BTC-X, LLC (old name ITM-UA, Private Enterprise), that provides BTC-X.PRO mobile trading platform (hereafter, BTC-X.PRO) recognises the adverse effect of financial crimes and is committed to conducting its activities with integrity, respecting its regulatory, ethical and social responsibilities to:
BTC-X.PRO has a dedicated global Financial Crime function, which sits within Compliance. The Financial Crime function facilitates effective and efficient financial crime risk management by providing expert support and oversight to the business in the jurisdictions of operations.
Chief Compliance Officer (CCO) is responsible for group-wide adherence to applicable AML and Financial Crime regulations and obligations in the jurisdictions of operations. In addition, CCO is responsible for establishing and maintaining AML program to identify, assess, monitor and manage risks related to Money Laundering, Terrorist Financing and other financial crime related matters. CCO is supported by MLROs of relevant jurisdictions who have overall responsibility for establishing and maintaining effective financial crime controls and perform day-to-day AML related duties.
BTC-X.PRO’s Financial Crime Compliance policy framework covers six key risk areas:
Our holistic approach to financial crime allows us to identify and manage relevant synergies and connections between the key risk areas. All policies and procedures are accessible by all staff at any time. In addition, all policies are:
BTC-X.PRO has developed and implemented a comprehensive set of measures to mitigate, identify and manage financial crime risks. These measures include:
BTC-X.PRO has implemented an ongoing Business Wide and AML Risk Analysis to assess the level of risk exposure considering business activities including clients, products, transactions, delivery channels, organisational structure and geographical locations in which BTC-X.PRO operates. Financial Crime safeguards are derived from the results of the analyses.
BTC-X.PRO has established and maintains risk-based customer due diligence (CDD), identification, verification and know your customer (KYC) procedures, including enhanced due diligence (EDD) for those customers presenting higher risk, such as:
KYC process includes strict identification requirements, name screening procedures and the ongoing monitoring and regular review of all existing business relationships. KYC includes not only knowing the clients and entities BTC-X.PRO deals with or renders services to, but also the Ultimate Beneficial Owners (UBOs), Legal Representatives and Authorised Signatories as appropriate. The ongoing monitoring process includes regular PEP and Sanctions screening, as well as periodic and trigger reviews. Customers with high-risk indicators are subject to periodic reviews on an annual basis, whereas medium risk customers are subject to a review every three years. Trigger reviews might be initiated due to material changes in a customer’s profile.
BTC-X.PRO relies on data analysis as a risk-assessment and suspicious activity detection tools. These tools perform a variety of compliance-related tasks, including capturing data, filtering, record-keeping, investigation management and reporting. In relation to AML/CTF risk, BTC-X.PRO:
However, the above list is not exhaustive and Compliance monitors customers’ transactions on a regular basis in order to define whether such transactions are to be reported and treated as suspicious.
To help combat terrorist financing and money laundering, the Law requires all financial institutions to obtain, verify and record information identifying each natural or legal person, opening an account. We are required by law to ask you for your name, address, date of birth and other information about you, your organization or persons associated with your organization, which will allow us to identify you before we approve your account. We may also ask you to provide certain identification documents such as your driver's license or passport or the constituent document of your organization, selfie with the passport, utility bill, Bank statement not older than 3 months, and we can get your credit history and other consumer records in order to verify your identity and determining whether you are eligible to open an Account with us. If you not provide the requested information and documentation, we will not be able to open you Account.
By applying to open an Account on BTC-X.PRO, you agree to provide information and documentation requested by BTC-X.PRO and agree to receive BTC-X.PRO Your credit history and other consumer reports about you for the goals described above.
BTC-X.PRO has implemented a comprehensive Financial Crime Compliance training program to ensure that all staff, in particular individuals responsible for transaction processing and/or initiating and/or establishing business relationships, undergo AML awareness training. The training is tailored to the business to ensure that staff are aware of different possible patterns and techniques of money laundering which may occur in their everyday business. Training also covers the general duties arising from applicable external (legal and regulatory), internal requirements and the resulting individual duties which must be adhered to in everyday business as well as typologies to recognise money laundering or financial crime activities.
Compliance with OFAC, EU, UN and UK sanctions is mandatory for all BTC-X.PRO employees globally. Lists from Governments of other countries where such lists are legally applicable to BTC-X.PRO’s operations in those countries. The Company’s sanctions controls are applied to new and existing customers, third party service providers and staff, as well as crypto wallets before the execution of transactions.
Suspicious activities must be properly handled and escalated within the respective legal entity. Regular AML and Financial Crime Compliance training ensures that staff are reminded of their duty to timely report any suspicious activity to their respective MLRO.
BTC-X.PRO does not tolerate bribery, or any form of corruption. All staff and third parties that act on behalf of BTC-X.PRO are prohibited from having any involvement in acts of bribery and corruption. All staff undertake ABC training which forms part of financial crime compliance training, and covers requirements for dealings with PEPs, regulations for gifts and entertainments, as well as donations and business courtesies. Anti-fraud measures include training of staff on the subject of risk mitigation of external fraud. In addition, for the purpose of mitigating the risk of internal fraud, staff must take consecutive block of time away from work each year.
BTC-X.PRO’s AML/CTF Policy sets out BTC-X.PRO’s risk appetite with regard to client’s onboarding. BTC-X.PRO does not accept clients who are residents in countries deemed to be above risk appetite. These include:
BTC-X.PRO also does not accept any clients from disputed or unrecognized territories as they do not produce recognized official ID documents. These include:
