BitX is committed to implement and maintain the highest standards of Know Your Customer (KYC) and Anti Money Laundering (AML) compliance and requires management and employees to adhere to these standards to prevent abuse of BitX products and services for money laundering and terrorist financing purposes.
In pursuing its commitment to assist in the detection, prevention, and reporting of money laundering activities, BitX shall be guided by the following principles:
- BitX shall implement a risk based approach to assessing and implementing AML and KYC procedures.
- BitX shall know its customers by obtaining satisfactory evidence of their identity and having effective procedures to verify the authenticity of the information furnished by new customers.
- BitX shall ensure that its business is conducted in conformity with high ethical standards, that laws and regulations are adhered to, and that service is not provided where there is good reason to believe that transactions are associated with money laundering activities.
- Subject to the legal constraints relating to customer confidentiality, BitX shall cooperate fully with law enforcement agencies by, among others, taking appropriate measures allowed by law if there are reasonable grounds for suspecting money laundering.
- BitX shall adopt policies consistent with the principles set out in this policy, and ensure that its staff, wherever located, are informed of these policies and adequately trained in matters covered herein.
- BitX shall implement specific procedures for customer identification, record keeping and retention of transaction documents and reporting of covered and suspicious transactions.