ANTI-MONEY LAUNDERING & KYC POLICY
Bitsale Limited takes into consideration the Legal standards for Money Laundering and other criminal activities.
Bitsale Limited has policies and procedures in place to prevent the involvement or misuse of money laundering activities. Prior to accepting new clients and allowing them to make transactions, the following documents shall be obtained for the verification of clients’ identity. Bitsale Limited shall be responsible for the collection of all information and documentation of any potential client in order for the Company to accept the said client.
These procedures include:
- obtaining appropriate evidence of client identity
- maintaining adequate records of identification information
- determining that clients are not known or suspected terrorists by checking their names against lists of known or suspected terrorists
- informing clients that the information they provide may be used to verify their identity
- maintains records of client transactions
Money laundering occurs when funds from an illegal/criminal activity are moved through the financial system in such a way as to make it appear that the funds have come from legitimate sources.
There are three stages involved in money laundering; placement, layering and integration.
- firstly, cash or cash equivalents are placed into the financial system
- secondly, money is transferred or moved to other accounts (e.g. futures accounts) through a series of financial transactions designed to obscure the origin of the money
- And finally, the funds are re-introduced into the economy so that the funds appear to have come from legitimate sources (e.g. closing a futures account and transferring the funds to a bank account).
These guidelines have been taken into consideration to protect Bitsale Limited and its clients.