Anti-Money Laundering (AML) Terms

VbitOTC Cryptocurrency Exchange Store Anti-Money Laundering (AML) Terms

1. Purpose

1.1 Purpose: VbitOTC Cryptocurrency Exchange Store (we) is committed to complying with anti-money laundering and counter-financing of terrorism (AML/CFT) regulations to ensure our platform and services are not used for illegal activities.

1.2 Regulatory compliance: The company commits to full compliance with applicable AML/CFT regulations and relevant laws.

2. Identity verification

2.1 User identity verification: We require all users to provide accurate, up-to-date identity documents before using our services.

2.2 Verification enquiries: We reserve the right to make reasonable verification enquiries to establish the authenticity and legitimacy of users' identities.

3. Transaction monitoring

3.1 Transaction monitoring: We will take necessary measures to monitor and assess transactions on the platform to detect and prevent activities that may involve money laundering or terrorist financing.

3.2 Suspicious transaction reports: If we identify suspicious transactions, we will submit the relevant suspicious transaction reports (STRs) as required by law and regulation.

4. Staff training

4.1 AML training: We will ensure staff receive regular AML training to improve their ability to identify and respond to money laundering and terrorist financing risks.

5. Confidentiality

5.1 User information confidentiality: We will strictly protect the confidentiality of users' identity and transaction information, except where disclosure is legally required.

6. Compliance reviews

6.1 Compliance reviews: We will regularly review and update our AML policies to keep them aligned with the latest regulations.

6.2 Partner reviews: We will include partner organisations in our AML policy considerations to ensure cooperation meets compliance standards.

7. Refusal of service

7.1 Right to refuse service: We reserve the right, in reasonable circumstances, to refuse service to individuals or entities suspected of, or engaging in, money laundering or terrorist financing.

8. Cooperation and reporting

8.1 Cooperative reporting: We will actively cooperate with local regulators and provide necessary information and compliance reports.

8.2 Internal reporting: We will establish an internal reporting mechanism for staff to report potential AML violations anonymously.