In order to comply with the Money Laundering and Terrorist Financing Prevention Act of Poland, the requirements of EU AML Directives, and best Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) practices, Cryptobit has developed and implemented AML/CFT policies, including Know Your Customer (KYC) and transaction monitoring procedures. These measures are aimed at reducing the risk of involvement in any kind of illegal financial activities. The management of Cryptobit considers compliance with AML/CFT regulations a top priority, ensuring that the requirements of these policies are adhered to with the highest accuracy.
IDENTITY VERIFICATION (KYC)
Strict identity verification (KYC) procedures are in place to prevent the use of stolen identities or other illegal activities that may facilitate money laundering or terrorist financing.
To complete identity verification, users must provide personal information, including their residential address, and upload supporting documents. Acceptable documents include a driver’s license, passport, residence permit, or national ID card. Additionally, a recent proof of address is required to confirm the user’s place of residence.
Cryptobit follows a risk-based approach during the KYC process. This means that, depending on the nature of the business relationship or the risk level, additional information regarding the purpose of transactions and the source of funds may be requested from the user.
In particular, the verification procedure may request additional data, including:
- Personal data confirmed by an identity document;
- Documentation of the source of funds;
- Other data required by the Service Provider.
Failure to provide the requested data may result in the suspension of the transaction and, consequently, in the refusal of the transaction. Transactions are verified in accordance with the current requirements of the Act as well as the Service Provider's own AML procedure.
The Service Provider informs that it uses safeguards and technical solutions to monitor the transactions carried out by Users in order to prevent circumvention of the Act. Entities who cooperate with the Service Provider as part of activities performed by Users on the Platform may verify the User to the extent specified in the relevant international acts on counteracting money laundering and terrorist financing (AML). Pursuant to the legal requirements, the entity performing such verification may perform it again in the event of statutory premises, also in accordance with the internal security procedure.
All submitted information undergoes thorough verification, both through automated systems and manual reviews, to ensure the authenticity of the documents provided.
Cryptobit does not provide its services to individuals or entities under sanctions, including those listed by the United Nations, the European Union, or the Office of Foreign Assets Control (OFAC).
AML/CFT MEASURES
Cryptobit has implemented comprehensive AML/CFT measures to ensure that its platform is not used for money laundering or terrorist financing activities.
Compliance officers uphold the AML/CFT policies by employing a risk-based approach to monitor transactional activity. Cryptobit’s monitoring system automatically analyzes all transactions on the platform for suspicious patterns. If any transaction or user activity raises suspicion, trained compliance officers will investigate the case further. During such investigations, compliance officers reserve the right to suspend transactions or deny services as necessary.
All user data is processed in accordance with Cryptobit’s Privacy Policy to ensure the highest standards of data protection and confidentiality.