Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy
Bitpapaya SPÓŁKA Z OGRANICZONĄ ODPOWIEDZIALNOŚCIĄ is committed to preventing money laundering, terrorist financing, and other financial crimes in compliance with international legal standards. This Anti-Money Laundering (AML) and Know Your Customer (KYC) Policy outlines our efforts to maintain a secure platform and protect the integrity of financial transactions.
This policy applies to all users, employees, and activities related to the Bitpapaya platform.
1. Regulatory Compliance
Bitpapaya adheres to all applicable AML laws and international guidelines, including recommendations from the Financial Action Task Force (FATF). These regulations guide our practices in preventing and detecting financial crimes on our platform.
2. Customer Due Diligence (CDD)
Bitpapaya conducts thorough Know Your Customer (KYC) checks as part of our Customer Due Diligence (CDD) process. This includes collecting identification documents, such as government-issued passports or national ID card, and proof of address. We assess customer risk based on factors such as transaction size, frequency, and geographic location to ensure a comprehensive risk profile for each customer.
3. Transaction Monitoring
Our platform employs systems and procedures to monitor transactions continuously, identifying suspicious activities that may indicate money laundering. Examples of red flags include large or unusual transactions, rapid movement of funds between accounts, and sudden increases in transaction volume. These indicators prompt further investigation to protect the security of the platform.
4. Reporting and Record-Keeping
Bitpapaya follows strict reporting obligations. Suspicious Activity Reports (SARs) are filed with the relevant authorities when suspicious activity is detected, following all legal requirements. All transaction records, customer information, and due diligence documentation are retained for a minimum of five to seven years to ensure compliance and traceability.
5. Employee Training
We conduct ongoing training programs to ensure that all employees understand AML regulations, can identify suspicious activities, and recognize the importance of compliance. Specific responsibilities are assigned within Bitpapaya to implement and maintain our AML policy effectively.
6. Internal Controls and Audits
To maintain regulatory compliance, Bitpapaya has established internal policies and procedures. Regular audits assess the effectiveness of our AML program, identifying any areas for improvement and ensuring ongoing compliance with AML requirements.
7. Third-Party Relationships
Bitpapaya performs due diligence on all third-party vendors and partners to confirm their adherence to AML requirements. Our platform monitors third-party compliance on an ongoing basis to ensure a secure and compliant ecosystem.
8. Penalties and Enforcement
Bitpapaya takes violations of its AML policy seriously. Customers and employees who fail to comply may face penalties, including account suspension, termination, or legal action, depending on the severity of the violation.
Know Your Customer (KYC) Policy
Our KYC policy is a key component of our compliance efforts, ensuring that we can effectively prevent fraud and money laundering on the platform.
1. Purpose and Scope
Our KYC policy outlines procedures to verify the identity of customers and maintain secure records. It applies to all customers on the Bitpapaya platform and supports our commitment to security and transparency.
2. Customer Identification
We follow strict procedures for verifying customer identities. Required documents include government-issued IDs (e.g., passports or national ID card) and proof of address. Additional verification may be required depending on the customer's risk profile and transaction history.
3. Risk Assessment
Bitpapaya uses a risk-based approach to assess each customer's profile, factoring in transaction patterns, geographic location, and other indicators to categorize risk levels.
4. Ongoing Monitoring
Bitpapaya continuously monitors customer transactions to detect any suspicious patterns or activities that could indicate fraudulent or illegal behavior. This proactive monitoring helps maintain a secure environment on the platform.
5. Record-Keeping
We retain all customer identification and transaction records securely, in compliance with legal requirements. Records are typically kept for a minimum of five to seven years to ensure accountability and traceability.
6. Compliance with Regulations
Bitpapaya’s KYC policy ensures compliance with both local and international regulations, including guidelines from FATF and other regulatory bodies.
7. Reporting
Suspicious activities identified during the KYC process are reported to relevant authorities in line with applicable legal requirements. This reporting is part of our commitment to regulatory compliance and maintaining the platform’s integrity.
8. Employee Training
Bitpapaya provides regular training for employees on KYC procedures and regulatory requirements, ensuring they stay updated with current laws and best practices.
9. Policy Review and Updates
Our AML and KYC policies are reviewed regularly to remain compliant with evolving laws, regulatory guidance, and industry standards. Updates to the policy will be communicated to users through our official channels.