BIT TEAMadopts appropriate, sufficient measures aimed to preventing its operations from being used as means to conceal, manage, invest or use any form of money – or other assets – due to illicit activities, or to give the appearance of legality to such activities.

The company adopts a risk-based approach in the design and implementation of the AML/CTF Policy with a view to managing and mitigating ML/TF risks.

BIT TEAM ’s 5 key AML/CTF principles:

to comply with AML/CTF legislation in the countries in which it operates;
to strive to fulfil international standards as detailed by the Financial Action Task Force (FATF)

to work in conjunction with the Government of UK and the governments of the countries
BIT TEAM operates in, as well as support their objectives in relation to the prevention, detection and control of ML/TF;

BIT TEAM may decide not to provide products or services based upon decisions guided by ML/TF risk appetite and corporate social responsibility;
System consists of a set of modules that allow to analyze the images and information contained therein, to check the personal data against databases, and to receive reports with the results of such analysis (Check).

In relation to customers BIT TEAM verifying an individual’s identity information for lawful purposes of identity verification, fraud prevention or enforcement of laws designed to prevent money laundering but does not include determining a consumer’s eligibility for credit or insurance for personal, family or household purposes, employment or a government license or benefit.

In order to ensure security regarding the BIT TEAM 's customers, checks are carried out using the following services (the “Service(s)”), including making available analysis of the images and information contained therein, to check the personal data against databases, and to receive the Reports with the results of such analysis (“Check(s)”):

Service name

Description of Service

AML Screening: International Sanctions, PEPs, Watchlists and Adverse Media

A solution for сhecking whether the client is on any of the global sanctions lists, PEP lists, watchlists, blacklists or adverse media (OFAC, UN, HMT, EU, DFT etc.). Ongoing monitoring is included by default for one year once the check is completed. Ongoing monitoring means regular (daily) review of the data collected during the AML Screening.

Identity Document Verification

A solution for determining the authenticity and legitimacy of the document to ensure that it is has not been forged or altered.

Face Match and Liveness Check

A solution comparing faces on the submitted images and analyzing the movements of the person, confirming that the documents belong to a particular person and that person is real.

Proof of Address Check

Checks the address and residency by analysing the following types of documents:

Driving licenses bearing residential address

Tax bills

Utility bills

Voter rolls

Bank statements

Other documents commonly accepted as proof of address.

Additional Services

Risk management dashboard for compliance officers;

Reporting module;

Analytics and Statistics;

External integrations with Slack, Telegram, Email, Twilio, etc.;

Tech and case-related support via messengers and email.

Created - February 12, 2023 5:36 PM
Updated - March 6, 2024 12:30 PM