Within Voima’s ecosystem, nothing should or has been left to chance. No stone has been left unturned in minimising possible counterparty risks. Furthermore, it is in the interest of all stakeholders to ensure and preserve the integrity and soundness of Voima’s ecosystem at all times.
PricewaterhouseCoopers (PwC) performs an independent three-month rolling audit to Voima’s Helsinki vault and the Voima's accounting system. This enables Voima’s Customers to make sure that Voima fulfills its promises to back assets fully with physical gold.
During the auditing process, PwC’s auditors:
Eurofins Labtium assays the purity of the gold stored in Voima’s vault, ensuring the Customers that the gold is not counterfeit or impure.
During the purity test, Eurofins Labtium representatives:
Voima measures how much purchasing power its Customers have saved through Voima Account in comparison with traditional bank accounts. The analysis takes into consideration the consumer price index, the gold held in Voima Accounts, Voima’s fees and the market price of gold.
Since the company's founding in July 2017, Voima's Customers have been able to save €2,561,747.67 (30 September 2020) through Voima Account.
Information technology security
Voima has successfully processed over 10,000 transactions in a safe and efficient manner.
Voima has taken several measures to limit cybersecurity risks, maximise data protection and ensure Customer privacy. These include:
Ensuring the safety of the Customers’ savings and the people involved in the processes is paramount. Therefore, Voima has established and accords with the highest safety standards all round. Voima has a powerful combination of both passive and active measures, such as multi-layered operational controls and around-the-clock monitoring. However, Voima cannot explicate all of its safety measures for security reasons.
The strategic choice of storing the Customers’ gold in Finland—one of the safest nations in the world—further enhances the safety of Voima's operations:
To assure the Customers that the gold they own is ethically sourced and not stained by criminal activities, Voima verifies the origin of every milligram of gold.
Voima’s gold supply can be divided into two categories:
Voima liquidity partner & Swiss refineries: In the first nine months of 2020, this represents 136.86 kg (46.6%) of Voima’s gold supply.
All gold that originates from Voima's partners is compliant with the London Bullion Market Association's (LBMA) responsible gold guidances and is thus subject to strict audits. LBMA suppliers must implement and adhere to the Responsible Sourcing Programme and are audited at least once a year by a third-party auditor. Voima operates with several suppliers to further strengthen supply chain resilience and to ensure constant liquidity.
Voima also performs thorough verifications in order to ensure that its services cannot be used by persons or entities engaged in suspicious activities. These do not only meet but exceed international regulations such as anti-money laundering regulations.
After the verification, the key to the Customer's account will be their identity—not a secret code that could be lost or a document with expiration date. The identity secures both present and future access to the assets.
Nationality and geography
Voima’s Customers are located on 3 continents and in over 20 countries. However, because verification may not be possible or may require excessive resources, Voima is currently not able to accept Customers from the banned jurisdictions. As the company grows and develops new verification technologies, Voima hopes to be able to serve everyone, everywhere.
All Customers have to go through Voima’s own KYC & CDD (Know Your Customer & Customer Due Diligence) process, which goes further than required by governments regulations. This is done to ensure that the Customers' assets are not mixed with illegitimate funds attached to money laundering and terrorist financing activities.
KYC and CDD refer to the processes of verifying a Customer’s identity, understanding the nature of their activities, and evaluating as well as mitigating potential risk of money laundering or terrorist financing activities.