Bitaroo Pty Ltd (hereinafter “The Company”, “We”) provides services related to cryptocurrencies and as such is responsible to undertake measures to prevent the company to be used for money laundering and terrorist financing. The Company has responsibilities to ensure that it complied with Australia’s AML legislative framework. The CEO, Board of Directors and all employees of Bitaroo Pty Ltd have individual obligations in respect to AML/CFT. These are taken seriously at all levels and robust measures are taken to ensure that any efforts to launder the proceeds of criminal activity through company operations are prevented.
Prevention of AML/CFT in Bitaroo Pty Ltd
In order to ensure that The Company and its employees are not in breach of Australia’s AML legislative framework The Company undertakes, including but not limited to, the following measures:
1. Maintain the role of an appointed Anti Money Laundering Reporting Officer(s) Nominated Officer(s) and support team.
2. Deliver staff training at all levels that includes identification of suspicious transactions, activity or incidents and the correct reporting process.
3. Risk assesses the business and ensures that an appropriate level of examination is provided to higher risk business.
4. Maintain reports, records of anti-money laundering activities for inspection by the regulators.
5. Provide a source of communication for all enquiries or questions regarding this Policy and a reporting process that directs information to the Nominated Officer.
6. Make Suspicious Activity Reports in accordance with Anti Money Laundering legislation applicable to the relevant jurisdiction.
7. Consider any action by an employee that is in breach of company instruction or policy in relation to Anti Money Laundering as an action, which may lead to disciplinary action and summary dismissal.
Know Your Customer Policy
In order to comply with applicable regulations, The Company undertakes measures to implement Know Your Customer Policy.
In that line, all users have to provide relevant information and supporting documents that have to line under relevant verification process.
All withdrawals from users’ accounts, held in The Company, have to be made to a bank account held in the name of the user.
The Company has a risk-based approach, and that means that we will carry out a risk assessment on our users and in that process, We may request some additional documents and information.