Anti-Money Laundering (AML) and Counter Terrorism Funding (CTF) Policy

Money laundering is defined as the process where the true origination of the proceeds of a crime is disguised in such a way to appear to be from legitimate income sources.  In many cases, there are strong ties between money laundering and terrorism.

In an effort to curb and prevent money laundering, and its aid in terrorism, the United Kingdom (UK) has passed legislation, supported by regulations, rules and industry guidance, that compels financial institutions to ensure they are not acting as an intermediary to enable illegal behaviour in any way, shape or form.  

Bitstocks, whilst not formally regulated as a company, is committed to acting as a responsible financial investment firm, and complies with all AML/CTF obligations as set out by the legislation. As such, any and all individuals and / or companies requesting access to our services are assessed for, and cleared of, AML/CTF risk prior to being onboarded as a client.

UK AML/CFT Legal and Regulatory Framework

The UK AML regime is set out in the following legislation and regulations:

Bitstocks AML and Compliance Policy

The Bitstocks AML and Compliance Policy is designed to meet the UK AML legislation obligations by having 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:

Bitstocks AML and Compliance Assessment Process

Bitstocks uses automated application programming integration (API) to run client supplied information checks against CreditSafe data to assess individuals and companies prior to securing Bitstocks’ services.

Individual Account Assessment

Individuals or persons opening a Bitstocks account in their personal capacity are required to supply the following information used for verification purposes:

Additional assessment information includes:

Bitstocks feeds this data, via API, to CreditSafe to be confirmed against any or all of the following databases:

Further compliance checks include the supply of all supporting documentation and verification of those against the aforementioned databases, and others available to us, to ensure that the individual in question does not pose any risk to Bitstocks in terms of AML / CTF regulations and compliance to the legislation.

Bitstocks reserves the right to request, at any point in time, any further documentation and / or verification as required from individual clients where we deem, at our own discretion, or under the instruction of third parties, further investigation is necessary to comply with regulatory obligations.

Corporate Account Assessment

Corporate accounts are granted, subject to the successful assessment, verification and clearance of the company or partnership as a standalone identity, as well as the assessment, verification and clearance of all directors, shareholders, or partners, including corporate identities, holding more than 25% interest in the registered business.

Corporates are required to provide and submit the following information for verification purposes:

Further compliance checks include the supply of all supporting documentation and verification of those against the aforementioned databases, and others available to us, to ensure that the company and individuals in question do not pose any risk to Bitstocks in terms of AML / CTF regulations and compliance to the legislation.

Bitstocks reserves the right to request, at any point in time, any further documentation and / or verification as required from corporate clients where we deem, at our own discretion, or under the instruction of third parties, further investigation is necessary to comply with regulatory obligations.

Contact

Questions, comments and requests regarding this privacy policy are welcomed and should be addressed to accounts@bitstocks.com.

Contact us for more help
Market Advisory Desk
0203 743 2228
OTC Dealing Desk
0203 743 2229