Anti-Money Laundering and Know Your Customer Policy

For the purposes of this policy, “Company”, “us”, “we”, or “our” refer to Bit65 Private Ltd, a Singapore private limited company having its registered office address at 1 Coleman Street #10-06 Singapore 179803.

Our Anti-Money Laundering and Know Your Customer Policy (hereinafter – the “AML/KYC Policy”) are designed to prevent and mitigate possible risks of our website being involved in any form of illegal activity.

Both international and local regulations require us to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, the proliferation of weapons of mass destruction, corruption, bribery, and to take action if any form of suspicious activity is detected.

Compliance Officer

The Compliance Officer is the person, duly authorized by us, whose duty it is to ensure the effective implementation and enforcement of the AML/KYC Policy. It is the Compliance Officer’s responsibility to supervise all aspects of our AML/KYC Policy, including but not limited to:

  • Collecting customers’ identification information;
  • Establishing and updating internal policies and procedures for the completion, review, submission and retention of all reports and records required under the applicable laws and regulations;
  • Monitoring transactions and investigating any significant deviations from normal activity;
  • Implementing a records management system for appropriate storage and retrieval of documents, files, forms and logs;
  • Updating risk assessment regularly;
  • Providing law enforcement with information as required under the applicable laws and regulations.

Risk Assessment

We, in line with local and international requirements, have adopted a risk-based approach to combating money laundering and terrorist financing. By adopting a risk-based approach, we can ensure that measures to prevent or mitigate money laundering and terrorist financing are commensurate with the identified risks. As such, our Company has implemented internal policies and procedures to achieve these requirements. The AML Policy is reviewed on a regular basis and, if necessary, revised in an effort to comply with regulatory changes.

Identity Verification

We reserve the right to verify a customer’s identity on an ongoing basis, especially when his/her information has been changed or his/her is deemed to be suspicious. Customer information will be collected, stored, shared, and protected strictly by our Privacy Policy and related regulations.

Information that we may collect in order verify and authenticate a customer or beneficial owner:

  • Email address
  • Mobile phone number
  • Full legal name
  • Home Address (not a mailing address or P.O. Box)
  • Date of birth (“DOB”)
  • IP Address
  • Unique device information
  • Proof of identity
  • Additional information or documentation at the discretion of our compliance team.

We reserve the right to reject any persons registered with our website and disallow them from using our services if we are unable to verify their information due to customer non-cooperation, or if the customer’s actions are likely to have a material adverse effect on us relating to our ability to adhere to any applicable laws or industry best-practice guidelines.

Monitoring Transactions

We monitor customer activity to detect any unusual transaction patterns. We perform a variety of compliance-related tasks, including capturing data, filtering, recordkeeping, investigation management, and reporting. If we detect any suspicious transactions, we reserve the right to request the customer to provide any additional information or documents to satisfy our compliance requirements.

We may suspend a user account if data provided by the user is fictitious (false, incomplete or misleading) and terminate the user account and cancel all transactions that we deem to be suspicious. We reserve the right to block access to our website and report any suspicious transactions to the relevant enforcing authorities.

The above list is not exhaustive and the Compliance Officer will monitor customers’ transactions on a day-to-day basis to define whether such transactions are to be reported and treated as suspicious or are to be treated as bona fide.

Contact Us

For questions related to our KYC/AML policy, please email [email protected].