CUSTOMER KYC POLICY
This is a public policy document outlining our KYC management for onboarding customers and to manage the ongoing AML/CTF monitoring process for compliance with AUSTRAC registration requirements. This policy in part references our AML/CTF program (customer due to diligence
This policy applies to all customers of
Metex Corp Pty Ltd
(Metex) controlled exchanges and affiliate programs prior to the transfer of funds or trading on any Metex controlled exchange.
1.1. Any investor applying for shares in Metex Corp Pty Ltd will undergo KYC ID verification and
AML/CTF/PEP clearance as part of the due diligence process
1.2. Entity investors will have the entity verified
1.3. Beneficial owners of investment entities will have individual ID verified.
1.4. Entity and beneficial owners will
be subject to ongoing enhanced customer due diligence
and AML/CTF/PEP monitoring
2. Customers applying for access to Metex exchanges or affiliate programs
2.1. Any customer applying for an account on any
Metex controlled exchange is subject to this
2.2. The KYC ID verification process must be completed before any funds can be transferred into
any trading accounts (digital wallets)
3. KYC ID Verification
- Australia and New Zealand
3.1. Metex will maintain contracted services with
VIX Verify Pty Ltd to act as our DVS Gateway Service Provider (GSP).
3.2. The KYC process for all customers domiciled in
Australia and New Zealand will be conducted through the Metex website integrated with the API provided by VIX Verify.
3.3. VIX Verify will maintain compliance evidence for AUSTRAC audit purposes.
3.4. A unique ID verification code will be provided by VIX Verify and held on record for each verified customer
4. KYC ID Verification -Countries other than Australia and New Zealand
4.1. Metex will maintain contracted services with GB Group Plc. to act as our international ID verification service provider.
4.2.The KYC process for all customers domiciled outside Australia and New Zealand will be conducted through the Metex website integrated with the API provided by GB Group Plc.
4.3.GB Group Plc. will maintain compliance evidence for AUSTRAC audit purposes.
4.4. A unique ID verification code will be provided by GB Group Plc. and held on record for each
5. KYC ID Verification -Entities
5.1. Metex will verify company details including registration and beneficial owners.
5.2. All beneficial owners will undergo individual KYC ID verification.
5.3. Metex relies on an electronic-based safe harbor procedure where:
• a beneficial owner's full name; and
• their full residential address or their date of birth, or both
• have been verified from reliable and independent electronic data from at least two separate data sources. Reporting entities may verify an individual's identity electronically by using records held by a credit reporting agency.
6. Legal basis for the collection of personal data, ID verification and ongoing monitoring
6.1.Metex is required to collect and process sufficient documentation and personal information to enable KYC ID verification under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act).
6.2. Metex is required to conduct ongoing monitoring of its customers and transaction activity
6.3. The Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) is
part of a legislative package which brings Australia into line with international best practice
to deter money laundering and terrorist financing.
6.4. The AML/CTF Act covers the financial sector, the gambling sector, bullion dealers and other
professionals or businesses that provide services covered by the Act.
6.5. Digital Currency Exchanges are covered by the Act.
6.6. Metex Corp Pty Ltd is registered with AUSTRAC as operating a Digital Currency Exchange
7. Metex Transaction Compliance Overview
7.1. The complex regulatory compliance requirements for onboarding members transacting on
our exchange and ongoing customer due diligence along with transaction monitoring and reporting is simple in approach, but complex in detail.
Step 1 KYC ID verification for onboarding Green ID and GB Group
Step 2 Ongoing Customer Due Diligence Thomson Reuters
Step 3 GDPR Privacy data security and monitoring Imperva -Incapsula Transaction monitoring and Reporting Procedures.
8. Green ID (VixVerify) and GB Group -Onboarding ID Verification
8.1. Metex chose reliable and well-recognized partners as part of our commitment to best practice in legislative and corporate compliance. Managing transaction monitoring and reporting risks associated with our scope of operations is a complex task. Partnering with like-minded service providers enables us to leverage their experience and technical expertise in applying our policies and procedures to manage these risks.
8.2. Green ID (VixVerify) and GB Group are our preferred providers of services in onboarding
members for the purpose of AUSTRAC compliance in the requirements for Know Your
Customer/Anti Money Laundering/Counter-Terrorism Financing (KYC/AML/CTF) initial
screening and ID verification.
8.3. Enhanced services extend to other financial crimes and criminal activity involving funds
transfers. Corporation intelligence and screening services for onboarding organizations
within our scope of operations are also included in the range of services offered by our
9.Thomson Reuters-Customer Monitoring
9.1. The cryptocurrency industries are heavily regulated under Anti-Money Laundering laws,
and any non-compliance could potentially trigger a huge financial penalty and reputational
damage. As Metex is by nature a global business, it needs a robust and scalable screening
solution to avoid compliance risk, as sanctions and PEPs screening is a crucial and
a mandatory part of the AML requirement.
9.2. Thomson Reuters is an ideal business partner to offer global client screening, as its flagship
product World-Check is the industry gold standard used systematically by almost every
major bank around the world, including all the big 4 in Australia. In addition, its
proprietary technology World-Check One API provides capabilities that are essential to fit in Metex’s scenario.
9.3. Transaction monitoring and reporting is covered in another document but it is worth
noting here that Thomson Reuters are able to provide an extended solution to managing
the problem of transaction monitoring and reporting for regulatory compliance as a future
expanded service. Interim, transaction monitoring is managed within our KYCAML
10. Public AML and CTF Policy Notice
10.1. Metex will publish on its exchange websites a policy outlining our approach to the AUSTRAC requirements for customers as detailed below.
11. Public AML and CTF POLICY
11.1. As the operator of cryptocurrency and digital asset exchanges operating in Australia, METEX Corp Pty Ltd is bound by Australian Law to be registered with the Australian Transactions Reports and Analysis Centre (AUSTRAC).
11.2. In keeping with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006
(AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules
Instrument 2007 (AML/CTF Rules), METEX is required to implement staff training, know
your customer checking processes, and reporting systems to help identify, manage and
mitigate risks associated with our services being used to either launder money and/or
finance illegal activities including drug trafficking or terrorism.
12. Our Measures
12.1. The following is a list of some of these measures:
• All clients will undergo an ID verification check to confirm identity before being allowed
• All clients having successfully undergone an ID verification check will be allocated a
unique ID to enable them to transact.
• All clients will be maintained on a database for ongoing customer due diligence
screening as required by AUSTRAC.
• Clients may be directly called by one of our compliance team support staff to confirm
application and identify over the phone.
• Fiat currency withdrawals can only be made to a bank account held in the same name as
the account holder.
• Fiat currency deposits by direct debit can only be accepted from a bank account held in
the same name as the trading account being loaded.
• Any withdrawals will require the proof of a bank account held in the same name as the registered trading account before being approved for transfer.
• Educating our employees so they can understand risks, identify, monitor and report any
• Ensuring our employees are aware that suspicious matters are not limited to financial
•Reporting when appropriate any suspicious activity across the
Metex operated exchanges to AUSTRAC.
•Reporting transaction over AUD$10,000 or more or multiples under this value that may
•Reporting cross border transactions as required.
•Carrying out ongoing customer due diligence checks.
13. Our Purpose
13.1. The key outcomes we are looking to achieve with of our AML/CTF program include:
• Only dealing with customers we can properly identify.
• Managing customers we are unable to properly identify.
•Protecting our products and services from being utilized by money launderers, terrorist
financiers, or anyone else that may choose to support these types of individuals.
•Combating, detecting and reporting any use of our services for laundering of funds and
for the possible purpose of financing terrorism-related activities.
•To help provide guidance and direction to ensure compliance with appropriate
regulatory requirements including the AML/CTF Act and AML/CTF Rules.
•Helping to support the protection of the reputation of METEX as the operator of the
•Helping to create a good reputation standard for other exchanges operating in the cryptocurrency sector.
•To prevent payment of any ransomware, including, but not limited to crypto-locker.
14. Our AML/CTF Program
14.1. The METEX AML/CTF program was tailored by our partners and our legal firm in support of
our business risk profile of running exchange service offerings. It has taken into regard the
specific systems and controls being implemented by METEX for the exchanges, including
• How METEX manages employee due diligence by screening all prospective and existing
employees, including contractors and temporary employees.
•How METEX has designed its AML/CTF training program to ensure all employees receive
relevant and ongoing training in identifying and reporting any suspicious activity.
•How METEX ensures our employees understand the importance of meeting our regulatory obligations under the AML/CTF Act.
•How we support governance by the designation of an AML/CTF compliance officer
responsible for overseeing the AML/CTF program.
•Procedures that may need to address customer due diligence requirements, client record keeping and reporting requirements, as well as any of the processes being used by METEX for the identification, reporting and escalation of suspicious transactions.
•Independent audit which includes a periodic evaluation of the AML/CTF program by
another third party and validates and tests the effectiveness of AML/CTF processes and
procedures being used.
•Strict adherence to the AML/CTF Act and AML/CTF Rules and guidelines
as issued by AUSTRAC and any regulators from time to time.
15. Our Responsibilities
15.1. The METEX Corp Pty Ltd board of Directors and senior management have ongoing
oversight of the METEX AML/CTF policy and procedures.
As part of the METEX staff onboarding process employees are familiarised with the
company AML/CTF policies, being required to attend a training session specific to their
role and are briefed in the procedure for identifying and reporting any suspicious matters or behaviors.
15.3. METEX have a full-time dedicated AML/CTF compliance officer that is responsible for the
regular monitoring the status and effectiveness of the employed AML/CTF risk management and compliance framework. Further Information can be found at:
•The Attorney-General's Department: https://www.ag.gov.au/
•Australian Crime Commission: https://www.acic.gov.au/