AML (Anti-Money Laundering) & KYC Policy

Introduction

Pikebit is committed to combating money laundering (AML) and terrorist financing. Money laundering is the process by which funds obtained through illegal means are disguised to appear legitimate. Our AML policy aims to prevent the use of our platform for illegal activities, ensure compliance with international regulations, and protect the integrity of our services.

Objective

The objective of this policy is to ensure that Pikebit complies with all applicable AML laws and regulations, implements adequate controls to identify and prevent money laundering and terrorist financing activities, and ensures that all employees and customers are aware of their responsibilities in this process.

Customer Identification and Verification (KYC - Know Your Customer)

Before allowing any customer to use our services, we conduct an identification and verification process known as KYC (Know Your Customer). This includes:

  • Collecting personal information such as name, address, date of birth, and valid identification documents.
  • Verifying the authenticity of this information through legal databases and documents.
  • Ongoing monitoring of customer activities to identify any suspicious behavior.

In order for us to verify you as a user you need to supply us with documents, that state your name and birthdate, and also documents, that confirm your address. It is important that you upload 1 document for confirming name and birthdate, and also 1 document to confirm your living address. A document that states both, name, birthdate and living address is only considered for one of the 2 cases.

The documents to confirm you name and birthdate can be the following:

  • A copy of a valid ID
  • A copy of a valid passport
  • A copy of a valid Driving license

The documents to confirm your address, where will be mentioned your name, surname and address can be the following:

  • A current copy of a utility bill
  • A current copy of a bank statement
  • A current copy of a document that was issued by the government

Please make sure, that the documents that you are submitting are valid.

It is important for us to see, that documents confirming your address the documents are still valid and are not older than 3 months.

As a matter of this, please do not forget to upload if necessary both sides of your ID. Also, please make sure that the document to confirm your address is uploaded in a way, that we can see the date of issue and also the company that has issued the document.

Once your documents and account was confirmed by us, you cannot upload any more documents.

The verification can take up to 48 hours. Should you have any problems with uploading the documents, you can send them to us via E-mail and we will add them to your account.

Transaction Monitoring and Control

Pikebit monitors all transactions to identify potential signs of money laundering, including:

  • Unusual or large-value deposits or withdrawals.
  • Behaviors that are inconsistent with the customer’s profile.
  • Repetitive transfers of large amounts to third-party accounts.

Transactions that raise suspicion will be investigated and may be reported to the relevant authorities.

Suspicious Activity Reports (SAR)

If a transaction or activity of a customer is deemed suspicious, Pikebit is obligated to report this activity to AML authorities through a Suspicious Activity Report (SAR). This report will be made confidentially and without the customer's knowledge.

Employee Training

All Pikebit employees receive regular training on AML policies, including:

  • How to identify suspicious activities.
  • Individual responsibilities in preventing money laundering.
  • Procedures for reporting any suspicious activity.

Record Retention

Pikebit maintains complete records of all transactions and identity verifications for a minimum of five years. This ensures that we have an adequate history to assist in investigations or audits.

Penalties and Consequences

Any customer involved in money laundering activities will have their account suspended or terminated, and their information may be provided to the appropriate authorities for investigation. Additionally, employees who do not comply with this policy will be subject to disciplinary action, which may include termination of employment.

Conclusion

Pikebit is committed to maintaining high standards of compliance with AML laws, protecting our customers and our platform from illegal activities. We encourage all users and employees to follow our strict guidelines to ensure the safety and integrity of our services.