Anti Money Laundering Policy

At Bit-Opps, we have vowed to provide our traders with a platform where they can feel safe while trading. We believe that there are many ways in which we can provide our traders with a high sense of security as they trade on our trading platform. One of those ways is to have a strong anti-money laundering policy in place. It wouldn’t hurt an online broker if someone uses its trading platform for money laundering. However, we like to do our business scrupulously, and if someone is using our platform to store money that has been earned through illegal means, we take every measure possible to stop this from happening.

Let us explain to you how money laundering works and how we prevent this activity from happening on our website.

How Money Laundering Works?

Money laundering is an activity performed by an individual or an organization to hide illegally earned money from the legal system and then introduce this money back into the system at the right time to make more money on it. In simple words, the money launderer will first make money through illegal means. In the second stage, the money launderer will hide this money in such a way that the system cannot recognize it as laundered money. In the third stage, the money is moved out of the system gradually. In other words, at this stage, there is no existence of the money in the system at all.

However, the last stage is the most important one because at this stage, the money launderer brings the money back into the system. This money is then used for a variety of purposes. In most cases, the money is put into lucrative investments. For example, the money launderer might start a company or invest in the real estate with the looted money. Here is a detailed look into how this process takes place.

KYC Policy

ID proof: any one of the following

1. Passport
2. ID
3. Any government issued identity card (such as driving license).

Address proof (2 documents from the following categories):

1. Utility bills – provided that they are no older than 3 months;
2. Bank/Telephone/credit card statements

Proof of Payment: You will need to provide the back and front of the Debit or Credit card that you have used for the deposits.

1. Front side – the first 6 and last 4 digits of the card number should be visible for security purposes.
2. Back side – the CVV should be covered and the first 6 and last 4 digits should be visible.
3. Some important information that includes your name, the first 6 and last 4 digits of your card number, and the expiration date should be clearly visible.

The documents should be sent from the registered e-mail address.
The KYC documents needs to be self-attested by you.

How to Send Documents?

Bit-Opps has ensured that it is easy for clients to send the aforementioned documents. You are required to scan the documents and send them to us via email. You can also images with a good digital camera and send us the pictures in jpeg format.
There is no need for you to be concerned about the security of your documents. All information that’s shared with us by our customers are subjected to top notch standards of security, which include the highest level of encryption. All data is kept confidential and not shared with any third parties.

Bit-opps Anti Money laundering policy

One of the industries that’s prone to money laundering is the cryptocurrency trading industry. One reason why launderers of illicit funds prefer such trading accounts is due to the inadequate regulations normally imposed on such accounts. But if you are looking for the safest platform to trade your cryptocurrency, look no further than Bit-opps. As a security measure against money laundering, we normally redirects funds withdrawals to the remittance source.
This platform abides by the United Kingdom’s Joint Money-Laundering Steering-Group. This group works under the umbrella of the Financial-Action Task-Force (FATF), an intergovernmental agency tasked with preventing money laundering, of which UK is part.
The following are some of the policies adopted by Bit-opps through which the platform tries to combat money laundering.

Requiring valid identification from their clients.
Maintaining crucial records such as records on clients’ identification
Establishing whether their clients are suspected terrorists or not. This is done by checking their credentials against the international terrorists watch list.
Making clients aware their information could be used to have them verify their identity. A dishonest client will object to such requests.
Carefully tracking money movements.
Not accepting cash or any other forms of third-party transactions.

Bit-Opps is also cognizance of and has implemented all the requirements by the International Anti-money Laundering to have financial institutions track and monitor the movements of funds within their systems.

According to the International Anti-money Laundering, financial institutions should employ mechanisms for deterring, detecting, flagging and reporting any suspicious money movements.

We are passionate about our work and inspired by our team