KYC & AML Compliance Policy

Torca’s aim is to provide a compliant infrastructure for issuing blockchain-ledgered assets and regulatory onboarding, whilst enhancing the industry with extra credibility and reduced risk.

Torca takes a highly proactive and informed approach in order to operate conservatively and entirely within the bounds of current law. Torca has engaged with a London-based multinational law firm to design and implement legal and compliance measures that allow for constant monitoring and evaluation of our legal stance in the face of regulatory developments; the goal is to be able to anticipate changes before they occur and ensure legal compliance.

Torca works with DLT businesses to ensure that regulatory obligations are met when managing the collection of funds.

Torca believe that Strong Know-Your-Customer (KYC) processes during the fund-raising event will make it easier to work with banks and follow Anti Money Laundering (AML) regulations. The message from Torca to a DLT business is that a better reputation leads to more investors and that voluntary compliance should afford it a stamp of legitimacy. Clients feel safer when you have good Know-Your-Customer (KYC) practices as it is tangible evidence that your company is serious and capable.

Torca undertakes checks on the DLT business, above and beyond KYC/AML checks, to ensure that the business is viable. This information is gathered and presented to an internal Due Diligence committee, who consider the viability of the business relationship.  Torca has put in place the appropriate legal and regulatory-compliant processes for its business model.

Principles of Business

Torca have set out the following fundamental principles of business. Torca will:

Policy

It is the Policy of Torca to identify and assess the money laundering and terrorist financing risks represented by the business we conduct so that we can mitigate that risk by applying appropriate levels of client due diligence.

Torca will ensure that:

Approach to Risk

The business activities of Torca have been assessed against the inherent customer/client ML risk, the service risk (e.g.. the different types of business services provided and their inherent ML risks), the delivery risk (the potential ML risks arising from how the service is delivered) and the geographic risk or potential risk generated by or attributable to other individual jurisdictions).

Torca’s risk-based strategy includes:

Torca will update its risk assessments regularly in accordance with the Money Laundering Regulations and the Criminal Finances Act guidance. Particular attention will be given to evolving market changes, changing in products and emerging risks.