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As an international crypto currency trading broker providing financial services, Bitky is obliged to adhere to Anti-Money Laundering (AML) policies with due diligence. Bitky complies with the international Anti-Money Laundering laws and regulations, and maintains a strong and aggressive stance to prevent illicit money laundering activities. Our stringent policies and procedures were implemented to detect, prevent and report Money Laundering and any other suspicious activities.
How is Money Laundering Defined?
When criminals attempt to relocate their illicit funds by transferring them to a lawful financial system without arousing any legal attention, this constitutes Money Laundering.
Once a criminal or terrorist person(s) transfers their funds into legitimate financial systems, they can then transfer them between banks or financial products to use in illegal activities, purchase goods and services, or even fund terrorism.
Bitky will report any attempt by an individual or business to conceal the origin and ownership of the proceeds of illegal activities, including fraud, theft, illegal gambling, drug trafficking, and other activities.
Do I Need to Prove My Identity Before Opening a crypto currency Trading Account?
To prevent Money Laundering Bitky requests that all of our customers provide supporting documentation for proof of identity and the origin of their funds before trading crypto currency trading with us. We place great emphasis on verifying the identity of our customers and determining that their funds are derived from a legal origin before opening an crypto currencies trading account or making a deposit. As part of this policy, you will be required to provide legal documentation to verify your name, personal details and location.
We reserve the right to refuse to do business with, discontinue to do business with, and reverse any transactions with you if you do not accept or conform to the following AML requirements and policies:
- If you deposit funds to your account by means of wire transfer, any withdrawals from your account will only be transferred to the holder of the originating bank account of the deposit.
- If you deposit funds to your account by means of credit/debit card, withdrawals from your account will only be distributed to the individual whose name appears on the card used to make the deposit and only to the same card;
- Only one account is allowed per trader. No amount may be withdrawn from accounts opened in a false name or multiple accounts opened by the same person.