KYC / AML policy: identity verification and anti-money-laundering

1Introduction

This policy sets out the know-your-customer (KYC), anti-money-laundering (AML) and counter-terrorist-financing (CFT) principles applied on the LiraX platform. The aims are to make sure accounts belong to real people, to prevent fraud and to meet the obligations in force.

Verification steps apply to everyone in the same way. Being asked for a step does not mean there is any suspicion about you; most of the time it is simply standard procedure.

2What is KYC?

KYC stands for "know your customer". It is the process of establishing who a person is and confirming with documents that the information they gave is true. Details such as your name, date of birth, ID number and address are checked within it.

Verification is not only done when an account is opened; it can be refreshed later when needed, for example when your document expires or your details change.

3What is AML?

AML is the set of measures aimed at stopping the proceeds of crime from being made to look legitimate. Risk assessment, monitoring of suspicious transactions, record keeping and, where needed, reporting to the competent authorities are all parts of this framework.

Our platform assesses user risk and transaction risk separately and applies additional measures where the risk is higher. The risk level is set by looking at factors such as country, transaction amount, payment method and how the account is used, and it is updated over time.

4Why identity verification is required

Verification has four purposes: to protect your account against identity theft and unauthorised access, to prevent fraud, to comply with applicable legal requirements and to reduce financial risk.

Withdrawal security is also higher on a verified account; funds can only be sent to accounts registered in your name.

5Required documents

We ask only for documents we actually use. For identity we accept a Turkish national ID card, passport or driving licence; the document must be valid, legible, and both sides (where applicable) must be visible.

• Identity document: Turkish national ID card, passport or driving licence.
• Proof of address: a utility bill or bank statement issued within the last three months, or an e-Devlet residence document.
• Liveness check: when needed, a short selfie or live video check matched to the ID.

We do not ask for any document that is not on this list. Only the part of your ID number needed for verification is used, and uploaded images are not used for any other purpose. When you upload documents, make sure all personal details are legible.

6Verification process

The process moves in five steps, and most of them are done in the dashboard:

1. 1

   Registration

   You create your account and enter basic details.

2. 2

   Details and documents

   You enter the requested details and upload document images.

3. 3

   Automatic check

   The system checks that the document is legible and the details are consistent.

4. 4

   Manual review

   If needed, our compliance team reviews the documents by hand.

5. 5

   Result

   Approval or a request for missing information is sent by email.

7Enhanced due diligence

When risk looks higher, for example with unusually large amounts or inconsistent details, a more detailed review may be carried out. At this stage you may be asked to explain the source of funds and the purpose of the transaction and to provide supporting documents such as a payslip, a sales contract or a bank statement.

The extra information requested is only what is needed to assess the risk and is handled under the same protection principles.

While an enhanced review runs, some actions on your account (especially withdrawals) may be held. The hold is there to keep funds safe before the outcome is decided, and it is lifted when the review is complete.

8Review time

If documents are complete and legible, most applications are decided within one business day. The time varies with the quality of the documents, the consistency of the details, how busy the queue is and whether enhanced review is needed.

If it takes longer you are told by email. To speed things up, we suggest uploading documents in good light, with the corners visible and as photographs rather than screenshots.

9Reasons for refusal or suspension

Verification can be refused or suspended in these cases:

• An invalid, expired or illegible document
• A mismatch between the document and the details entered
• Suspicion that the document is forged or altered
• Failure to provide the requested information
• An account opened on behalf of someone else

If refused, the reason is briefly given, and if it can be corrected you may apply again.

10Transaction monitoring

Account activity is monitored for whether it fits the user's profile. When an unusual pattern is noticed, the risk is reassessed, extra information may be requested and, where necessary, some features (for example withdrawals) may be restricted temporarily. During the restriction the support team may contact you to ask for an explanation or documents.

Where legally required, suspicious transactions are reported to the competent authorities; by law, the content of such a report may not be shared with the user.

11User responsibility

It is your duty to provide accurate, current and genuine information and documents. When your details change (address, phone, ID document) you must tell us.

Providing false or misleading information can lead to the account being closed, funds being held and legal consequences.

12Data storage and protection

The information we collect for KYC/AML is stored encrypted and can be seen only by authorised compliance staff. It is retained for the period the law requires and then deleted or anonymised.

Details about how your personal data is processed are on the Privacy Policy page.

13Data sharing

For verification, your data may be passed, only to the extent needed and under contract, to identity-verification (KYC) service providers and IT infrastructure providers and, where legally required, to regulators and competent public authorities.

We do not share your KYC data with third parties for marketing.

14Legal compliance

Our procedures are carried out under Law No. 5549 on the Prevention of Laundering Proceeds of Crime and its regulations, and the rules of the Financial Crimes Investigation Board (MASAK). For data protection, Law No. 6698 (KVKK) is taken into account.

This framework can change over time; the policy is updated in line with the requirements in force. More on the regulatory framework is on the Licensing & regulation page.

15Contact and support

For questions about the KYC/AML process, write to [email protected]. Putting "KYC" in the subject line speeds up routing. The team replies usually within one working hour.