KYC / AML Policy
To comply with the The Danish Money Laundering and Terrorist Financing Prevention Act, as amended as of April 2, 2020 (as amended from 2nd of April 2020), the EU AML Directives, Canada’s PCMLTA, and AML/CFT best practices, Bitinvestor has established and implemented an AML/CFT Program. This program includes Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures to mitigate the risk of engaging in illegal financial activities. The company’s management considers compliance with AML and CFT regulations as a crucial responsibility and ensures that this program’s requirements are met with the utmost accuracy.
OCCASIONAL TRANSACTIONS AND ANTI-FRAUD MEASURES
- Regardless of the transaction amount, users are required to undergo KYC verification to perform the transaction. This is necessary because the financial partners of Bitinvestor ApS require the company to conduct a due diligence procedure for transactions starting from EUR 0.00.
IDENTITY VERIFICATION (KYC)
- To prevent money laundering and terrorist financing facilitated by stolen identities or other illegal activities, stringent verification procedures have been established.
- To pass the identity verification process, users are required to provide personal information, residential address, and upload images of documents that support the information provided. Typically, a driver’s license, passport, or national ID card is acceptable for this purpose, and a recent proof of residence must be provided to verify the residential address.
- The Company follows a risk-based approach during the KYC verification process, which may require additional information regarding the nature of business relationships and source of funds from users.
- The information provided by users is thoroughly checked using automated and manual methods to confirm the authenticity of the documents.
- The company has implemented AML/CFT measures to prevent money laundering and terrorist financing activities on its platform.
- Compliance officers apply a risk-based approach while monitoring transactional activities on the exchange to maintain compliance with the policy.
- The AML system automatically analyzes all transactions on the platform for suspicious patterns. If a transaction or user activity raises suspicion, it is investigated by a trained Compliance officer who has the authority to suspend transactions during the investigation.
- The company does not provide its services to natural persons or legal entities under sanctions, including but not limited to the sanction lists of the UN, EU, and OFAC.