Anti-Money Laundering and Identity Verification Policy (AML Policy)

Money laundering is defined as any process involving the concealment of the origins of illegally obtained money, typically by means of transfers involving foreign banks or legitimate businesses. Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firm's knowledge or suspicions. Bitfeks exchange platform allows customers to buy, sell, trade and hold digital and fiat currencies ("exchange services"). As such, and in response to the threat of money laundering activity being conducted through the exchange, Bitfeks has adopted an anti-money laundering policy which is followed by all of its employees, officers, agents, owners and directors. In all instances of fiat currency trading Bitfeks adopts the KYC and AML standards of the customer’s country of residence and follows all relevant regulatory and legal frameworks. In the absence of appropriate explicit frameworks speaking to digital currencies our company adopts the most stringent relevant standards of compliance in effect globally and follows established industry practices. Our KYC and AML Policy sets out minimum standards of compliance and establishes a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company. These include:
  • Verifying customer identification using a multi-level system.
  • Filing reports as required by local regulations
  • Creating and retaining encrypted records in multiple locations
  • Responding to law enforcement requests
  • Determining and obtaining necessary Licensing in countries of operation
  • Compliance with local regulatory requirements
  • Employee and Compliance Officer training
  • Ongoing transaction monitoring which seeks to identify Layering and Placement of all currency.