Anti-money Laundering And Identity Verification Policy
Money laundering is the term used to describe the process by which criminals try to hide the origins of the proceeds of their crimes, making it look like those proceeds were acquired legitimately. Those seeking to disguise the source of terrorist funds often use similar processes.
Within the UK alone it is estimated that L23 billion is laundered on an annual basis and on globally in revenue terms the amount of money laundered would make it the third largest industry.
Whilst CoinsChange are currently unregulated and do not fall with the scope of the AML/CTF obligations in the UK the senior management have implemented systems and procedures that meet the UK AML legislation. This decision reflects the senior managements desire to prevent money laundering and not be used by criminals to launder proceeds if crime.
The management of CoinsChange Limited has reviewed the attendant money laundering and terrorist financing risks within the firm and has concluded that there is a risk of the firm being used to facilitate money laundering.
The firm starts from the premise that the vast majority of customers are conducting legitimate business and will apply a risk based system whereby customers or services which are adjudged to pose a greater risk will be subject to more stringent due diligence prior to the firm conducting business with them. The firm has established procedures to address those risks, encompassing the following:
- Customer due diligence
- Monitoring and controls
- Record keeping
- Disclosure of suspicious activity
CoinsChange Limited has put in place money laundering controls in order to anticipate and prevent the firm being used by criminals to launder money or to fund terrorism. Specifically, we will:
- Verify the customer's identity before carrying out more then 50 GBP equal Bitcoin transactions.
- Put in place checks, controls and procedures to keep correct information of our customer’s to reach them in case there is a problem with their bitcoin transactions due to bitcoin network error.
- Put in place checks, controls and procedures to anticipate and prevent money laundering and terrorist financing
CoinsChange takes a complete and thorough approach to security. Our security experts have built security measures to prevent the theft of money or information. Theft isn't the only threat of course. Described below are just some of our security practices. You can be sure that our security measures go well beyond what we're willing to make public.
- Our approach is to operate conservatively, entirely within the bounds of current Uk law, and to constantly monitor regulatory developments so that we can anticipate changes before they occur.
- Our policy complies with UK law accordingly implemented, including that required by the EU General Data Protection Regulation (GDPR).
- Team of legal advisors designs our compliance measures.
How we keep you safe
- CoinsChange is registered at Companies House with registration number 10804355. We maintain communication with the UK's Financial Conduct Authority (FCA) with up to date information regarding the regulation of Bitcoin in Uk.
- CoinsChange LTD is registered with the Information Commissioner’s Office under the Data Protection Act and we are required by law to store your information to the highest of standards. Your financial information is safe with us. Our registration number is ZA258848.
- In order to comply with our registration, potential future regulatory requirements and any applicable laws, it is important that we have in place a series of policies and procedures designed to protect CoinsChange and our customers.
- All the information supplied by you is transmitted via Secure Socket Layer Security (SSL) protocol. Once we have received your information, we use strict procedures and security processes to prevent any unauthorised access. Authorized CoinsChange staff that is required to keep the information confidential and have passed a criminal background checks as part of the joining process can only access your data. All sensitive account information, including verification documents, is encrypted and access to multiple highly secure systems is required to decrypt it.
If you have any question, please contact firstname.lastname@example.org