KYC & AML Policy
Our comprehensive Know Your Customer (KYC) and Anti-Money Laundering (AML) policy ensures compliance with Ghana's laws and international best practices to maintain the security and integrity of our platform.
Compliance Framework: This policy adheres to Ghana's Anti-Money Laundering Act 2008 (Act 749) and international best practices.
Introduction
Mybitstore is an infrastructure provider for the exchange of cryptocurrency. It operates the Mybitstore App which allows for users to exchange cryptocurrency providing them with a reliable cryptocurrency trading service.
As a financial services provider, it is becoming necessary for us to understand the clients we serve. We value the trust and opportunity to serve our clients, and therefore take the task of offering security along with proper legal compliance seriously.
Our Commitment
In this regard, we perform Know Your Customer (KYC) and Anti Money Laundering (AML) procedures in adherence with the laws of Ghana and international best practices.
Purpose and Overview
The purpose of our AML Policy is to establish the general framework for the fight against money laundering and other financial crimes. Successful participation in this fight by the financial sector requires an unprecedented degree of global cooperation between governments and financial institutions.
Our Commitment
- Reviewing our AML strategies and objectives on an ongoing basis
- Maintaining an effective AML programme
- High standards of AML compliance for all management and employees
- Preventing the use of our products and services for money laundering purposes
Internal Control Measures
- Programmes to assess the risks related to money laundering
- Control policy formulation concerning timing, degree of control, areas to be controlled, responsibilities and follow-ups
- Monitoring programmes for unusually large transactions
- Enhanced due diligence for high-risk persons and businesses
- Employee training on customer due diligence and suspicious transaction recognition
- Awareness programs on AML/KYC laws and regulations
Anti-Money Laundering Reporting Officer
The Company shall appoint a responsible official as an Anti-Money Laundering Reporting Officer (AMLRO) who will operationally report to the Board in accordance with section 41(1)(b) of the Anti-Money Laundering Act, 2008 (Act 749) as amended.
Qualifications
The AMLRO shall be equipped with the relevant competence, authority and independence to implement the Company's AML/KYC compliance programme.
Duties and Responsibilities
- Developing an AML/KYC Compliance Programme
- Receiving and vetting suspicious transaction reports from staff
- Filing suspicious transaction reports with competent/supervisory authorities
- Ensuring that the compliance programme is implemented
- Coordinating staff training in AML/KYC awareness and detection methods
- Serving as liaison with relevant authorities and point-of-contact for employees on AML/KYC issues
Data Protection
The Company is registered under the Data Protection Act of Ghana, Act 2012 (Act 843). To this end, the Company is mindful of and shall be guided in its handling and processing of personal data by all the eight thematic areas of the Act.
Processing Principles
- Lawfulness of Processing
- Minimality
- Specification of Purpose
- Compatibility of Further Processing
Data Management
- Quality of Information
- Openness
- Data Security Safeguards
- Data Subject Participation
Key Data Protection Measures
- Purpose Limitation: Personal data collected for specific, explicitly defined and lawful purposes
- Data Quality: Ensuring data is complete, accurate, up to date and not misleading
- Security Measures: Appropriate security measures to prevent unauthorized access, alteration, disclosure or destruction
- Transparency: Ensuring data subjects are aware of the nature, purpose and consequences of data usage
KYC Programme
What is KYC?
'Know Your Customer' (KYC) requirement entails obtaining full particulars of the identity of a customer and having adequate knowledge of the purpose for which the customer desires to establish a business relationship with a financial institution.
Customer Acceptance Policy
The Company will not establish a business relationship until all relevant counterparties to the relationship have been identified and duly ascertained. Once an on-going business relationship has been established and the normal operation confirmed, any inconsistent activity would be investigated to determine whether there is a suspicion of money laundering.
Required Identification Evidence
The Company shall require users to furnish the following details (subject to change):
- First Name
- Last Name
- National Identification, Passport Number, or Driver's License
- Date of Birth
- Email Address
Verification Process
- Information is run against existing databases using internal and third-party services
- Users are checked against AML watchlists and adverse databases
- All identification documents must be verifiable
- Photo IDs that cannot be verified will not be accepted unless supported by additional valid documentation
Monitoring, Recognising and Responding to Suspicious Activities
All transactions of customers shall be monitored to ensure that they are consistent with the Company's knowledge of the customer(s) involved, their businesses and risk profile performed on them during the onboarding stages.
Suspicious Transaction Definition
A suspicious transaction may be defined as one which is unusual because of its size, volume, type or pattern or otherwise suggestive of known money laundering methods, such as a transaction that is inconsistent with a customer's known, legitimate transactions or lacks an obvious economic rationale.
Reporting Process
- Staff member detects 'red flag' or suspicious activity
- Prompt report to AML Reporting Officer
- AML Reporting Officer commences immediate investigation
- Upon establishing prima facie case, Suspicious Transaction Report (STR) is filed
- STR must be recorded within twenty-four hours of knowledge
Filing STR Criteria
The Compliance Officer shall file an STR when they know, suspect or have reason to believe:
- Transaction involves funds derived from illegal activity
- Transaction is designed to evade reporting requirements
- Transaction has no business or apparent lawful purpose
- Transaction involves use of institution to facilitate criminal activity
Detection of Suspicious Transactions
Immediate Action: Where a transaction is detected to be suspicious, the Company shall take immediate steps to investigate where necessary.
Audit Function to Test the System
There shall be an independent audit function to test the AML system. This periodic audit test will help review the AML/KYC framework with a view to determine its adequacy, effectiveness and completeness.
Audit Objectives
- Review adequacy of AML/KYC framework
- Assess effectiveness of current procedures
- Determine completeness of compliance measures
- Identify areas for improvement
AML/KYC Record Keeping
The Company shall maintain all necessary records on transactions, both domestic and international; all records obtained through CDD measures, account files and business correspondences and results of any analysis undertaken for at least seven (7) years following completion of the transaction.
Record Categories
Customer Records
Identification and verification documents
Transaction Records
All transaction details and supporting documentation
STR Records
Suspicious transaction reports with supporting documentation
Storage Requirements
- Records maintained for minimum 7 years
- May be stored as original documents or in computerized/electronic form
- Compliance Officer responsible for proper maintenance
- Records archived after retention period
Employee Education and Training Programme
The Company shall hold frequent strategic and operational meetings to discuss and communicate KYC/AML policies and to ensure that employees and management are on the same page in regards to such policy and action.
Training Objectives
- Ensure employees understand KYC/AML policies
- Maintain open channels of communication
- Enable efficient reporting of suspicious activities
- Keep staff updated on regulatory changes
Administrative Sanctions
Any member of staff that is suspected or found to have contravened any of the AML regulations like tipping-off, aiding and abetting money laundering activities, etc., shall be made to appear before the disciplinary committee of the Company.
Disciplinary Process
Such a person when found guilty shall be sanctioned according to the rules of the Company, and may not be insulated from further civil and criminal liabilities under the AML Act (Act 749).
Legal Penalties for Money Laundering
Penalties under AML Act 2008 (Act 749)
A person who is found liable for abetting money laundering activities under the provisions of the AML Act 2008 (Act 749) as amended, commits an offence and is liable on summary conviction to:
- A fine of not more than five thousand penalty units, OR
- A term of imprisonment of not less than twelve months and not more than ten years, OR
- Both fine and imprisonment
Conclusion
In the preparation of this Policy and Manual, deliberate efforts have been made to capture and adopt industry best practice. This document shall be reviewed biennially.
Nevertheless, should there be a major change in the AML regime whether globally, in the sub-region or nationally that calls for adoption, the Company shall co-opt that relevant information into this document.
Our Promise
We value your trust, and we shall ensure your safety and stability by ensuring that our services are not misused or abused by malicious parties to the detriment of genuine users.
Compliance Contact
For questions about our KYC/AML policies or to report suspicious activities:
General Support: support@mybitstore.com