The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT Act) is an act that defines actions to prevent money laundering and terrorist financing.
1. definitions and terms
bitocean24.com – a trademark of the systеm providing users with an opportunity to exchange digital and electronic currency.
Service – a systеm of Internet services for exchange, sale and purchase of digital and/or electronic currencies.
User – any natural person using the services of bitocean24.com.
Digital currency – Bitcoin, Litecoin, Ethereum and other blockchain-based currencies.
Electronic currency – funds in the accounts of users of electronic payment systems.
Service Services – providing support for peer-to-peer (P2P) transactions between individuals to buy, sell and exchange digital currencies, as well as other services, information about which is available on the Service platform.
Card verification is the verification of the card (or account) belonging to its owner. The conditions of verification of belonging are set by the Service and are performed once for each new account (card) of the user.
Money laundering is the process of giving legal origin to money or property obtained as a result of criminal activity. The bitocean24.com Company strictly complies with laws that prohibit us or our employees from participating or attempting to participate in any money laundering activity. Our anti-money laundering policy is aimed at ensuring the safety of our customers and the services provided by the Service.
Terrorist financing is the intentional provision or collection of funds, directly or indirectly, for the purpose of using them to commit acts of terrorism or in a situation where it is known that they may be used to finance terrorist acts.
2. Measures taken to comply with the AML Policy
The administration of the bitocean24.com platform, realizing the public threat associated with money laundering and terrorist financing crimes, has developed a set of organizational and legal measures aimed at complying with national legislation and the requirements of the international organization FATF (Financial Action Task Force).
European regulation in the field of prevention of money laundering (AML) is based on several legislative directives. One of them is the Sixth Anti-Money Laundering Directive (6AMLD), which became effective on December 2, 2018.
Other legislation aimed at preventing money laundering and terrorist financing inсlude:
5th Anti-Money Laundering Directive ((EU) 2018/843);
Proceeds of Crime Act 2002;
Terrorism Acts 2000 and 2001;
Anti-Terrorism Act 2008;
Treasury Sanctions Notices;
Implementing a KYC (know your customer) policy is an important security, fraud prevention and compliance practice. As part of this policy, we may require the following data to verify users and authorize them to make transactions on our Service:
– A photograph (“selfies”) of you holding a citizen identification document: We may ask you to provide a photograph of you holding a citizen identification document. This document may be a valid passport, driver’s license, or other national identification card. Scan copies of the front and back of the photo document may also be required.
– Proof of residency: To confirm your residency, we may request an official document issued within the last 3 months. This document must contain your full name, full residential address, date of issue (no more than 3 months ago), the name of the issuing authority and the official logo or stamp.
– A copy of the front and back of your bank card and/or a photograph of your bank card: In some cases, we may require a copy of the front and back of your bank card. Only the last 4 digits of your credit card should be visible in the bank card photo, and it is acceptable to hide the 3 digits on the back of the card (CVV code).
The administration of bitocean24.com platform will take measures to confirm the authenticity of the documents and information provided by users. In addition, verification of identification data will be carried out using secondary sources. The administration reserves the right to continue the investigation in cases where full confidence in the authenticity of the provided documents is required.
The administration of bitocean24.com platform reserves the right to continuous monitoring of user data, especially in cases of changes in identification information or detection of suspicious (unusual for this user) activity. We also have the ability to request users to provide up-to-date documents, even if they have already been successfully authenticated in the past.
We implement constant control over all transactions conducted through the bitocean24.com platform and notify users about the prohibition of exchange transactions from third parties using their accounts.
To ensure compliance with the provisions of this policy, we appoint a Money Laundering Reporting Officer (MLRO) who exercises supervisory authority.
We adopt a Risk-Based Approach (RBA), which allows us to set different levels of verification depending on the volume and frequency of transactions performed by the user.
To improve our team’s professional skills and knowledge in the area of policy compliance, we constantly train bitocean24.com platform employees.
We are willing to cooperate with government agencies in accordance with the law. Upon receipt of an official request from law enforcement or judicial authorities, we are obliged to provide the requested information. We are also entitled to hand over the data requested by official representatives of payment systems.
We improve the software security of our bitocean24.com platform by constantly improving our IT department to ensure protection from unauthorized access of intruders.
The administration of the bitocean24.com platform may require verification of the source of fiat money and/or cryptocurrency in accordance with the law to ensure their legal origin. The document confirming the source of origin of funds may be a bank statement for fiat money or a video showing the details of the wallet transaction for cryptocurrencies.
According to this Policy, the Administration of the bitocean24.com platform will:
– To carry out continuous monitoring of all transactions. If suspicious transactions are detected, the Administration reserves the right to inform the relevant law enforcement authorities through the Responsible Official.
– Require Users to provide additional information and documents in case of suspicious transactions, as well as at the request of the regulator (the role of the regulator may be performed by the exchange, government agency or other organization with appropriate legal grounds).
– In case of reasonable suspicion of illegal activity, suspend or block User accounts.
However, this list is not exhaustive of all possible measures, and the Responsible Officer will regularly analyze User transactions to determine whether they should be considered suspicious or bona fide.
Regarding Host Countries. This Policy establishes the AML/CTF risk criteria. In order to reduce this risk, the Administration of the bitocean24.com platform does not accept clients residing in countries with higher risk criteria. These countries are determined based on sources:
Transparency International – an organization dedicated to researching corruption and transparency in various countries.
Know Your Country – a source of information on the status and risks associated with different countries.
FATF High Risk Jurisdictions List – A list provided by the Financial Action Task Force (FATF) that identifies countries with insufficient measures to prevent money laundering and terrorist financing.
EU High Risk Jurisdictions List – a similar list published by the European uniоn.
Countries where digital assets are banned or restricted from trading is an accounting of the regulation of cryptocurrencies and digital assets in various countries.
Countries where digital assets are not banned – inclusion of countries where cryptocurrencies and digital assets are not banned.
Countries under the UN Security Council sanctions regime – countries that have sanctions in place due to various political, economic or security factors.
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The full list of prohibited jurisdictions:
U.S.
Albania
Algeria
Angola
Afghanistan
Barbados
Ivory Coast
Burma (Myanmar)
Bolivia
Botswana
Burundi
Vanuatu
Venezuela
Haiti
Guyana
Ghana
Guinea-Bissau
Egypt
Zimbabwe
Iraq
Iran
Yemen
Cambodia
Qatar
Conakry
Congo
Democratic People’s Republic of Korea (DPRK)
Crimea (Ukraine)
Cuba
Lao People’s Democratic Republic
Lebanon
Libya
Mali
Morocco
Myanmar
Nepal
Nicaragua
Pakistan
Panama
Russia
Saudi Arabia
North Macedonia
Syria
Somalia
Sudan
Tunisia
Uganda
Central African Republic
Chad
Ecuador
Equatorial Guinea
Eritrea
South Sudan
Jamaica
The administration of the bitocean24.com platform also refuses to serve clients from disputed territories due to the lack of universally recognized official documents, including the following:
Donetsk People’s Republic (DNR) / Lugansk People’s Republic (LNR)
Transnistrian Moldovan Republic
Nagorno-Karabakh Republic
Republic of Abkhazia
Republic of Somaliland
Republic of South Ossetia
Republic of Northern Cyprus Republic of Turkey
Republic of China (Taiwan)
Passports issued by the Russian Federation in Crimea and passports issued to residents of Donetsk and Luhansk regions of Ukraine are not subject to verification.
Republic of Kosovo
Sahrawi Arab Democratic Republic
Republic of Artsakh
KYT Policy
(KYT – Know Your Transaction)
The policy “Know Your Transaction” (KYT – Know Your Transaction) is aimed at identification of the client in case there are reasonable suspicions that the client uses bitocean24.com service for unfair purposes.
Such situations may arise if the administration of the service suspects the client in illegal actions related to money laundering or acquisition of digital assets illegally. For this purpose, the administration has the right to use legitimate information, external analytical tools to analyze the origin of digital assets, as well as its screening systеm. Suspicious transactions may inсlude high-risk assets.
Within this policy, bitocean24.com administration has the following rights:
Request additional information from the customer regarding the origin of digital assets or confirmation of their legality.
Block the client’s account and related transactions by submitting information and documents to regulatory authorities and law enforcement agencies at the place of registration of both the service and the client.
Require the client to provide documents confirming his/her identity, registration address and solvency.
To return digital assets only to the details from which the transfer was made, after full verification by the service’s security service and confirmation of the legality of the funds.
Refuse to withdraw funds to a third party account without explanation.
Withhold client’s funds until the investigation is completed.
Control the chain of transactions to identify suspicious transactions.
Refuse to provide the service to the client if there are reasonable suspicions about the legality of the origin of digital assets and hold funds in special accounts of the service.
If there are doubts about the legality of the transaction, the service has the right to request additional information from the client and conduct verification, including confirmation of the legality of the origin of funds. Refund after verification is made with deduction of commission up to 5% of the transaction amount.
The refund will be processed within 7 (seven) calendar days after approval by the service, provided that the client confirms the details to receive the refund.
