds at its own discretion.
18. If the client has provided incorrect details, he is obliged to provide the correct details to island-exchange.com within 3 months for the successful completion of the exchange. Otherwise, the funds become the full property of the service.
19. If there is a discrepancy between the amount of funds in the application and actually provided by the client, island-exchange.com reserves the right to suspend the exchange and, after the client’s request, perform the operation at the current rate at the time the transaction began.
Resolution of disputes and claims.
1. To resolve disputes regarding island-exchange.com services, a method of negotiation is provided between the service management and the client based on the provisions of this agreement.
  1. All complaints from users must be sent electronically through a special message to the contact details specified in the "Contacts" section.
2. If negotiations do not lead to a settlement of the dispute, the parties will continue to resolve the conflict in accordance with current legislation at the registration address island-exchange.com.
Final provisions.
1. The island-exchange.com service has the right to send the client up-to-date information about the exchange process and other information, including advertising content, to the email specified by him.
2. All content posted on the island-exchange.com website is the intellectual property of the service and is protected by copyright from unauthorized copying.
3. Acceptance of this agreement automatically implies the client’s consent to the processing of his personal data. The user allows the service to copy, systematize, store, process, use, block and destroy the information provided to him.
4. By accepting this agreement, the user confirms that he has read all its provisions and unconditionally agrees with them. In case of disagreement with the terms of the agreement, the user has no right to use the island-exchange.com service.

KYC/AML Policy

AML/KYC concept.
1. AML/KYC (anti-money laundering and client verification) policy. Developed by the Operator of the island-exchange.com service in order to reduce the risks of involvement in illegal activities.
2. As required by international and national laws, the Operator is required to implement effective internal procedures to prevent money laundering, terrorist financing, drug trafficking, human trafficking, proliferation of weapons of mass destruction, corruption and bribery, and to respond to suspicious activity from users.
3. Anti-Money Laundering (AML) is a service that provides cryptocurrency exchanges with the ability to detect and thwart potential cases of money laundering and other criminal activities associated with the use of cryptocurrency. Using AML, the exchanger can screen clients for connections to criminal organizations, terrorist financing, extremist groups and other unacceptable transactions. The service allows you to check transactions in accordance with established rules, which helps to identify and stop illegal actions in a timely manner. AML is highly accurate thanks to the use of modern technologies and machine learning algorithms. In addition, the exchanger can generate reports and audit transactions, which helps comply with regulatory requirements and reduce risks to its business.
4. The critical level of risk in automatic mode is especially important. If checking client addresses shows a risk higher than the established critical level (recommended - 50%), then the service will not allow such an operation to be completed.
5. KYC (Know Your Customer) is the process of confirming the client’s identity and assessing the possible risks associated with it. This procedure is necessary and without identity verification it is almost impossible to purchase cryptocurrency in real exchangers. If a service does not carry out such checks, then scammers can abuse it, using it for money laundering or other illegal activities. In this case, the service may be held liable. Therefore, exchanges, exchangers and other large companies in the cryptocurrency field are implementing AML requirements and regularly conducting KYC verifications to prevent such negative consequences.
6. The KYT (Know Your Transaction) policy is a process aimed at identifying the transaction client in the event of a precedent when the Service has reasonable suspicions that the Client is using this service for other purposes. Such a precedent may arise if the Service suspects the Client of illegal actions that may be qualified as laundering or an attempt to launder digital assets obtained illegally or the funds are of outright criminal origin. For these purposes, the Service has the right to use any legal information, third-party tools for analyzing the origin of digital assets, as well as its own developments of a screening system. Any content of high-risk assets as a result of an audit may give rise to suspicion.
7. KYC andKYT policies often refer to the same process.
Verification procedure.
1. One of the international standards in the field of combating illegal activities includes customer due diligence (CDD) procedures. According to the CDD, the operator establishes its own verification procedures in accordance with AML/KYC standards.
2. To verify the identity of users, the operator requires the provision of valid documents, data or information (for example, passport, bank statement, utility receipt). In accordance with the AML/KYC policy, the operator reserves the right to collect identification data from the user.
3. The operator takes measures to confirm the authenticity of the documents and information provided by the user. By using legal double verification methods, the operator ensures the authenticity of identification data. The Operator reserves the right to conduct a more detailed check of individual users whose activities raise suspicions in accordance with internal procedures.
4. In case of suspicious activity, the operator reserves the right to verify the user's identity at any time, especially if his behavior differs from the usual for this user. In addition, the operator can request the user to provide documents again, even if the AML/KYC check has previously passed.
5. User identification data will be collected, stored, transmitted and protected strictly in accordance with the operator's personal data processing policy.
6. After successfully verifying the user's identity, the operator can relieve itself of potential legal liability if its services are used for illegal activities.
7. The Anti-Money Laundering Officer is responsible for ensuring compliance with the operator's AML/KYC policy. Its responsibility is to monitor all measures taken by the operator to comply with the anti-money laundering and anti-terrorism financing policies, including, but not limited to, the following actions:
  1. To ensure compliance with laws and regulations, the operator collects user identification information.
  2. Also develops and updates internal policies and procedures, including completion, review, submission and retention of all required reports and records.
  3. Monitoring transactions and investigating any significant deviations from normal activities are mandatory steps.
  4. Implementing a records management system allows you to accurately store and quickly find documents, files, forms and journals.
  5. Regularly updating the risk assessment allows the operator to stay abreast of changing circumstances.
  6. The Operator also undertakes to provide information to law enforcement authorities in accordance with the requirements of laws and regulations to maintain the rule of law and combat criminal activity.
8. The Anti-Money Laundering Officer has the authority to cooperate with law enforcement authorities in the fight against money laundering, terrorist financing and other illegal activities.
Anti-money laundering policies are an important tool in the fight against financial crime and support the legality and transparency of financial transactions.
1. The operator adheres to a strict anti-money laundering policy. Money laundering refers to the process of converting illegally obtained funds into investments or cash that appear legitimate in order to disguise their illegal origin.
2. The Operator ensures full compliance with laws relating to the prevention of money laundering by enforcing established policies.
3. In addition, the operator carries out operations to detect and quickly and accurately identify any financial transactions that may be related to money laundering.
4. All users of the service acknowledge, undertake and agree to the following terms and conditions regarding their use of the service:
  1. The User will comply with the requirements of applicable legislation in the field of combating money laundering.
  2. In order to identify and prevent transactions related to money laundering, the Operator applies “Know Your Client” procedures(hereinafter referred to as KYC).
  3. The user undertakes to provide assistance to the operator in order to combat money laundering. Assistance includes providing information requested by the operator regarding customer activities, account usage, financial transactions, etc., which assists the operator in fulfilling its responsibilities in accordance with applicable law.
  4. The Operator has the right to use information about the Client to investigate and/or prevent any illegal activities.
5. The operator has the right to transfer information about clients:
  1. The Operator cooperates with law enforcement authorities or other authorized persons to ensure compliance with applicable laws, including anti-money laundering and anti-terrorist financing laws.
  2. The operator may exchange information about clients with companies that help the operator provide services to clients, including conducting automated verification of documents submitted by clients.
  3. The operator may share information with government agencies, including law enforcement agencies, courts and regulatory agencies.
6. Signs by which an operator can classify a user’s activity as illegal include the following:
  1. Signs of illegal user activity may include increased anxiety or wariness when asked for identification or documents.
  2. The user's interest in financial transactions that do not correspond to the logic of the business or the user's policies.
  3. Failure to provide information about the legality of sources of funds by the user.
  4. The operator may consider the user's activities illegal if he provides false information about the source of his funds.
  5. If the operator has information about civil or criminal offenses on the part of the user
  6. If the operator has reason to believe that the user is acting as a “person of interest” for a hidden identity or business and is not responding adequately to requests for identification.
  7. If the user finds it difficult to provide information about his activities.
  8. If there are an unusually large number of transactions on a previously inactive user account.
7. The above list does not limit the actions of the operator, who has the authority to take the necessary measures to prevent financial transactions related to money laundering, if other circumstances exist.
AML/KYC additional provisions
1. The User understands the need to undergo a Know Your Customer (KYC) verification process to obtain Operator Recognized status.
2. During account registration, the user provides the operator with the following identification information:
  1. Full name.
  2. Place of residence or stay.
  3. Mobile phone number and email address.
3. After receiving identification information, the operator’s employees conduct a check by requesting the relevant documents. To confirm the user's identity, it is required to provide a copy of a page of a passport or other identity document containing the last name, first name, date and place of birth, passport number, expiration date, country of issue, as well as the user's signature.
4. To confirm your address, you must provide one of the following documents: a copy of your utility bill (telephone, water, electricity) for the last 3 months; a copy of the letter from the tax service; a copy of a bank statement or certificate from the bank.
5. The User must cooperate with the operator in conducting anti-money laundering (AML) and Know Your Customer (KYC) checks by providing any information and documents the operator deems necessary.
6. The operator has the right to refuse to create an account for any user at its own discretion, and is not obliged to disclose the reasons for such a decision.
7. In the event of a failure in automatic procedures, the operator reserves the right to contact the user via email or other means to obtain the necessary information and documents. If the user does not provide the requested documents and other required information for anti-money laundering (AML) and Know Your Customer (KYC) checks within 10 days, the operator may refuse the user to create an account in the service, for which cost checks must be reimbursed by the user. In addition, the operator has the right to retain part or all of the amounts received from the user to cover any expenses or losses incurred by the operator.