The 1BIT OÜ AML Policy is designed to prevent money laundering by meeting the Estonia AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
- 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 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 on-going customer activity;
- Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
- The maintenance of appropriate records for the minimum prescribed periods;
- Training and awareness for all relevant employees
- According to AML law each client have to provide personal documents within 1BIT OÜ
- 1BIT OÜ is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. 1BIT OÜ will therefore screen against United Nations, European uniоn, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.
Responsibilities of the service operator to comply with this policy
Responsibilities of the operator of the service to comply with the policy of Countering the legalization and laundering of illegally obtained funds:
- keeping the history of client operations for three years;
- tracking and identification of suspicious transactions;
- provision of information about the client and his transactions to law enforcement authorities upon a corresponding official request;
- suspension of a suspicious transaction until clarification of circumstances and the return of suspicious funds to the account of the source of funds;
- failure to perform a suspicious operation.
As part of the verification of the client, it requests the following information:
- scanned copy of passport
- receipt of payment for utilities services at the place of residence
- the customer confirms his email
In the case of non-compliance or doubts about the authenticity of the documents provided, the AML officer rejects client verification and access to operations on the exchange until the submission of additional documents.
Additionally, as part of verification, the client may request:
- photo with a passport in hand
- driver's license
- identification card
- bank statement
In case of not providing additional information, our company refuses to service the client.