Compliance Obligations
1. Know Your Customer (KYC) Requirements
All traders are required to complete the KYC verification process before engaging in any trading activity. This ensures that the platform complies with anti-money laundering (AML) and combating the financing of terrorism (CFT) regulations. KYC involves:
- Identity Verification: Submission of government-issued identification documents, such as passports or driver’s licenses.
- Proof of Address: Submission of utility bills or bank statements to verify residency.
- Enhanced Due Diligence (EDD): For high-volume traders or those from regions with elevated financial risks, additional information may be required.
By adhering to KYC standards, the platform ensures the legitimacy of all participants and mitigates potential risks.
2. Anti-Money Laundering (AML) Policies
To combat illicit financial activities, the platform enforces strict AML policies, including:
- Monitoring all transactions to detect suspicious patterns or activities.
- Reporting suspicious transactions to relevant regulatory authorities.
- Limiting cash transactions and requiring that all deposits and withdrawals occur through verified bank accounts or payment systems.
Participants are expected to provide truthful information and cooperate with any AML-related inquiries.
3. Combating the Financing of Terrorism (CFT)
The platform actively enforces CFT measures to prevent financial activities that could support terrorism or other illegal operations. This includes:
- Screening all traders against global watchlists and sanctions databases.
- Blocking accounts associated with sanctioned entities or individuals.
- Collaborating with regulatory bodies to report any activities that raise red flags.
Traders are responsible for ensuring that their activities comply with international CFT standards.
4. Tax Reporting and Obligations
All traders must comply with local tax laws regarding profits and losses from trading Orbita Notes. While the platform provides transaction records for your convenience, it is the trader’s responsibility to:
- Report trading income to tax authorities.
- Calculate and pay applicable taxes based on local regulations.
- Seek professional tax advice if necessary to ensure compliance.
Non-compliance with tax obligations may result in penalties or account restrictions.
5. Sanctions and Restricted Jurisdictions
The platform operates in compliance with international sanctions and trade restrictions. As such:
- Traders from restricted jurisdictions are prohibited from accessing the platform.
- Accounts linked to sanctioned entities or individuals will be suspended or terminated.
- Periodic checks are conducted to ensure ongoing compliance with updated sanctions lists.
Traders must confirm that they are not located in, or transacting with, restricted jurisdictions.
6. Accurate and Honest Information
Traders are required to provide accurate and truthful information during account registration and throughout their participation on the platform. This includes:
- Updating account details promptly if there are changes to personal or financial information.
- Avoiding the use of false or fraudulent documents.
- Ensuring that all communications with the platform are honest and transparent.
Misrepresentation may result in account suspension, termination, or legal action.
7. Prohibited Activities
To maintain market integrity, the following activities are strictly prohibited:
- Market Manipulation: Engaging in practices such as spoofing, wash trading, or insider trading.
- Fraudulent Transactions: Using the platform to conduct scams or misrepresent the nature of trades.
- Unverified Trading: Attempting to trade without completing the necessary compliance requirements, such as KYC verification.
Violations will result in severe penalties, including account suspension or legal action.
8. Record-Keeping and Reporting
The platform maintains detailed records of all trading activities to ensure compliance with regulatory standards. This includes:
- Transaction logs, including buy/sell orders, prices, and quantities.
- Audit trails for deposits and withdrawals.
- Communication records with traders regarding account activity or compliance inquiries.
These records may be shared with regulatory authorities upon request, in accordance with applicable laws.
9. Compliance for Issuers
Entities requesting the issuance of Orbita Notes must meet stringent compliance standards, including:
- Depositing Central Ura: Ensuring that 100% of the maturity value of the Orbita Notes is deposited before issuance.
- Providing Financial Documentation: Submitting detailed financial records to demonstrate stability and legitimacy.
- Undergoing Regular Audits: Allowing periodic reviews to confirm adherence to platform and regulatory requirements.
Issuers are held to the same high standards of compliance as traders, ensuring a secure and transparent credit-backed ecosystem.
10. Ongoing Compliance Monitoring
Compliance is an ongoing responsibility. The platform conducts regular reviews and audits to ensure all participants remain in good standing. This includes:
- Automated monitoring of transactions for anomalies or suspicious activity.
- Periodic account reviews for high-volume traders or issuers.
- Immediate action to address potential compliance breaches, including notifications, account restrictions, or terminations.
- Conclusion