KYC/AML Disclosure

Last updated: December 2024

Overview

WorkBoat.ai is committed to preventing money laundering and terrorist financing. Our Know Your Customer (KYC) and Anti-Money Laundering (AML) policies are designed to protect our platform, our users, and the integrity of the financial system.

Why KYC/AML Matters

High-value vessel transactions are subject to regulatory oversight. Our KYC/AML procedures help:

  • Verify the identity of all transaction parties
  • Prevent fraud and identity theft
  • Comply with financial regulations
  • Detect and report suspicious activity
  • Protect the maritime industry's reputation

Verification Requirements

All users must complete identity verification before participating in transactions. Requirements vary by role and transaction value:

For Individuals:

  • Government-issued photo ID (passport, driver's license, national ID)
  • Proof of address (utility bill, bank statement dated within 3 months)
  • Selfie for facial verification
  • Source of funds documentation for high-value transactions

For Businesses:

  • Certificate of incorporation or business registration
  • Articles of association or operating agreement
  • Proof of business address
  • Identification of beneficial owners (25%+ ownership)
  • Director and authorized signatory identification

Verification Process

  1. Submit required documents through our secure portal
  2. Our verification team reviews your submission
  3. Additional information may be requested if needed
  4. Verification typically completes within 24-48 hours
  5. You'll receive confirmation once approved

Ongoing Monitoring

We continuously monitor transactions for suspicious activity. This includes:

  • Screening against sanctions lists and PEP databases
  • Transaction pattern analysis
  • Periodic review of user information
  • Enhanced due diligence for high-risk transactions

Reporting Obligations

WorkBoat.ai is required to report suspicious activity to relevant authorities, including filing Suspicious Activity Reports (SARs) when required by law. Users should be aware that we cannot disclose whether such reports have been made.

Data Protection

All KYC documentation is stored securely with encryption and strict access controls. We retain this information as required by law and our regulatory obligations. See our Privacy Policy for more details.

Frequently Asked Questions

How long does verification take?

Most verifications complete within 24-48 hours. Complex cases or incomplete submissions may take longer.

What if my verification is declined?

You'll receive an explanation and instructions for re-submission. Contact our support team if you need assistance.

Is my information secure?

Yes. We use bank-grade encryption and security measures to protect all submitted documents and personal information.

Contact

For questions about our KYC/AML policies, contact compliance@workboat.ai.