BITCOIN GLOBAL CAPITAL™ ANTI-MONEY LAUNDERING POLICY
Bitcoin Global Capital™ (“Bitcoin Global Capital™”) is committed to the highest standards of anti-money laundering (“AML”) compliance to prevent use of the Bitcoin Global Capital™ services for money laundering purposes.
Definition of Money Laundering
Money Laundering is the introduction of assets derived from illegal and criminal activities (‘Predicate offences’) into the legal financial and business cycle. Offences are for example forgery of money, extortionate robbery, drug crime as well as fraud, corruption, organized crime, or terrorism etc. Predicate offences for money laundering are defined by local law.
Generally speaking, the money laundering process consists of three “stages”:
- Placement: The introduction of illegally obtained monies or other valuables into financial or non-financial institutions.
- Layering: Separating the proceeds of criminal activity from their source through the use of layers of complex financial transactions. These layers are designed to hamper the audit trail, disguise the origin of funds and provide anonymity.
- Integration: Placing the laundered proceeds back into the economy in such a way that they re-enter the financial system as apparently legitimate funds.
To combat against Money Laundering, “Know Your Customer” (“KYC”) principles are applied. KYC is a convenient term to describe the process of obtaining, retaining and using information about a customer such as his identity and residential address to ensure his source of funds and wealth are understood.
Bitcoin Global Capital™ AML Policy
The Bitcoin Global Capital™ AML Policy is designed to prevent money laundering through the operation of a 7 Pillar Policy based around identification, ongoing monitoring, training and reporting.
- We operate a strict customer verification process which includes enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs). When dealing with corporate structures we seek to identify ultimate beneficial owners;
- We operate procedures to monitor on-going customer activity;
- We report suspicious activity internally to our appointed MLRO and then, if appropriate, to the relevant law enforcement authorities;
- We operate a strict sanctions policy;
- We maintain appropriate records for the minimum prescribed periods;
- We provide periodic training and awareness for all employees;
- We review all of our policies and processes on a continual basis to ensure we continue to operate to best practice.
Customer Verification and Account Opening Process
Bitcoin Global Capital™ collects information on every customer including:
- Full Name;
- Photographic Identification (such as a drivers licence or passport);
- Proof of residential address (not less than three (3) months old).
We require this information before allowing any withdrawals, or before any deposits are processed. Customers are required to complete a trade form and provide identification documentation to Bitcoin Global Capital™ in advance of a customer account being confirmed. This information is then verified by: (i) the Bitcoin Global Capital™ team, and (ii) a specialist third party provider chosen by us from time to time. Once the customer account has been approved, the customers will receive either an email or letter confirming that registration has been completed.
To comply with AML policy, from time to time, Bitcoin Global Capital™ may request additional information from customers.
Bitcoin Global Capital™ is prohibited from transacting with individuals, companies and countries identified on prescribed Sanctions lists. Bitcoin Global Capital™ carries out screening against all sanctions lists in all jurisdictions in which it operates, including; United Nations, European Union, UK Treasury and US Office of Foreign Assets Control sanctions lists.