Regulation at the forefront of Mandala’s Mission.
Our Regulatory Mission and Mandate of Full Compliance
Recently, the New York State Attorney General, Barbara D. Underwood, released the “Virtual Markets Integrity Initiative” (Sep 18, 2018) after five months of researching thirteen of the major digital assets trading platforms. While participation was requested by the NYAG, the process was entirely voluntary.
The Mandala Platform has operated under the philosophy of raising the standards and maturing the industry from day one. Our team pushes ourselves to a higher standard than the existing Wild West nature of the space, embracing our responsibility as industry leaders advocating the change necessary to bring cryptocurrencies to Main Street, both safely and legally.
To that end, we would like to lay out the steps that are being taken to comply with KYC/AML requirements and to ensure that only eligible users are capable of utilizing the Mandala Platform.
Signing-Up on the Mandala Platform
All users, regardless of intended trading amounts, will be required to submit to our KYC/AML procedure in order to create a user profile.
In addition to the basic user information required on sign up, the Mandala Platform has engaged Sum&Substance Limited (“S&S” — https://sumsub.com/) to provide 3rd-party Global Online Identity & Background Verification services. Through the integration to the Mandala Platform, users will be required to upload the following documents: Proof of Identity (Valid Gov’t Issued ID), Selfie With the Proof of Identity Document, and Proof of Address.
The Proof of Identity required will vary based on jurisdiction, but a Passport, Driver’s License, National Identification Card, and most other forms of Government Issued IDs are accepted. This step will require the user to upload both the front and back of the document ensuring the photos are of a high quality and can be easily interpreted.
The Selfie With the Proof requires the user to take and upload a photo of themself holding the previously used Proof of Identity while ensuring the photo is high quality and easily interpreted.
Lastly, the Proof of Address will require the user to upload a high quality photo of a utility bill or certified bank statement. The document must contain the full name and owner’s address as well as date of issuance. Other documents can be accepted on a case by case basis at the sole discretion of S&S.
Verifying the Information Provided
KYC/AML is a two-part verification process where we must confirm the identity of the user in a process known as “Know Your Customer” and comply with “Anti-Money Laundering” laws established by various governments around the world.
The first part of this process authenticates the information that was provided to the Mandala Platform during sign-up against the documents that are requested by S&S.
Once the identity has been confirmed, the next step is to determine if this identity is currently on any government watchlists. This identity is cross-referenced against nearly 75 specific lists collectively labeled under International PEP and Sanctions, Country Specific Sanctions Lists, Criminal Lists, Securities Lists, and Financial Lists.
If a user successfully passes both portions, S&S returns an “Approved” determination and the user is able to begin utilizing the Mandala Platform.
One Step Further
In addition to confirming the identities of all users, the Mandala Platform will actively maintain geo-fencing restrictions, and in the future blocking of certain VPN services known to be malicious. We have implemented these measures to ensure only eligible users are capable of activating accounts.
While the Mandala Platform would prefer to welcome all users worldwide, global regulation is extremely fluid and we are unable to offer support for the following regions until further guidance and clarity is provided by local governments.
US Virgin Islands
These restricted countries were determined by the Mandala Legal team based on existing regulatory limits, status as a banned nation, or where clarity has not been fully established. Please keep in mind that this list is constantly being reevaluated and is subject to change with or without notice.
The Mandala team is committed to driving mass adoption and accessibility to this unique and emerging technology space while balancing our mission and mandate of regulatory compliance. KYC identity verification and abidance of AML laws and regulations ensures the longevity of the Mandala Platform and with it the inevitable growth.
The Mandala Team
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