Last updated: July 1, 2025
At Veli UAB (“Veli”, “we”, or “the Company”), we are committed to maintaining the integrity of the financial system and protecting our platform from being used for money laundering, terrorist financing, or any other unlawful activity.
This policy outlines how we comply with applicable Lithuanian and European Union AML/CTF regulations, including:
Our framework is built on transparency, proportionality, and risk awareness, ensuring that both Veli and its customers operate within a secure and trusted environment.
The purpose of this policy is to establish clear principles and procedures to prevent the misuse of Veli’s products and services for financial crime.
Our objectives are to:
Veli takes a zero-tolerance approach to financial crime and expects the same commitment from all customers and business partners.
Veli applies a risk-based approach (RBA) to ensure that AML/CTF measures are proportionate to the risks identified.
Each customer, transaction, and service is assessed based on factors such as geography, activity type, transaction volume, and source of funds.
We prioritize controls where the risk is highest and streamline measures for lower-risk cases.
Our risk appetite reflects the following principles:
Veli’s onboarding process ensures that every customer is properly identified, verified, and risk-assessed before gaining access to our services.
We combine regulatory compliance with customer experience by applying secure, efficient, and privacy-compliant onboarding procedures.
4.1 Account Registration
Customers begin by registering on our platform using a valid email address and creating a secure password.
Basic identity details (name, date of birth, nationality, and residence) are collected to initiate verification.
Access to trading, deposits, or withdrawals is restricted until verification is successfully completed.
4.2 Identity Verification (KYC)
Individual customers must upload a valid, government-issued ID (passport, national ID, or residence permit) and a recent proof of address.
Corporate customers must provide incorporation documents, company registry extracts, and identification of directors and beneficial owners.
Verification is performed through regulated electronic identification systems and independent data sources, in compliance with Lithuanian and EU standards.
4.3 Risk Assessment and Screening
During onboarding, each customer is automatically screened against international sanctions, PEP, and adverse-media databases.
A preliminary risk rating (low, medium, or high) is assigned based on the customer’s profile, jurisdiction, and intended activity.
High-risk cases are escalated to compliance specialists for manual review and, if necessary, Enhanced Due Diligence (EDD).
4.4 Source of Funds and Purpose
Customers may be asked to explain the source of their funds or wealth and the intended use of our services.
Supporting documents such as income statements, payslips, or company financials may be required in certain cases.
4.5 Approval and Activation
Once verification and screening are complete, the MLRO or compliance team approves the customer’s onboarding.
Verified customers receive full access to the platform.
Ongoing monitoring begins immediately and continues throughout the customer relationship.
4.6 Re-Verification and Updates
Veli may periodically request updated information to ensure records remain accurate.
Customers are required to cooperate with any re-verification or review requests to maintain account access.
Accurate identification is the cornerstone of AML/CTF compliance.
Veli conducts Know Your Customer (KYC) and Customer Due Diligence (CDD) procedures for all users — both individuals and legal entities — before granting access to its services.
5.1 Know Your Customer (KYC)
Before onboarding, every customer must complete KYC verification by providing:
Verification is carried out using secure and regulated electronic tools, ensuring reliability and protection of personal data.
5.2 Beneficial Ownership Identification
For companies and organizations, Veli identifies and verifies the Ultimate Beneficial Owners (UBOs) — the individuals who ultimately control or benefit from the entity.
We use official Lithuanian registers and reputable data sources to confirm ownership transparency.
5.3 Enhanced Due Diligence (EDD)
When higher risks are identified, Enhanced Due Diligence is applied.
EDD includes obtaining detailed documentation on the customer’s source of funds and wealth, performing independent checks, and obtaining senior management approval before onboarding or continuing the relationship.
EDD is mandatory for:
5.4 Ongoing Monitoring
Once a customer relationship is active, Veli monitors transactions in real time and periodically reassesses risk profiles to ensure consistency with the customer’s declared activity.
6.1 Suspicious Activity Detection and Reporting
Veli employs automated systems and manual oversight to detect irregular or suspicious transactions.
When potential ML/TF activity is identified, it is reviewed by the Money Laundering Reporting Officer (MLRO) and reported to the Financial Crime Investigation Service (FCIS), if appropriate.
6.2 Record Keeping
All verification, transaction, and monitoring data are securely retained for at least 8 years after the end of the business relationship.
Data is stored in accordance with Lithuanian law and the General Data Protection Regulation (GDPR), accessible only to authorized personnel.
Veli does not engage with:
Veli refuses to provide services to customers or entities involved in:
Accounts found to be linked to prohibited industries or activities will be terminated immediately.
Veli complies with all sanctions imposed by the:
All customers, beneficial owners, and transactions are screened against these lists both during onboarding and continuously.
If a match is found, the account is frozen, and the case is reported to the relevant authority.
All employees undergo AML/CTF training upon joining and at least once a year thereafter.
Training covers:
Effectiveness is evaluated through assessments and refresher sessions.
Veli’s AML/CTF systems are reviewed through regular internal audits and independent evaluations to ensure their effectiveness and regulatory compliance.
Feedback from these reviews, as well as updates in law or market risk, are promptly implemented to keep controls current and robust.
Customers are required to:
Non-compliance may result in suspension or termination of services.
Veli’s AML/CTF framework promotes transparency, integrity, and trust.
We are committed to continuous improvement and maintaining the highest standards of ethical conduct to protect our customers and the broader financial ecosystem.
For any inquiries regarding this AML/CTF Policy, please contact our Compliance Team: