Know Your Customer Policy

This Know Your Customer policy (KYC Policy) has been adopted by Black Foundation OÜ, a limited liability company registered in the Estonian with registration no. 14349717 (hereinafter “Black”).

By taking any action to acquire any Black Platform Tokens (BLCK) or any other cryptographic tokens issued by Black (hereinafter the “Tokens”) from us or any other person, including by initiating a payment for such Tokens, and for as long as you own or control any Tokens, you irrevocably undertake and agree to comply with this policy.

Black follows the know your customer principle by applying the customer due diligence measures set out herein. Black is committed to applying these measures to prevent the use of Black’s Black Platform ecosystem and the Tokens for money laundering, terrorist financing or other illegal activity.

Black has delegated all rights and obligations for personal data processing activities outlined in the KYC Policy to an identity verification service provider. The service provider processes the data on Black’s request. However, please note that Black itself does not process (does not collect, store or use in any way) the personal data outlined in the KYC. In order to find out what kinds of personal data and for which purposes is processed by Black, see Black’s Privacy Policy.

The identity verification service is provided by Veriff OÜ (learn more about Veriff: https://veriff.me/ and check out Veriff’s Privacy Policy: https://veriff.me/privacy-policy). For reasons of simplicity, this document refers to both the service provider and Black as “we” or “us”.

1. CUSTOMER DUE DILIGENCE

1.1
Identification of a natural person
1.1.1
Upon identification of a natural person, the following data is required:
(a)
first, middle and last name (i.e. all names entered in the identification document);
(b)
personal identification code;
(c)
date and place of birth;
(d)
name and number of the document used to verify the natural person’s identity, issue date of the document, and name of the authority that issued the document;
(e)
place of residence of the natural person;
(f)
profession or area of activity of the natural person;
(g)
information about whether the natural person is a politically exposed person or family member of a politically exposed person or a person known to be a close associate of a politically exposed person in the meaning of the directive (EU) 2015/849 (hereinafter “AMLD 4”);
(h)
upon online identification, the record of the video call;
(i)
e-mail and postal address;
(j)
source of income and assets of the natural person.
1.1.2
In the case of a natural person, we may, in our absolute discretion:
(a)
request you to deliver us a certified copy or a photo of your identification document;
(b)
request you to provide us with your confirmation that you are (or are not) a politically exposed person or family member of a politically exposed person or a person known to be a close associate of a politically exposed person in the meaning of AMLD 4;
(c)
request you to deliver us your utility bill(s) evidencing the address of your current place of residence (such utility bill must be dated not earlier than three months before delivery to us);
(d)
request you to provide information and documents which we deem necessary to identify your beneficiary, i.e. the person who controls your actions;
(e)
request you to provide us with any other information or documents that we consider necessary to identify you or your source of income or assets;
(f)
request you to participate in a video call with us.
1.2
Identification of a legal person
1.2.1
Upon identification of a legal person, the following data in respect of the legal person is required:
(a)
the business name;
(b)
the registration number;
(c)
the seat;
(d)
the place(s) of business;
(e)
the legal form of the legal person;
(f)
the passive legal capacity;
(g)
the executives (e.g. the members of the management board and/or other individuals that have the right to represent the company pursuant to the applicable laws or the data entered in the relevant register or certificate of registration) and other representatives (legal representatives and those authorised to represent the legal entity in transacting with us) and their powers in representing the legal entity;
(h)
data of the shareholders, partners and beneficial owner(s) (their names, identification/registration numbers, dates and places of birth);
(i)
main area(s) of activity;
(j)
e-mail and postal address;
(k)
whether the legal entity is affiliated to a politically exposed person or family member of a politically exposed person or a person known to be a close associate of a politically exposed person in the meaning of AMLD 4.
1.2.2
In case of a legal person, we may, in our absolute discretion:
(a)
request you to provide us with the registration certificate of the legal person and other documents (e.g. a proxy) verifying the right or representation of the legal person’s representative(s);
(b)
request you to provide information set out in Section 1.2.1 and documents verifying such information;
(c)
request you to provide us with information and documents set out in Section 1.1 in respect of each executive or representative of the legal person;
(d)
request you to provide us with any other information or documents that we consider necessary to identify the legal person, its executives, representatives or beneficial owners or the source of income or assets of the legal person or the origin of equity or other contributions transferred to the legal person.
1.3
Updating
1.3.1
You must immediately notify us (if data was initially presented directly to Veriff, the following applies to notifying Veriff) of any change in the data you have provided us with. If we so request, you must provide us with information and documents set out in Sections 1.1 and 1.2 in respect of the new data.
1.3.2
We may request you to review your data and documents and confirm that they are still valid, correct, complete and accurate. We may do this when 12 months have passed since you last review but also every time we have a reason to believe that you need to update your date.
1.4
Keeping records

The collected documents and data stated in Section 4.3 in accordance with this policy as well as the following information shall be kept in a durable medium for at least 5 years after you (or the respective legal person) have disposed of all Tokens:

(a)
the documents and information collected pursuant to Sections 1.1 to 1.3;
(b)
time and place of obtaining the data, documents and copies;
(i)
date of any transfer of currency or virtual currency and a description of the content of the transfer, including the amount, currency or virtual currency used and the account number used for the transfer of currency;
(d)
name of the employee who checked the received data or documents.
(c)
time and place the collected data was changed;
1.5
Miscellaneous
1.5.1
Documents issued by a register, including the certificates of registration, or their equivalents must have been issued no earlier than three months prior to their delivery to us.
1.5.2
We may request any document issued in a foreign state to be legalised or apostilled.  
1.5.3
We may request any document to be appended by an English translation.
1.5.4
We may, in our absolute discretion, also check public registers and search information from the Internet and other sources available to us to:
(a)
verify the data and documents you have provided us with; or
(b)
check whether you are a subject to any international sanctions.

2. NOTIFICATION OF FIU

2.1
If we have a reason to suspect that your actions may constitute or relate to money laundering, terrorist financing, any other criminal or illegal activity or an attempt thereof, we have the right to notify the Financial Intelligence Unit of the Estonian Police and Border Guard Board (hereinafter “FIU”) thereof.
2.2
We may, among others, notify the FIU:
(a)
when we have become aware of, suspect or have reasonable grounds to suspect that any funds are the proceeds of a criminal activity or are related to money laundering or terrorist financing;
(b)
when an unusual transaction is made or planned;
(c)
if you fail or refuse to provide us with any information or documents set out in this policy.
2.3
We may, in our absolute discretion, determine how we notify the FIU.
2.4
We may provide the FIU with any information, which an obliged person has the right to provide the FIU with pursuant to AMLD 4 and the Money Laundering and Terrorist Financing Prevention Act of Estonia (Rahapesu ja terrorismi rahastamise tõkestamise seadus).
2.5
We do not have any obligation to inform you of any notification that we have made to FIU unless such obligation arises from Estonian laws.

3. RESTRICTIONS

If you do not provide us with requested information and documents, if any international sanction is applicable to you, if we have a right to notify the FIU or if your acquisition of Tokens was not lawful or holding of Tokens is not lawful:

(a)
you are not allowed to use the Tokens for any purpose within the Black Platform ecosystem, if we so resolve; and/or
(b)
if you acquired the Tokens from us:
(i)
we may request you to immediately retransfer such Tokens to us;
(ii)
if you retransfer the Tokens, we will, subject to the terms and conditions of applicable laws and administrative acts, return you the purchase price that you paid us less the costs and expenses relating to such repayment of the purchase price.

4. MISCELLANEOUS

4.1
Amendments. We may amend this policy at any time without notice. The new policy shall become applicable as of making it available on our website at https://www.black.insure/newsite/version-2/.
4.2
No waiver. No delay in performance of any of our rights set out in this policy constitutes a waiver of that right. The separate or partial performance of any right does not preclude the further performance of that right or performance of any other right set out in this policy.
4.3
Outsourcing. We may use third party service providers to apply this policy. Certain information on the service providers and their terms of use will be set out on our website at https://www.black.insure/newsite/version-2/.
4.4
Governing law. The laws of the Republic of Estonia apply to this policy and govern any matters related to this policy.
4.5
Jurisdiction. Any dispute arising from this policy shall be settled exclusively in the courts of the Republic of Estonia, unless otherwise provided by applicable imperative legislation.