Last modified on July 15th, 2019
1.1 Applicable Laws. When you (each, “your” or “User”) access, visit, use or engage with our website or any other online services we provide (collectively, the “Services”), You must be in compliance with all laws and regulations applicable to you based on your applicable jurisdiction. It is your exclusive responsibility to ensure that your use of the Services is compliant with the applicable laws and regulations.
Where Skyrun Technology Corp. (“Skyrun”, “us”, “we” or “our”) believes that your use of the Services may not be fully compliant with applicable laws and regulations, including, but not limited to, where there is any reason to suspect that your use of the Services involve any prohibited activities or you otherwise fail to complete KYC and other compliance procedures, we may refuse to provide you the Service, process your transactions or accept you as a client, in addition to any other action which we may deem appropriate.
2.1 Current Policy. The Financial Transaction and Reports Analysis Centre of Canada (FINTRAC) is Canada’s anti money laundering (AML) and counter terrorist financing (CTF) financial intelligence unit (FIU) and regulator.
Currently, the Government of Canada has made changes to what services make an individual or an entity an MSB in Canada to include virtual currency services; however, these changes are not yet in force. Individuals and entities engaged in the business of dealing in virtual currency services will be MSBs, but cannot yet register with FINTRAC. Before these individuals and entities will be subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), regulations need to be written to define what it means to be engaged in the business of providing services such as dealing in virtual currency. Under the current FINTRAC policy interpretations businesses dealing in virtual currency services are not yet considered to be an MSB, so it is not subject to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and its associated Regulations. As such, in addition to not having to register with FINTRAC, virtual currency services are not yet required to meet the obligations outlined in the PCMLTFA and its associated Regulations.
2.2 Proactive Approach. While we do not currently qualify as an MSB, as interpreted by FINTRAC, our mandate is to ensure our Services and users follow compliance measures that we expect to be in line with the forthcoming regulatory updates. We have proactively implemented and continue to develop an AML and CTF Compliance program that includes, but not limited to, an AML/CTF policy and procedures manual, risk assessment tracking and monitoring, transaction limits and throttling, user verification and identification, internal training program and periodic reviews of the effectiveness of our compliance program within the business.
3.1 Applicable Sanctions. You warrant that you will comply with all applicable international economic and export sanctions and any requirement therein. Without limiting the generality of the aforementioned, you will not use the Services available if any of the following applies to you:
a. You are a national or resident of any country included in the US embargo, United Nations sanctions, HM Treasury’s Financial Sanctions (the “Restricted Territories”) or you intend to distribute or provide the acquired Virtual Currency or the Services to the Restricted Territories; Countries currently not supported include the Central African Republic, Democratic Republic of the Congo, Eritrea, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, North Korea, Russia, Somalia, South Sudan, Sudan, Syria, Tunisia, Ukraine, Venezuela, Yemen, and Zimbabwe.
b. Your name appears on the US Treasury Department’s Specially Designated Nationals List or the US Commerce Department’s Denied Persons List, Unverified List, Entity List (the “Restricted Persons”) or you intend to distribute or provide the Services to any person of the Restricted Persons; and
c. You are on a prescribed sanctions list.