Politically Exposed Person (PEP)
A politically exposed person (PEP) is an individual who holds a prominent public position or office, such as a head of state, senior government official, senior executive of a state-owned corporation, or a high-ranking military officer. PEPs may also include their family members and close associates. Due to their positions of power and influence, PEPs may be at a higher risk of involvement in corruption or other illicit activities.In the context of financial services, PEPs are considered to be higher-risk clients and are subject to enhanced due diligence and monitoring by financial institutions to prevent money laundering, fraud and other financial crimes. Banks and other financial institutions are required to identify and assess the risk associated with PEPs, and may be subject to regulatory penalties if they fail to do so.
U.S TAX resident
U.S. person tax refers to the federal income tax system in the United States, which applies to U.S. citizens and resident aliens. U.S. citizens and resident aliens are taxed on their worldwide income, regardless of where it is earned. U.S. citizens and resident aliens are also subject to U.S. estate and gift taxes on their worldwide assets.U.S. citizens and resident aliens are required to file a tax return with the Internal Revenue Service (IRS) every year, reporting their income and claiming any deductions or credits to which they are entitled. The tax rate on U.S. citizens and resident aliens is progressive, meaning that the higher the income, the higher the tax rate. The tax rates for the current year can be found on the IRS website.The definition of a U.S. person can be more extensive than just a U.S. citizen or resident alien, and can include U.S. entities such as corporations, partnerships, and trusts.It’s important to note that the U.S. has agreements with certain countries to avoid double taxation, that means that citizens or residents of those countries that are also U.S. persons may have some exemptions or credit on their foreign taxes paid.
Purchasing and investing in Digital Assets is a high-risk activity which incurs risks which are not inherent in managing traditional financial instruments and other assets. The value of digital assets, other digital assets or fiat currencies is not indicative of future performance.
Digital Asset Management Limited is a Company registered in Gibraltar with registration number 116618, with registered business names and trading as ‘Damex’ and ‘Damex.io’. Damex is authorised by the Gibraltar Financial Services Commission (Licence Number 24738) as a Distributed Ledger Provider to provide custody solutions and broker/dealer services under the Financial Services Act. These services are separate and unrelated to the account and payment services you receive from Modulr FS Ltd. Digital Asset Management Limited is a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Your card is issued by Modulr FS Limited pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.
Damex.io UAB is a joint stock company registered in the Republic of Lithuania (under company number 306148560), with registered address at Žygimanto Liauksmino str. 3, Vilnius, Lithuania and is registered by the State Enterprise Centre of Registers of the Republic of Lithuania as a provider of virtual currency exchange and virtual currency wallet provider. These services are separate and unrelated to the account and payment services you receive from Modulr Finance B.V . Damex.io UAB is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr Finance B.V. Your card is issued by Modulr Finance B.V. pursuant to a license by Visa Europe. Visa and the Visa brand mark are registered trademarks of Visa Europe.
Your account and related payment services are provided by Modulr FS Limited, if you are registered in the UK, and by Modulr Finance B.V., if you are registered in the EU. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 (in the UK) and the Dutch Financial Supervision Act (Wet op het Financieel Toezicht, Wft) (in the EU). Click here to find out more.
The Damex application is presently undergoing testing and regulatory registrations in various jurisdictions. As a result, full public release and features of the application in your jurisdiction is subject to Damex’s permissions and authorisations.
Please also see our Risk Notice for further information.
