Bitnexo Anti-Money Laundering Policy
Last Amendment: May 24th 2016
The following terminology will be applied to these AML Policies and any or all possible annexing documentation: “AML” acronym; Anti-Money Laundering when referring to compliance and actions taken to prevent Money Laundering crimes. “FATF” Financial Action Task Force (FATF) referring to the inter-governmental body for combating money laundering, terrorist financing. “KYX” to generalize the term Know Your Customer and/or Know Your Agent. “CIP” in combination with Bitnexo will form: Customer Identification Program. “CDD”. “RBA” as in Risk Based Approach for and with all Legal Relationships. “SAR” or Suspicious Activity Report and/or Suspicious Activity Reports for generated reports or flagged activities. “CTF” Counter Terrorism Financing where applicable. “Initiator”, “client”, “verified customer”, “customer”, when referring to the individual, person or corporation accessing the site and services. Also considering “BITNEXO”, “BENEFICIARY”, “WE”, “REMITTANCE SERVICE”, “SERVICE”, “SERVICES” is referring to BITNEXO as a provider of the described service. “PARTY”, “PARTIES” or “US” refer to both the CUSTOMER & BITNEXO or BITNEXO & the CUSTOMER. “FIAT” refers to legal tender money such as USD, CLP, CYN (ISO 4217). “CRYPTO”, “BITCOIN”, “BTC” refers to Crypto-Currency in any of its existence when not specified.
Bitnexo is committed to the highest standards of AML & other punishable criminal acts derived from Money Laundering. In order to archive full regulatory compliance Bitnexo may reserve the right to refuse any kind of service, registration to initiate or receive any type of FIAT or BTC transmission, or to bar transmissions from or to anyone from or in any jurisdictions that do not meet international AML–CTF standards as set out by the FATF. Bitnexo must and will adhere to all applicable laws and regulations in all countries where it conducts indirectly or directly any type of business and/or business relationships with.
Bitnexo's AML policies strive to achieve AML, CTF & KYX strategies, goals and targets on an ongoing basis to maintain an adequate compliant program for Bitnexo's business relationships that echoes the best practices for a diversified, global financial services provider. Bitnexo identifies money laundering as the universal criminal practice of concealment of the economical proceeds of crime. Which are maliciously disguised so that it gives the appearance of legitimate income. Users and/or Bitnexo directly hired staff and all employees are required to adhere to these Policies in order to assure Bitnexo's past, preset and future reputation from being misused for money laundering and/or terrorist financing or other illegal purposes.
At all times users direct or indirect can be subject to augmented CDD scrutiny and procedures in your use of any Bitnexo service. Bitnexo can be classified as unregulated financial activity and yet to be regulated activities withing the money transmission realm and the Blockchain transport layer. Bitnexo might and might not fall within the scope of internationally enforced AML and/or CTF obligations dependent of applicable Jurisdiction. BUT this does not exempt Bitnexo to observe and comply to specific regulations per jurisdiction. Bitnexo has and is constantly devoting resources to have and implemented systems and procedures to meet general AML legislation, serving FATF's recommendations and specifications on he objectives of the FATF which are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.
The creation of a dedicated CIP as main component of every Bitnexo's business relationships reflects the due diligence with and in all jurisdictions to prevent money laundering and not be used by criminals to launder proceeds of crime. Not limited to in any case by:
Bitnexo's forceful AML, KYX and CIP is associated but not limited to other Terms and Policies that might apply to any or all business relationship.
Internal Bitnexo KYC procedure includes Customer Identification procedures and flags for:
Not limited to Sanction Specific Policies.
More information please contact current Compliance Officer: email@example.com