This policy outlines the procedures and controls implemented by BitSwapix to prevent, identify, manage, and mitigate the risks associated with illegal activities, particularly money laundering and terrorism financing.
Money Laundering Overview: Money laundering involves disguising the source of illegally obtained funds to make them appear legitimate. Given the nature of our business in providing cryptocurrency services, we are susceptible to being targeted by criminals.
Legal Framework: BitSwapix operates in compliance with local and international laws, including directives from regulatory bodies like the European Union, aimed at combating money laundering and terrorism financing.\
1. Customer Identification & Verification Procedures: We employ robust Know Your Customer (KYC) procedures to ensure we are aware of our clients' identities. Enhanced Due Diligence (EDD) measures are applied to higher-risk customers, such as Politically Exposed Persons (PEPs).
2. Transaction Monitoring & Ongoing Surveillance: We continuously analyze transactional data and patterns to assess risks and detect suspicious activities.
3. Appointment of Money Laundering Reporting Officer (MLRO): BitSwapix has designated a MLRO with appropriate seniority to oversee compliance with relevant laws and regulations.
4. Risk Assessment and Management: We adopt a risk-based approach to address money laundering and terrorism financing risks. This involves accurately assessing our risk profile, balancing it with financial growth objectives, and implementing proportionate controls.
5. Record Keeping: BitSwapix maintains comprehensive records for legally prescribed periods.
6. Suspicious Activity Reporting: We promptly report any suspicious activities to relevant law enforcement authorities across all jurisdictions where we operate.\
7. Sanctions Policy: BitSwapix screens against sanctions lists from authoritative bodies such as the United Nations, European Union, UK Treasury, and US Office of Foreign Assets Control (OFAC) in all operational jurisdictions.
8. Employee Due Diligence and Training: We conduct thorough background checks on all employees and provide ongoing training to enhance their awareness of risks associated with money laundering and terrorism financing.