Policy of AML service BitCash.
1 It is prohibited to use the Service for conducting fraudulent and illegal operations. Using the Service, the User agrees that any attempt to exchange the fraudulent or illegal capital revealed by AML checks will be blocked until the circumstances are clarified and will be prosecuted to the full extent of the law.
3. In the event of detection of transactions related to money laundering, sanctions, terrorist financing, and the creation of weapons of mass destruction. We use the GetBlock.net service to detect such transactions. If the AML risk for a transaction in your request exceeds 60% (inclusive), the service reserves the right to:
– Stop payment for the request related to your transaction;
– Request identity verification from the user, for example, a photo or video with an identity document (selfie), correspondence with the counterparty, and any other data related to the transaction;
– Request a screenshot or video from the personal account of the wallet from which the user sent cryptocurrency;
– Block the account and all details associated with the user, and transfer all available data to law enforcement agencies, monitoring agencies, exchanges, and payment systems;
– Block and hold the user’s funds until the origin of the funds is determined and the user provides all requested documents and transaction data;
– The Service will refund cryptocurrency or other funds only to the details from which the transfer was made, and only after a full verification by the Service’s Security Service of the transaction, documents, and data provided by the user;
– If the user fails to provide the requested data and information and does not respond to the Service’s inquiries within 6 calendar months from the date of the request, the withheld funds will not be returned and will be considered payment and coverage for the investigation into the origin of the user’s transaction funds.
4. Refunding funds suspended for verification following an AML analysis of the transaction:
Funds will be refunded after a full verification by the Service’s security service, which may inсlude detailed verification of the sender. Refunds are processed minus a fee of up to 5% of the transaction amount to cover the costs of processing the request and organizing the refund, but no more than $100.
A refund, subject to approval by the Service, will be processed by the Service within 7 (seven) calendar days, starting from the date the User is notified of the Service’s decision regarding their refund request.
If, after an AML check, the funds are not linked to money laundering or criminal activity, the refund fee is limited to the network fee.
5 The User must not abuse the Service by interfering with its hardware or software components, or by distorting the parameters sent to the Service.
6 In case the payment cannot be completed automatically (no connection with the payment systеm, no confirmation from the payment systеm regarding the payment data, insufficient funds, erroneous details provided by the User and etc) the exchange will be completed within 24 working hours or the funds will be returned after deduction of the payment systеm commission.
7 The administration of Service has the absolute right to refuse to provide services to any client without explanations.
8 The User agrees not to perform any fraudulent activities on this service. Otherwise all funds will be delayed until the moment of complete identification of the sender of funds.
Terms and conditions of refunds of funds stopped for verification by AML analysis of the transaction:
Refunds are made after a full verification by the Service’s security service, which may inсlude detailed verification of the sender. The refund is made minus a commission of up to 5% of the transaction amount to cover the labor costs of processing the request and organizing the refund.
Refunds, subject to the Service’s approval, will be processed by the Service within seven (7) calendar days from the date on which the User has been notified of the Service’s decision to request a refund.
When processing the refund, after verification, the User shall confirm the details to receive the refund.
Procedures implemented by the BitCash service to combat money laundering
Procedures in place
The purpose of BitCash’s anti-money laundering procedures is to ensure that customers involved in certain activities are identified to a reasonable standard, with minimal impact on law-abiding customers. The BitCash service has positioned itself to help international organizations combat the threat of money laundering and terrorist financing around the world. To this end, the BitCash service has implemented a very sophisticated electronic systеm. This systеm documents and verifies customer identities and maintains and tracks detailed reports of all transactions.
The BitCash service closely monitors suspicious and large-scale activities and transactions and reports these activities to the appropriate authorities in a timely manner. To maintain the integrity of monitoring systems and ensure business security, the international legal framework provides legal protection for providers of such information.
The BitCash service reserves the right to refuse to process a transaction at any stage if it is suspected that the transaction is in any way related to money laundering or criminal activity. Under international law, the BitCash service does not have the right to inform the customer that their suspicious activity has been reported to the appropriate authorities.
Identification
In order to comply with anti-money laundering laws, the BitCash service requires a customer to provide two documents proving their identity. The first document we require is a government-issued identification document with the customer’s picture on it. It may be a government-issued passport, driver’s license (for countries where the driver’s license is a primary identification document), or local ID card (no company access cards). You also need to go through a special on-camera identity verification systеm – Sumsub’s AI-based solution automates the identity verification process, preventing fraud, thereby ensuring compliance with applicable AML policy rules.
Failure to provide the required documents on time is grounds for blocking the trading account and refunding the sender. The first six and last four digits, as well as the cardholder’s name and expiration date, must be visible on the front of the card. The back of the card should have the cardholder’s signature. The CVV code should be hidden. The specimen signature must be placed on a special signature strip based on the rules of VISA and Mastercard payment systems. If the card does not have the name of the owner or a virtual card is used, the company requires a screenshot of the bank account or a bank statement, which shows both the card number and the name of the owner.
To change the phone number specified when registering the client profile, we require a document confirming the ownership of the new number (an agreement with a mobile network provider), and a photo of the ID card the client holds next to his face. The customer’s personal information in both documents must match.
Clients must provide up-to-date identification information and immediately report any changes in it. The customer must inform the service of any changes in contact information or personal information in a timely manner.
KYT Policy
(Know Your Transaction) Policy.
The KYT (Know Your Transaction) policy is intended to identify the transaction customer in the event of a precedent where the Service has reasonable suspicion that the Customer is not using bitcash.cc for its intended purpose.
Such precedent may arise if the Service suspects the Customer of illegal actions that may be qualified as laundering or attempted laundering of illegally obtained digital assets or funds are of frankly criminal origin. For these purposes, the Service has the right to use any legal information, third-party means of analysis of the origin of digital assets, as well as its own development of the screening systеm.
In this case bitcash.cc Service reserves the full right:
Require the Customer to provide additional information disclosing the origin of digital assets and/or confirmation that the assets were not obtained by criminal means;
To block the account and any transactions related to the Client, to transfer to the financial controlling and/or law enforcement authorities at the place of registration of the Service and, if necessary, at the Client’s registration address, all available information and documents concerning the incident;
Demand from the Customer the documents confirming identity, physical existence, registration address, solvency;
