AML/KYC

We will comply with all reporting requirements associated with the United States Patriot Act, Bank Secrecy Act, and all practices as outlined by FINRA.

Though we do not require AML/KYC to purchase our token, it is required before utilizing the College Wallet application or any of our network services. All exchanges listing our tokens are responsible for their respective AML/KYC responsibilities, however we reserve the right to invalidate any Stellar trustline we find to be fraudulent or participating in activity which is deemed as unnecessary for the use of our platform.

We may determine, in our sole discretion, that it is necessary to obtain certain information about Participants in order to comply with applicable law or regulation in connection with selling Tokens to a particular person. You agree to provide us such information promptly upon request, and you acknowledge that we may refuse to sell Tokens to you until you provide such requested information and we have determined that it is permissible to sell you Tokens under applicable law or regulation.

It is Collegecoin’s policy to encourage all Participants who register for College Wallet to complete our Know Your Customer (“KYC”) verification procedure whatever the level of contribution to purchase COLL Tokens during the Token Sale.

All Participants must comply with the applicable anti-money laundering (“AML”) regulations and co-operate for the KYC process according to provisions relating to  AML and KYC checks. ALL Participants give permission to Collegecoin to undertake any measures required to satisfy our duty to undertake KYC and AML checks.

Collegecoin reserves the right to conduct additional KYC and AML checks on you, if deemed necessary, or you meet our policy thresholds, or it becomes required by the applicable laws, or in the case that one of our partners requires it to undertake a service for the benefit of Collegecoin and Participants on the COLL platform. You agree to fully co-operate with any third party engaged by COLL to conduct our AML and KYC checks by whatever means they may be conducted. You agree to provide correct and accurate information to any third party engaged for these purposes.

Collegecoin AML and KYC policies aim to check each Participant against governmental watch lists, including but not limited to, the specifically designated nationals and blocked persons, and including contributions from high risk jurisdictions. On request by Collegecoin, Participants shall immediately provide to Collegecoin information and documents that Collegecoin, in its sole discretion, deems necessary or appropriate in order to conduct KYC and AML checks. Such documents may include, but are not limited to, driver’s licences, utility bills, photographs of associated individuals, government identification cards or sworn statements. Collegecoin Foundation may, in its sole discretion, refuse to distribute  COLL Tokens to the Participant until such requested information is provided.

If a Participant’s proposed purchase is flagged through our internal controls, Collegecoin may require additional proof of identification from Participants. Collegecoin reserves the right to not permit any purchases until additional and verifiable proof of identity to our satisfaction has been provided. Collegecoin  reserves the right refuse or reject the offer on acquisition of COLL Tokens from Participants that, according to the information available to Collegecoin, is suspected in receiving the funds used for the COLL Tokens purchase or in using COLL Tokens or the COLL platform, with the aim of money laundering, terrorism financing, or any other illegal activity. In addition. COLL has the right to use any possible efforts for preventing the money laundering and terrorism financing, including blocking of Participant’s Stellar  wallet, disclosing any information about such Participant to the authorities on their request.

Each Participant hereby undertakes to provide valid proof concerning the legality of his/her /its proceeds used to purchase COLL Tokens upon Collegecoin’s request or the request of bank institutions or government authorities.

During KYC checks, your contribution shall be held by Collegecoin until the end of the Contribution Period, no later than a maximum of 90-days. In no event shall Collegecoin hold your contribution more than 90-days. If the results of the KYC checks could not be done within 90-days, or the checks fail for any reason, your contribution will be returned to your wallet.

Each Participant acknowledges and agrees that Collegecoin shall not be held liable for any false or misleading information that you communicate to Collegecoin or to its third-parties engaged, and you shall fully indemnify Collegecoin  and its directors in the event of any claim, loss, or damage (including reputational damage) in relation to a breach of applicable Anti-Money Laundering and Know Your Customer regulations.