1. Purpose and Scope
This Know Your Customer (KYC) policy establishes the minimum customer due diligence and verification requirements applied by Dada8 to prevent money laundering, terrorist financing, and other unlawful activity on the platform. The policy applies to every User who opens an account, interacts with the platform, or carries out transactions with Dada8.
2. Compliance Framework and Governance
Dada8 maintains an AML/CTF program overseen by a designated Money Laundering Reporting Officer (MLRO). The MLRO has sole responsibility for the program, including escalation, staff training, and the operation of verification and monitoring systems. Policies are reviewed at regular intervals and updated to reflect changes in applicable law and regulatory expectations. Access to KYC data is restricted to authorized personnel only.
3. Customer Identification and Data Collection
On registration, Dada8 collects minimum identification and contact information to establish the User's identity and residential status. The information required will include at least the following, and must be accurate and up to date: full name, date of birth, residential address, valid email address, valid phone number, account username and password, and details of payment methods used for deposits and withdrawals. The User's digital identifiers (IP addresses and cookies) and device information are also recorded for security and risk assessment purposes. Anonymous accounts or accounts registered under fictitious names are not permitted.
- Date of birth (to confirm legal age).
- Full legal name (first name and surname).
- Residential address and country of residence.
- Contact details: email address and phone number.
- Payment method data: card numbers, wallet identifiers, and bank details, as applicable.
- Username and password; device identifiers and IP address information.
4. Verification Thresholds and Procedures
Identity verification is performed where there is risk or prior to certain payment events or when risk indicators are present. Dada8 employs both documentary and data-based verification methods, including external compliance services where necessary. The following thresholds apply unless superseded by regulatory requirements or risk-based assessment:
- Onboarding: collect and verify identity information before enabling withdrawals above USD 2,000 in a single transaction or cumulative across the account; or when a payment is initiated that exceeds USD 2,000.
- Transaction monitoring triggers: total deposits or outflows that reach or exceed USD 1,000 over a rolling period or per event may trigger standard verification.
Documents that may be requested to verify identity include (where permitted by applicable data protection regulations): a copy of a government-issued identity document (passport, national ID card, or driving licence); proof of address (utility bill or bank statement, dated within three months); and any other information required for verification purposes. Verification may also involve independent checks against publicly available sources, financial institution references, or corroborating data from certified verification platforms. If material uncertainty remains about the accuracy of information, the MLRO and Transaction Monitoring Department will determine whether further verification is required and whether a regulatory report is warranted. If a user refuses to provide required information, Dada8 may refuse to open an account or terminate an existing account after risk assessment.
5. Enhanced Due Diligence for PEPs and High-Risk Jurisdictions
Users identified as Politically Exposed Persons (PEPs) or located in high-risk or sanctioned jurisdictions require enhanced due diligence. The final verification decision rests with senior management and may require additional documentation showing the source of wealth. If the user refuses to provide required information or there is a reasonable suspicion of illicit activity, Dada8 may suspend or close the account and report to the appropriate authorities as required by law.
6. Ongoing Monitoring and Suspicious Activity Reporting
All User accounts are subject to ongoing monitoring. Dada8 uses automated and manual review methods to identify suspicious activity. Indicators include, but are not limited to: unusual deposit patterns, use of multiple devices, inconsistent geolocation data, rapid changes to payment methods, or mismatches between account data and payment instruments. When suspicious activity is detected, the MLRO and Transaction Monitoring Department will assess the risk and determine actions, which may include temporary restrictions, further verification, or reporting to authorities.
7. Transactions Monitoring and Payment Controls
Deposits and withdrawals must be conducted using compliant, traceable payment methods. Third-party payments are prohibited, and funds should be returned to the same route of origin where possible. Dada8 does not support cash deposits and prohibits anonymous payment instruments (including unverified cryptocurrencies or anonymous wallets). Provisions apply to the reconciliation of funds and to the prohibition of transfers between accounts not linked to the same User. Records are kept in accordance with applicable data protection and retention rules.
8. Data Retention, Privacy, and Record-Keeping
Dada8 shall retain documents and data collected under this policy in accordance with applicable AML/CTF laws and data protection regulations. Access is restricted to authorized personnel; data may be shared with regulators or upon regulatory request. The company will implement appropriate security measures to protect personal data and ensure compliance with retention requirements applicable to the jurisdiction of operation.
9. Training, Governance, and Compliance Oversight
Ongoing employee training on KYC/AML controls is conducted under the supervision of the MLRO and senior management. Training occurs at least annually and covers red flags, escalation processes, the roles of staff in the compliance program, and record-keeping policies.
10. Amendments and Notices
This policy may be amended at any time at Dada8's sole discretion. Users will be notified of material changes via the email address on file. Continued use of the platform after notification constitutes acceptance of the updated policy.