In today’s demanding environment, BITFIN.io is exercising due diligence and performs specific checks on its clientele in order to comply with AML / KYC requirements.
Furthermore, BITFIN.io is obligated to collect specific documents from clients in accordance to our European Regulator.
The main aim of our KYC process is to prevent our Cryptoexchange platform from being used intentionally or unintentionally by criminal elements for money laundering activities.
Money laundering refers to converting money that is earned through illegal ways into legal money by passing it through various financial channels such as cryptocurrencies.
As a first step: BITFIN.io clients are required to complete a small questionnaire upon signup and provide certain personal information such as:
a) full given name; b) date of birth; c) contact details (mobile phone and email); d) country of origin and certain information about their financial standing.
*After the completion of the first step clients are able to fund their wallet with up to 2000 USD/EUR.
*Client will not be able to exchange their funds to cryptocurrencies before completing the rest of the verification steps.
*Clients have 48 hours to complete the verification procedure and if not, their deposit is being refunded to them to the same source.
As a second step: Bitfin.io clients need to provide a small set of identifying documents.
Documents required for completing our KYC process:
1. Valid Proof of Identity Clear and coloured copy of one of the following: a) Passport; or b) National Identity Card; or c) Drivers Licence
2. Valid Proof of Address a)Clear and coloured copy/photo, not older than 3 months old and addressed to their name and residential address, of one of the following: a) Utility Bill (Water, Electricity, Gas); or b) Bank Statement; or c) Governmental and/or Municipal Tax Bill
(In case of legal Entities) a) Full set of Corporate Documents: i) Memorandum and Articles of Association; ii) Certificate of Incorporation; iii) Certificate of Directors and Secretary; iv) Certificate of Registered Address; v) Certificate of Shareholders; vi) Trust Deed (if applicable); vii) Certificate of Good Standing
b) KYC Documents as per points 1 and 2 above for each Director, Shareholder and Ultimate Beneficial Owner
As a third step: and depending on the method of deposit each client will need to provide a selfie photo, instructions will be sent to the client by email, as well as sign a declaration of deposit and/or declare the ownership of his virtual currency wallet address which can be done electronically in the account
In the following cases clients will need to take an extra step of verification: 1.Clients that withdraw cryptocurrencies to their external wallet may be contacted by phone and/or email to confirm their withdrawal/transfer request as well as to confirm that they fully understand the risks involved and that once their cryptocurrencies are send to the external wallet they will no longer be in the Bitfin.io system and therefore Bitfin.io will not be able to provide any refund and/or return their cryptocurrencies back to them in case they get lost or stolen.
2.Clients that purchase or transfer cryptocurrencies for a value of €40,000 and more will be required to provide Proof of source of wealth and funds.
Part of BITFIN.io efforts to protect its clients and to comply with all AML/CTF laws and regulations as well as prevent fraud BITFIN.io has developed and implemented an OTP system for approval and verification of each transaction as well as for registration and login in and a monitoring system of clients IP’s to ensure that no mismatch occurs from their first visit and through-out the relationship. Same goes for the online declarations.
In addition to the above all external wallets added by Clients are automatically being checked at https://bitcoinabuse.com for any scam or warnings issued. In case an address fails to pass this check the client will not be allowed to add and/or use the address.
During the verification procedures and on an ongoing basis thereafter all clients are being screened against sanctions, PEP and adverse media libraries through various sources such as worldcompliance of LexisNexis.
Bitfin.io takes AML/CTF laws and regulations very seriously and strictly adheres to them.