Anti-Money Laundering Policy.
BitObmen warns users against attempting to use the service for money laundering, terrorist financing, illegal activities of any kind, as well as from using the service to purchase prohibited goods and services.
Money laundering is the concealment of an illegal source of funds by converting them into cash or investments that look legitimate.
General provisions
To prevent operations of an illegal nature, the Service establishes certain requirements for all Ads created by the User:
1. The sender and recipient of the payment must be the same person. Transfers to third parties are strictly prohibited.
2. All contact details specified by the User in the Application, as well as other personal data transmitted by the User to the Service, must be up-to-date and completely reliable.
3. It is strictly forbidden to create Applications by the User using anonymous proxy servers or any other anonymous connections to the Internet.
This Anti-Money Laundering Policy (hereinafter referred to as the “AML Policy”) describes the rules that the BitObmen service adheres to:
1. Do not do business with known criminals and/or terrorists;
2. Not to process transactions that are the result of known criminal and/or terrorist activities;
3. Not facilitate any transactions associated with known criminal and/or terrorist activities;
4. Has the right to restrict or prohibit the use of all or part of the services for citizens of countries such as Afghanistan, Bosnia and Herzegovina, the United States, the Democratic People’s Republic of Korea, the Democratic Republic of the Congo, Eritrea, Ethiopia, Guyana, Iran, Iraq, the Lao People’s Democratic Republic, Libya, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad and Tobago, Tunisia, Uganda, Vanuatu.
Verification procedures
The BitObmen service establishes its own verification procedures within the framework of anti-money laundering standards – the Know Your Customer (KYC) policy.
The BitObmen service may request a verification procedure (providing an identity document, a passport or an identification card). BitObmen reserves the right to collect Users’ identification information for the purposes of implementing the AML Policy. This information is processed and stored strictly in accordance with the Privacy Policy and the BitObmen Personal Data Processing Policy.
Also, the BitObmen Service may request a second document to identify the User: a bank statement or utility bill not older than 3 months, which indicates the full name of the User and his actual place of residence, the service also has the right to request photo / video verification of the client, if there are suspicions in the dishonesty of the information provided.
BitObmen verifies the authenticity of documents and information provided by Users and reserves the right to receive additional information about Users that have been identified as dangerous or suspicious.
If the User’s identification information has been changed or his activity seems suspicious, then BitObmen has the right to request updated documents from the User, even if they have been authenticated in the past.
If the receiving exchange has frozen the incoming transaction or the exchange account has been blocked after the payment has been credited, the service suspends the order. The User agrees to transfer the requested information to it for verification.
After successful verification, the received funds are returned to the User to the agreed address minus the fee for sending the transaction and the Service’s fee for processing the operation in the amount of 5% of the incoming amount.
A refund is possible only after the verification procedure is completed and the refund is approved.
By creating an order, the User confirms agreement with the rules of the AML/KYC Policy and undertakes to wait for the decision of the Service and/or the receiving exchange without making any claims.
AML Policy Compliance Officer
The AML Policy Compliance Officer is a BitObmen employee whose responsibilities inсlude ensuring compliance with the AML Policy, namely:
– collection of identification information of Users and its transfer to the responsible agent for the processing of personal data;
– creating and updating internal policies and procedures for writing, reviewing, submitting and storing all reports required by existing laws and regulations;
-monitoring of transactions and analysis of any significant deviations from the normal activities of Users;
– implementation of a records management systеm for storing and retrieving documents, files, forms and journals;
-Regularly updated risk assessment.
The AML Compliance Officer has the right to interact with law enforcement agencies that are involved in the prevention of money laundering, terrorist financing and other illegal activities.
Transaction monitoring
Monitoring of the User’s transactions and analysis of the received data is also a tool for risk assessment and detection of suspicious transactions. If you suspect the legalization of funds, the BitObmen Service reserves the right to:
1. report suspicious transactions to the appropriate law enforcement authorities;
2. ask the User to provide any additional information and documents;
3. suspend or terminate the User’s account;
4. suspend the exchange and freeze assets until the circumstances are clarified;
5. return the funds to the user by canceling the exchange procedure, according to the user agreement;
6. risk assessment.
In accordance with international requirements, the BitObmen Service applies a risk-based approach to combat money laundering and terrorist financing. Thus, measures to prevent the legalization of funds and the financing of terrorism are commensurate with the identified risks.
