Due Diligence

Crypto I Ltd. adheres to and complies with the principles of the Know Your Customer policy which aims to prevent financial crime and money laundering through client identification and due diligence. We take a risk based approach and perform strict due diligence checks and ongoing monitoring on all clients, customers and transactions.

As per the money laundering regulations, we utilise 3 tier of due diligence checks, dependant on the risk, transactions and customer.

  • SDD – Simplified Due Diligence is used in instances of very low risk, possibly for existing customer checks or those with single, low transactions.
  • CDD - Customer Due Diligence is the standard for of due diligence checks used in most cases for verification and identification
  • EDD – Enhanced Due Diligence is used for high-risk customers, large transactions or specialised instances such as PEP’s or those from the FATF high risk countries.

In accordance with the best practices of Joint Money Laundering Steering Group, we adhere to the below core obligations with regards to due diligence: -

  • Must carry out prescribed CDD measures for all customers not covered by exemptions
  • Must have systems to deal with identification issues in relation to those who cannot produce the standard evidence
  • Must apply enhanced due diligence to take account of the greater potential for money laundering in higher risk cases, specifically when the customer is not physically present when being identified, and in respect of PEPs and correspondent banking
  • Some persons/entities must not be dealt with
  • Must have specific policies in relation to the financially (and socially) excluded
  • If satisfactory evidence of identity is not obtained, the business relationship must not proceed further
  • Must have some system for keeping customer information up to date

 

Identification

Proof of who an individual or business is will be gained and recorded on a New Customer Application. Two forms of ID are required with the person/business name on and 1 form of ID with the trading/home address. Acceptable forms of ID can include: -

·      Individual - Drivers Licence, Passport, Bank Statement, Utility Bill 

·      Business – Director/Proprietor ID, Certificate of Incorporation, Company Registration Number & Registered Office, Utility Bill, Supplier Invoice, Bank Statement

Where a customer has been identified as high risk or for large transactions, where possible we carry out face-to-face verification and checks.

 

Due Diligence Checks

For businesses and company background checks will be performed prior to account acceptance, details of which will be kept on file as evidence of due diligence and anti-money laundering checks. 

About BitSpider

BitSpider is a digital asset exchange that provides a trusted gateway where members can trade digital currencies against minor and especially against exotic currencies. BitSpider is operated by Crypto I, AIF.

About Crypto I

Crypto I Ltd., alternative investment fund, Shelton Garden, United Kingdom

Registered with the Slovenian Securities Market Agency as an alternative investment fund

©2017 BitSpider. All Rights Reserved.

Search