AML / KYC Policy
This policy explains how Popular Trade verifies the identity of its clients (KYC) and how it prevents the platform from being used to launder money or fund illegal activity (AML). The procedures are applied in accordance with the legal and regulatory requirements in force in Puerto Rico and the United States for the type of service we provide. They are not paperwork for show: an incomplete file stops onboarding until it is resolved.
Read this page together with the Privacy Policy, which details how your personal data is handled, and the security page, which describes the technical measures protecting your account.
1. Introduction
The purpose of KYC and AML procedures is to know who uses the platform, to ensure funds come from lawful activity, and to detect suspicious operations in time. Verification happens at account opening and continues throughout the business relationship: data is kept up to date and operations are monitored on an ongoing basis. These obligations apply to every user without exception, regardless of the amount deposited.
2. What KYC is
KYC (Know Your Customer) is the process of identifying and verifying the identity of each user. It consists of confirming that you are who you say you are, with verifiable data and documents, and that your profile information is current. Thanks to KYC, nobody can open an account in another person's name, and your account is protected against impersonation attempts from day one.
3. What AML is
AML (Anti-Money Laundering) is the set of measures aimed at preventing the platform from being used to give a legitimate appearance to funds of illegal origin. It includes assessing each client's risk profile, continuously monitoring operations, and acting on any flags that monitoring raises. The objective also extends to preventing the financing of terrorist activity wherever applicable requirements so establish.
4. Why identity verification is required
Verification protects everyone involved. You, because nobody can open or take over an account in your name with forged documents. The platform, because it allows us to meet the obligations the law places on financial services. And the system as a whole, because it makes it harder to use legitimate channels for criminal proceeds. Without verification there is no activation, and without reliable data there are no withdrawals: it is that simple.
5. Required documents
To confirm your identity we ask for a valid official photo document: passport, Puerto Rico driver's license, or state ID. To confirm your address, a utility bill, bank statement, or similar document issued in the last three months in your name. When the risk profile requires it, a selfie with the document or a liveness check may be requested, to make sure the person in the document is the one registering.
We will never ask for documents outside this list, nor for your email or bank account passwords. Any request beyond what is described here should be reported as suspicious to [email protected].
6. The verification process
The process has five stages. First, registration with your basic details on the signup form. Second, uploading the documents described above. Third, an initial automated review that validates legibility and consistency. Fourth, where applicable, a manual review by the compliance team for cases that need human judgment. Fifth, confirmation of the result by email, with the account activated or the details of what is missing.
7. Enhanced Due Diligence (EDD)
Some profiles require enhanced due diligence: clients with high-value operations, complex ownership structures, or links to higher-risk jurisdictions. In those cases we may request additional information on the source of funds, economic activity, or further documentation, always based on defined criteria and never on discrimination of any kind. Enhanced checks are completed before the operations that triggered them are enabled.
8. Verification timelines
A standard document review is usually completed within one to three business days from the moment the upload is complete and legible. The timeline can extend when enhanced due diligence applies, when documents must be resubmitted, or when onboarding volume is unusual. You can check the status of your verification in the dashboard or by writing to [email protected]; on business days we reply first reply usually within 1 business hour.
9. Reasons for rejection
A verification may be rejected or suspended for expired, illegible, or altered documents; data that does not match between the document and the profile; well-founded suspicion of forgery; failure to provide requested information or documents within the deadline; or the person appearing on applicable sanctions lists. In most cases it can be fixed: you are told the reason and can resubmit the correct documentation.
10. Transaction monitoring
Account operations are monitored continuously against criteria designed to detect unusual patterns relative to the declared profile: amounts, frequency, destinations, and origin of funds. When an operation raises a flag, it is reviewed in more detail and clarifications may be requested from the client. While the review is open, some account functions may be temporarily limited; the limitation is lifted once the case is resolved favorably.
11. User responsibility
You commit to providing truthful, complete, and current data, and to keeping it updated; to operating only with your own funds of lawful origin; and to not using the account on behalf of undisclosed third parties. Providing false information can lead to account closure, holding of withdrawals pending review, and, where applicable, the notifications the law requires the platform to make.
12. Data retention and protection
Verification information is retained for as long as the business relationship exists plus the additional period required by applicable regulation after it ends. Access is restricted to the staff who need it for specific functions, and the data is treated as described in the Privacy Policy, including your rights of access and correction.
13. Data transfers
To meet these policies, verification data may be communicated to the providers that run the identity-verification service, the technology providers that process the information, the entities that execute financial operations, and the competent authorities when the law so requires. Each recipient receives only what is necessary for its function, under agreements requiring the same protection standard we apply internally.
14. Regulatory compliance
Popular Trade applies these procedures in accordance with the legal and regulatory requirements applicable in Puerto Rico and the United States on preventing money laundering, verifying clients, and reporting operations, to the extent they apply to the type of technology and information service it provides. The detail of the applicable framework is on the licensing and regulation page.
15. Contact and support
For any question about this policy, the status of a verification, or requested documents, write to [email protected]. The Client Support and Compliance team answers Monday to Friday, 9:00 AM to 5:30 PM, Puerto Rico time (AST), with a first reply first reply usually within 1 business hour. If your query is a formal complaint, use the process described on the complaints page.
This policy may be updated to reflect changes in regulation or internal procedures. The current version is always the one published on this page.