Enhanced Due Diligence (EDD) Process
When an EDD review is triggered, Lotus Compliance team will request
Purpose of the transaction
Proof of Source of Funds (SoF)
Deposits requiring EDD are frozen at the Fiat currency step until the requested information is received. Once EDD is completed, funds are unfrozen, converted to the defined cryptocurrency, and credited to customer's Lotus account. If the documents are not provided within 10 days of the RFI, the transaction will be rejected and the funds automatically refunded.
Important Note
Lotus reserves the right, at its sole discretion, to:
Request further information and/or documentation for any payment made by a third party; and
Amend and/or update these Guardrails from time to time.
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