Peerlyx ("Peerlyx", "we", "us") operates the Peerlyx marketplace and wallet. This Anti-Money Laundering ("AML") and Know Your Customer ("KYC") Policy explains how we prevent Peerlyx from being used for money laundering, terrorist financing, fraud or sanctions evasion, and what we ask of our users. It applies to every user and is followed by everyone who works for Peerlyx.
Our controls follow applicable anti-money-laundering law and the FATF Recommendations.
1. Personal accounts only
- Peerlyx accounts are for individuals acting for themselves. Business and corporate accounts are not offered.
- Each person may hold one account. Accounts cannot be shared, sold or used on behalf of someone else.
2. Verification levels and limits
Level 1 — email. A verified email address and an authenticator app (two-factor authentication). Trading and withdrawals are limited to a lifetime total of US$500.
Level 2 — phone and identity. A verified phone number and an identity check with our verification provider: a government-issued identity document (passport, national identity card, driving licence or residence permit) and a live selfie that is matched to it. No fixed trading or withdrawal limit applies; activity is monitored as described below.
Level 3 — address. Proof of address, such as a utility bill, bank statement, tenancy agreement, phone bill or tax document, dated within the last three months.
We may ask any user for more information or documents at any time, including the source of funds or source of wealth, and may lower limits or pause activity until we receive it.
3. Customer due diligence
- We check that identity details are genuine and belong to the person using the account.
- Identity checks (an identity document and a live selfie matched to it) are carried out by our verification provider, Didit.
- We may apply enhanced due diligence to higher-risk activity, for example unusually large or frequent trades, or activity that does not match a user's profile, and ask for more information before it continues.
4. Monitoring
- We review trades, deposits and withdrawals for patterns associated with money laundering or fraud, such as rapid movement of funds through an account, trades with many unrelated counterparties, and attempts to avoid limits.
- Deposits and withdrawals are recorded with their blockchain addresses and transactions, and are reviewed when we investigate an account.
- Trade chats and dispute evidence may be reviewed by our staff to investigate suspicious activity.
5. Sanctions
You may not use Peerlyx if you are subject to sanctions, or on behalf of anyone who is. If we learn that an account belongs to a sanctioned person, or that funds come from a sanctioned source, we restrict the account and act as the law requires.
6. Where you use Peerlyx
Peerlyx does not block any country. You are responsible for making sure that buying, selling and holding crypto is legal where you live and where you use Peerlyx.
7. Suspicious activity
- If we know, suspect or have reasonable grounds to suspect that activity on Peerlyx involves money laundering, terrorist financing or other crime, we investigate and, where required, report it to the relevant authorities.
- We may restrict or close an account, hold funds in escrow, refuse a transaction or decline to explain our reasons where the law requires.
- We do not tell a user that a report has been made about them, where the law prohibits it.
8. Records
We keep records of identity verification, transactions, trades, chats relevant to investigations and any reports for at least five years after an account is closed or a transaction is completed, or longer where the law requires.
9. Staff and oversight
- The Peerlyx compliance lead (support@peerlyx.com) is responsible for this Policy and for our AML controls.
- Staff with access to customer data or funds are trained on AML risks, use two-factor authentication, and their actions are recorded.
- We review this Policy at least once a year and when the law or our services change.
10. Your obligations
By using Peerlyx you agree to provide accurate information, keep it up to date, answer our verification requests, and not use Peerlyx for any illegal purpose. Breaking these obligations may lead to restriction or closure of your account and, where required, reporting to the authorities.
11. Contact
Questions about this Policy: support@peerlyx.com.