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A compliance handbook for activity involving Ven digital currency.

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Hub Culture (encompassing Hub Culture Ltd, Ven Finance Ltd and all other subsidiary companies) take global regulatory compliance seriously, and is working to develop and improve upon its world-class, blue chip standards in relation to the Ven digital currency. Since its inception, use and transfer of Ven has been limited to ensure customers, merchant-suppliers and Hub Culture itself fall within clear regulatory frameworks.

As use of the Ven currency grows, additional work is being done to manage a wide set of stakeholders on compliance matters. Ven account holders, customers or other concerned parties can file a question or complaint directly with Hub Culture via our Complaint Resolution and Contact Center.

Compliance Check List

As part of its global compliance programme, Hub Culture:

In connection with its Virtual Currency Business Activity, make, keep, and preserve all of its books and records in native file format The books and records maintained by Hub Culture, include: 

(1) for each transaction, the amount, date, and precise time of the transaction, any payment instructions, the total amount of fees and charges received and paid to, by, or on behalf of Hub Culture. The names, account numbers, and physical addresses of the parties to the transaction are held by payment processors from which transactions are settled via credit card or paypal as a typical merchant retailer.

(2) a general ledger containing all assets, liabilities, capital, income, expense accounts, and profit and loss accounts;

(3) bank statements and bank reconciliation records; 
 
(4) any statements or valuations sent or provided to customers and counterparties;
 
(5) records or minutes of meetings of the board of directors or an equivalent governing body;
 
(6) records demonstrating compliance with applicable state and federal anti-money laundering laws, rules, and regulations, including customer identification and verification documents, records linking customers to their respective accounts and balances, and a record of all compliance breaches;
 
(7) communications and documentation related to investigations of customer complaints and transaction error resolution or concerning facts giving rise to possible violations of laws, rules, or regulations;
 
(8) provides for a system of internal controls, policies, and procedures designed to ensure ongoing compliance with all applicable anti-money laundering laws, rules, and regulations
 
Records of non-completed, outstanding, or inactive Virtual Currency accounts or transactions are maintained for at least five years after the time when any such Virtual Currency has been deemed, under the Abandoned Property Law, to be abandoned property.