Last updated on “16” March 2023

What is money laundering?

Money laundering – means actions performed with the aim to legalise money or other property acquired by criminal means or to conceal its origin. Such actions are usually performed by drug dealers, organised criminal groups, terrorists, tax plunderers, smugglers, corrupt officials and related persons.

Anti-money laundering – means actions performed with the aim to prevent such illegal activity.

Why is data collected?

According to the requirements of the Financial Conduct Authority (“FCA”) on the Prevention of Money Laundering and Countering the Financing of Terrorism, the company is obliged to monitor and inform responsible authorities about any suspicions operations; thus, the company have to request data each time a suspicion arises that an illegal action is or may be performed. Therefore we follow the principle “Know your client” (“KYC”) and “Customer Acceptance Policy” (“CAP”). It is necessary to prevent possible illegal activity and protect the society from crime by all means.

That is why, all data about the client and his/her activity is collected and used for this purpose.

What actions does "BIT.TEAM" undertake?

By accepting Terms of Use the client agrees to pass through the AML/KYC procedures, which may be applied to the client or may be requested by "BIT.TEAM" at any time.

The verification time window is 24 hours, however, it can take longer depending on the complexity of documents provided and other circumstances

"BIT.TEAM" applies a four-level identification system.

In case of a suspicion, the client is asked to provide data about payments and related transactions, since monitoring of the client, nature of his/her activity and the origin of funds allows to eliminate possible suspicions.

All institutions providing financial services and supervisory authorities follow these principles unitedly and cooperate for the sake of the common purpose – to ensure the welfare of the society.

Will my submitted data remain safe?

"BIT.TEAM" ensures that submitted data will be used within the limits defined by the law. In addition to data protection, client confidentiality is also ensured under requirements of the law , other legal acts and provisions of the Privacy policy. The client shall also protect his/her personal data and do not reveal it to any third persons.

What happens if I refuse to provide data or provide incorrect data?

If the client refuses to provide requested personal data or information about his/her activity, real beneficiaries, the origin of funds or provides incorrect or false data, "BIT.TEAM" is obliged to react to such suspicious actions and inform responsible authorities. Also, "BIT.TEAM" may decide to suspend operations performed by the person or the company and even terminate all business relationships with such clients.

Created - February 12, 2023 5:31 PM
Updated - February 14, 2024 11:56 AM