Know Your Customer (KYC) &
Anti-Money Laundering (AML) Policy
1. Introduction
OVENTURES, INC., located at 957 Main Street, Suite B, Stone Mountain, GA 30083, is committed to complying with all applicable laws and regulations regarding Anti-Money Laundering (AML) and Know Your Customer (KYC) obligations, including the Bank Secrecy Act (BSA), the USA PATRIOT Act, and international best practices. This policy outlines the measures we take to prevent the misuse of our services for money laundering, terrorist financing, fraud, or other illicit activities
2. Purpose
This KYC & AML Policy is designed to:
- Prevent and detect potential money laundering and terrorist financing activities.
- Establish customer identity and understand the nature of customer relationships.
- Comply with applicable laws and regulatory requirements in the United States and
globally.
3. Scope
This policy applies to:
- All customers of OVENTURES, INC.
- All services and transactions processed through our website and business operations.
- All employees, contractors, and third-party service providers acting on behalf of
OVENTURES, INC.
4. Customer Identification Program (CIP)
Before establishing a business relationship, OVENTURES, INC. will collect and verify the
following information:
For Individual Customers:
- Full legal name
- Date of birth
- Residential address
- Government-issued photo ID (e.g., driver’s license, passport)
For Business Entities:
- Legal business name
- Business address
- Employer Identification Number (EIN) or equivalent
- Incorporation documents
- List of beneficial owners (25% or more ownership) and authorized signatories
- Government-issued ID for each beneficial owner and signatory
5. Enhanced Due Diligence (EDD)
Enhanced due diligence is conducted for:
- High-risk clients, including those from high-risk jurisdictions
- Politically Exposed Persons (PEPs)
- Clients involved in industries with elevated AML risks
EDD measures may include:
- Additional identity verification
- Source of funds and wealth verification
- Ongoing transaction monitoring
6. Ongoing Monitoring
Transactions are monitored on an ongoing basis to detect:
- Unusual or suspicious activity
- Transactions that fall outside the normal scope of business
- Inconsistencies with customer profile or stated purpose
Suspicious transactions will be escalated and may be reported to relevant authorities,
including the U.S. Financial Crimes Enforcement Network (FinCEN).
7. Recordkeeping
All KYC documentation and transaction records are maintained for a minimum of five (5)
years, or longer if required by law. This includes:
- Customer identification and verification documents
- Communications and transaction histories
- Suspicious Activity Reports (SARs), if filed
8. Training
All OVENTURES, INC. personnel are trained regularly on AML compliance obligations, risk awareness, and internal reporting procedures.
9. Reporting Obligations
OVENTURES, INC. will report suspicious activities to FinCEN and cooperate with law enforcement and regulatory authorities when required.
10. Policy Updates
This policy is reviewed and updated periodically to ensure ongoing compliance with applicable laws, regulations, and industry standards.
11. Contact Us
For questions about this policy or to report suspicious activity, please contact our
compliance department at:
Oventures@idcacc.com
Tel: (888)983-2774
Disclaimer
This policy is for general informational purposes only and does not constitute legal advice. For legal compliance, OVENTURES, INC. may consult with its legal counsel and regulatory advisors.