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Funoon Compliance and Governance Overview

Funoon has been built with transparency, integrity, assurance and security as core principles and foundations of the platform. We follow strict compliance and governance policies and adhere to the best practices in NFT marketplace and digital assets. As many of the policies and processes are internal to us and cannot be made public, we have consolidated our Corporate Governance, KYC, Shariah Compliance and Anti-Money Laundering and Counter-Terrorism Financing Policy in this document to provide an overview of what we follow internally.

Corporate Governance and KYC

Funoon platform has placed an adequate Corporate Governance which introduces positive influences by ensuring that there is a high level of trust, transparency as well as accountability throughout the life cycle of any transaction related to digital asset (NFT). Our platform ensures every individual, artist, creative, art agency, art institute are verified, meeting compliance requirements and has an absolute high degree of trust to ensure users can transact with confidence.
One of the ways in which we achieve transparency is how digital assets (NFTs) are visible on the blockchain that are immutable by nature.
At Funoon we strive to continuously enhance our unique approach to creative arts industry in the Muslim world and build confidence with the stakeholders involved:
Trust: With users flowing in from across the world for acquisition of artwork, our trusted individual, artist, creative, art agency, art institute and partners are required to go through an industry grade verification process known as KYC (Know Your Customer) through identity verification. Funoon Foundation which serves philanthropic purpose only works with verified and trusted charities with a historical track record.
Verified: With every individual, artist, creative, art agency, art institute going through a thorough compliance verification check, such as identity and address checks, know-your-customer, anti-money laundering and anti-terrorism financing, we aim to ensure that every user can transact with assurance that the artwork are legitimate and real and their own work and does not infringe any copyright.
Transparency: All the digital assets (NFT) minted or traded through our marketplace can be viewed on the blockchain which is immutable by design and cannot be altered ensuring that every digital asset has a unique identifier providing provenance functions.
◆ Ethical : Using Funoon high-tech platform, users can choose from a wide range of collections based on categories and genre of artworks. The artwork and other media content listed on our platform shall be based on our ethical screening and community guidelines and artwork that does violates our core values and principles will not be tolerated.
Funoon aims to be one of the few organizations in the world of NFTs to establish a reputable marketplace in which the users of the ecosystem (collectors, artists, agencies and alike can all harmoniously transaction whilst achieving greater good.

Ethical Governance

Funoon is a values-based platform and takes ethical governance very seriously. Our users must feel safe, respected, and valued in their journey with us. For best practice and optimal standards, Funoon has added an additional layer of governance. We have engaged with the global Sharia advisory firm Amanah Advisors for their independent oversight, advisory and governance support.

AML / CFT Compliance

Funoon put in place appropriate systems and controls to forestall money laundering and terrorist financing. Our policy contains the procedures that we have developed in order to comply with these obligations.

Our dedicated Compliance team is to ensure that there is up-to-date knowledge of issues relating to Anti-Money Laundering (AML) and Counter-Terrorist Financing (CFT) throughout the organisation, implement appropriate policies and procedures and receive reports of suspicious activity.