AML and KYC Policies

Anti-Money Laundering and Know Your Customer regulation.

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Anti-Money Laundering (AML) Policy

BITVAST (Pty) LTD has applied AML (Anti-Money Laundering) policies and regulations in order to prevent money laundering on our platform. By using a detailed system with the minimum required controls in place to mitigate financial crime.

  • The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant local legislation, regulations, rules and industry guidance

  • Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company

  • Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs)

  • Establishing and maintaining risk based systems and procedures to monitor and log on-going customer activity

  • Procedures for reporting and notifying local law enforcement authorities suspicious activity internally

  • The storage of appropriate logs and records for the minimum required periods

  • Training for employees dealing with all AML and KYC procedures
  • BITVAST (Pty) LTD. is prohibited from transacting with individuals, companies and countries that are on prescribed sanctions lists.

    Know Your Customer (KYC) Policy

    Individuals can only be identified and verified based on a tier system by either passport, national ID, drivers license or any other official identification document. Residence can be verified with utility bills or official documentation stating their current stated address. Documents have to be recent and no less than 3 months old. Companies have to be identified by extracts from the Chamber of Commerce or by notary deed. Copies of all files have to be stored and logged in an secure environment.