Anti-Money Laundering (AML) Policy

Introduction

Bitquack is committed to preventing money laundering, terrorist financing, and other illegal activities through its platform. This AML Policy outlines the measures Bitquack will take to detect, prevent, and report suspicious activities in compliance with applicable laws and regulations.

Scope

This policy applies to all users, employees, contractors, and third-party service providers associated with Bitquack.

AML Compliance Officer

Bitquack will appoint a designated AML Compliance Officer responsible for:

• Overseeing the implementation of the AML Policy.
• Ensuring compliance with regulatory requirements.
• Conducting training for employees on AML procedures.
• Reporting suspicious activities to relevant authorities.

Risk Assessment

Bitquack will conduct regular risk assessments to identify and mitigate potential money laundering and terrorist financing risks associated with its operations.

Customer Due Diligence (CDD)

Bitquack will implement CDD measures to verify the identity of its users and assess the risks associated with their activities. This includes:

• Collecting and verifying user information (e.g., name, address, date of birth, government-issued ID).
• Monitoring user transactions for unusual or suspicious activity.
• Conducting enhanced due diligence (EDD) for high-risk users.

Transaction Monitoring

Bitquack will implement automated and manual transaction monitoring systems to detect and report suspicious activities, such as:

• Large or frequent transactions inconsistent with user profiles.
• Transactions involving high-risk jurisdictions.
• Unusual patterns of activity.

Reporting Suspicious Activities

Bitquack will report any suspicious activities to the relevant financial intelligence unit (FIU) or regulatory authority in accordance with local laws.

Record Keeping

Bitquack will maintain records of user identification, transactions, and AML-related documentation for a minimum of five years (or as required by law).

Employee Training

Bitquack will provide regular AML training to employees to ensure they understand their responsibilities and can effectively identify and report suspicious activities.

Sanctions Compliance

Bitquack will screen users against global sanctions lists and prohibit transactions involving sanctioned individuals, entities, or jurisdictions.

Review and Updates

This AML Policy will be reviewed annually and updated as necessary to reflect changes in regulations or business operations.

Know Your Customer (KYC) Policy

Introduction

Bitquack is committed to verifying the identity of its users to prevent fraud, money laundering, and other illegal activities. This KYC Policy outlines the procedures for collecting, verifying, and maintaining user information.

Scope

This policy applies to all users of the Bitquack platform.

KYC Procedures

Bitquack will implement the following KYC procedures:
User Registration: Users must provide the following information during registration:

• Full name.
• Date of birth.
• Residential address.
• Government-issued identification (e.g., passport, driver’s license).
• Proof of address (e.g., utility bill, bank statement).

Identity Verification: Bitquack will use third-party verification tools and manual reviews to verify user identities.
Ongoing Monitoring: Bitquack will continuously monitor user accounts for changes in risk profile or suspicious activity.

Enhanced Due Diligence (EDD)

For high-risk users (e.g., politically exposed persons (PEPs), users from high-risk jurisdictions, or users with large transaction volumes), Bitquack will conduct enhanced due diligence, including:

• Additional identity verification.
• Source of funds verification.
• Ongoing monitoring of transactions.

Data Privacy

Bitquack will ensure that all user data collected for KYC purposes is stored securely and handled in compliance with applicable data protection laws.

Non-Compliance

Users who fail to provide required KYC information or provide false information will have their accounts restricted or terminated.

Record Keeping

Bitquack will retain KYC records for a minimum of five years (or as required by law).

Review and Updates

This KYC Policy will be reviewed annually and updated as necessary to reflect changes in regulations or business operations.