In response to the scale and effect of money laundering the Hong Kong Government, in common with many other countries, has passed legislation designed to prevent money laundering and to combat terrorism.
ANTI-MONEY LAUNDERING (AML) AND KNOW-YOUR-CUSTOMER (KYC) POLICY
The BTC Shop Hong Kong AML Policy is designed to prevent money laundering by meeting the Hong Kong AML legislation obligations including the need to have adequate systems and controls to mitigate the risk of being used to facilitate financial crime.
BTC Shop Hong Kong insists on a comprehensive and thorough KYC and AML compliance framework. This includes monitoring of suspicious transactions and obligatory reporting to local regulators and other compliance bodies.
BTC Shop Hong Kong reserves the right to refuse registration to persons from jurisdictions that do not meet international AML standards.
BTC Shop Hong Kong reserves the right to carry out customer diligence verification of its users and their transactions. Enhanced customer review will be carried out periodically as part of our ongoing risk assessment. In addition to this, any attempt to abuse BTC Shop Hong Kong or its platform will result in immediate account suspension and reporting violations to respective authorities.
The BTC Shop Hong Kong AML and KYC policies are as follows:
- Transactions conducted via the BTC Shop Hong Kong platform will be subject to AML transaction monitoring.
- Identity documents and transaction records will be maintained for at least six years and will be submitted to regulators as required without prior notification to registered users.
- BTC Shop Hong Kong may at any time without liability and without disclosing any reason, refuse trading with your account. BTC Shop Hong Kong shall notify you after exercising its rights under this clause.
- BTC Shop Hong Kong reserves the right to refuse registration to persons from or in jurisdictions that do not meet international AML standards or could be considered as a Politically Exposed Person.
- Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to our Company and our associates.
- Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs) and Correspondent Banking relationships.
- Establishing and maintaining risk based systems and procedures to monitor ongoing customer activity.
- Transactions conducted via the BTC SHOP HK platform will be subject to AML and CFT transaction monitoring.
- BTC SHOP HK may at any time without liability and without disclosing any reason, suspend the operation of your account. BTC SHOP HK shall notify you after exercising its rights under this clause.
- Registered members of whom transactions involve fiat currency will be required to verify their identity and adhere to the BTC SHOP HK KYC policy. This includes the submission of both government photo ID and proof of address. Valid ID includes a passport, national card, or drivers license. Valid proof of address includes utility and rates bills not older than 3 months. Other forms of ID and Address verification will not be accepted. Your account will be unverified until account verification has been completed.
- Procedures for reporting suspicious fraudulent use of identification documents to the relevant law enforcement authorities as appropriate.
- Suspicious transactions will result in a Suspicious Activity Report being submitted to senior management of the Company’s compliance with the requirements.
- BTC SHOP HK may require its clients to provide additional information or documentation to fulfil our legal obligations and where it deems appropriate refuse any client or transaction that is suspected of being related to financial crime.
First time traders will be required to verify their identity in line with BTC Shop Hong Kong KYC policy. This includes submission of your government ID. Valid ID includes a passport or Hong Kong national card. Other forms of ID and address verification will not be accepted. You may not start trading until validation has been completed.