AML / CFT Policy

RULES OF PROCEDURE
FOR PREVENTION OF MONEY LAUNDERING AND TERRORIST FINANCING
AND
COMPLIANCE WITH INTERNATIONAL SANCTIONS

BitSpider recognizes that decentralized and distributed digital currency and payment systems in which payments are processed and secured by advanced cryptography and distributed computing power instead of a central bank, corporation or government pose a risk of illegal uses (as do all financial systems).

BitSpider believes, however, that the legitimate use of math-based currency networks provide untold benefits and efficiencies within the global economy. Accordingly, BitSpider has implemented this Policy and its accompanying AML Program to assess the specific risks posed by BitSpider’s services and established specific controls to address those risks as required by law.

It is BitSpider's policy to comply with applicable laws and regulations regarding AML and identity verification, and to detect and prevent the use of its Service for money laundering or to facilitate criminal or terrorist activities.

While BitSpider is committed to protecting its users' privacy, it will not allow people to use its Services to launder money, commit fraud or other financial crimes, finance terrorist activities, or facilitate other illegal conduct.

BitSpider is regulated as a Provider of a service of exchanging a virtual currency against a fiat currency (license no. FVR000781) and Provider of a virtual currency wallet service (license no. FRK000682) and falls within the scope of the AML/CTF obligations.

ANTI-MONEY LAUNDERING (AML) POLICY

BitSpider AML Policy is designed to prevent money laundering by meeting the European standards on combating money laundering and terrorism financing, including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime.

This AML Policy sets out the minimum standards which must be complied with and includes:

  • Appointing a Money Laundering Reporting Officer (MLRO) who has a sufficient level of seniority and independence, and who has responsibility for oversight of compliance with the relevant legislation, regulations, rules and industry guidance;
  • Establishing and maintaining a Risk-Based Approach (RBA) to the assessment and management of money laundering and terrorist financing risks faced by the firm;
  • Establishing and maintaining risk-based Customer Due Diligence (CDD), identification, verification and Know Your Customer (KYC) procedures, including enhanced due diligence for customers presenting a higher risk, such as Politically Exposed Persons (PEPs);
  • Establishing and maintaining risk-based systems and procedures for the monitoring of on-going customer activity;
  • Establishing procedures for reporting suspicionus activity internally and to the relevant law enforcement authorities as appropriate;
  • Maintaining appropriate records for the minimum prescribed periods;
  • Providing training for and raising awareness among all relevant employees.

SANCTIONS POLICY

BitSpider is prohibited from transacting with individuals, companies and countries that are on prescribed sanctions lists. BitSpider will therefore screen all customers against United Nations, European Union, UK Treasury and US Office of Foreign Assets Control (OFAC) sanctions lists in all jurisdictions in which we operate.

CRYPTO CURRENCY FLOWS TRACKING AND MONITORING

Please note that BitSpider is using the real-time currency exchange monitoring that looks for potential criminal or illegal activity.

In case any unusual activity is detected; our customer’s account will be frozen and customers will be prompted to prove the source of funds.