Anti-Money Laundering (AML) & Know Your Customer (KYC) Policy

Effective Date: [Insert Date]
Last Updated: [Insert Date]

1. Purpose

This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy outlines the procedures and controls implemented by ShopyHive (“Company,” “Platform,” “we,” “our,” or “us”) to prevent money laundering, terrorist financing, fraud, and other illicit activities.

ShopyHive is committed to complying with applicable AML laws and regulations in the jurisdictions where it operates.

2. Scope

This Policy applies to:

• All sellers
• Buyers engaging in high-risk or high-value transactions
• Business partners
• Employees and contractors

3. Compliance Commitment

ShopyHive maintains a risk-based AML compliance framework that includes:

• Customer identity verification (KYC)
• Ongoing transaction monitoring
• Risk assessment procedures
• Suspicious activity detection
• Record keeping
• Cooperation with law enforcement

4. Know Your Customer (KYC) Requirements

A. Seller Verification (Mandatory)

All sellers must complete identity verification before listing products.

Verification may include:

• Government-issued photo ID
• Proof of address
• Selfie or biometric verification
• Business registration documents (if applicable)
• Tax identification number (where required)

ShopyHive reserves the right to request additional documentation at any time.

B. Buyer Verification (Risk-Based)

Buyers may be required to complete KYC if:

• Transactions exceed certain thresholds
• Suspicious activity is detected
• Crypto payments exceed internal risk limits
• Required by law or regulatory authority

5. Cryptocurrency Monitoring

Because ShopyHive accepts cryptocurrency payments:

• We monitor blockchain transactions using risk analysis tools.
• Wallet addresses may be screened against sanction lists and known illicit databases.
• Transactions linked to sanctioned entities or high-risk jurisdictions may be blocked.

Users acknowledge that blockchain transactions are public and traceable.

6. Prohibited Activities

ShopyHive strictly prohibits:

• Money laundering
• Terrorist financing
• Sanctions evasion
• Fraudulent schemes
• Use of stolen funds
• Use of mixers or obfuscation tools for illicit purposes
• Sale of illegal or restricted goods

Accounts involved in such activities will be immediately suspended.

7. Sanctions Compliance

ShopyHive complies with applicable international sanctions laws.

We may:

• Block or restrict users from sanctioned countries
• Freeze transactions linked to sanctioned individuals or entities
• Report activity to relevant authorities

Users may not use the Platform if they are subject to sanctions restrictions.

8. Transaction Monitoring

We use automated and manual systems to detect:

• Unusual transaction patterns
• Large or rapid movement of funds
• Repeated high-value crypto transactions
• High dispute or chargeback activity
• Suspicious listing behavior

We reserve the right to:

• Delay payouts
• Freeze accounts
• Request additional verification
• Report suspicious activities

9. Reporting Suspicious Activity

If suspicious activity is identified, ShopyHive may:

• File Suspicious Activity Reports (SARs) where required
• Share relevant information with regulatory authorities
• Cooperate fully with law enforcement investigations

Users will not necessarily be notified if their account is under investigation.

10. Record Keeping

ShopyHive retains records of:

• Identity verification documents
• Transaction history
• Communication logs
• Investigation records

Records will be retained for the period required by applicable law.

11. Risk-Based Approach

ShopyHive applies enhanced due diligence (EDD) to higher-risk users, including:

• High-volume sellers
• Cross-border transactions
• High-risk jurisdictions
• Politically exposed persons (PEPs)

Additional documentation may be required in such cases.

12. Account Suspension & Termination

ShopyHive reserves the right to:

• Suspend accounts pending investigation
• Freeze funds
• Terminate accounts involved in AML violations
• Report illegal activity

These actions may occur without prior notice.

13. User Cooperation

Users agree to:

• Provide accurate verification information
• Cooperate with compliance requests
• Update information when required
• Not attempt to bypass verification controls

Failure to cooperate may result in permanent account closure.

14. Policy Updates

ShopyHive may update this AML/KYC Policy at any time to reflect changes in law or regulatory guidance.

Continued use of the Platform constitutes acceptance of the updated Policy.

15. Contact

For compliance-related inquiries:

ShopyHive
Email: [Insert Compliance Email]
Address: [Insert Business Address]