Anti-Money Laundering Programme: Difference between revisions
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(Created page with "==Principles== * Anti-Money Laundering is at the core of Bittylicious. * Customers that we do not [http://en.wikipedia.org/wiki/Know_your_customer 'know'] are only entitled t...") |
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* In order to buy even a few Bitcoins, customers are required to register (i.e. confirm their email address) and also confirm a mobile phone number. | * In order to buy even a few Bitcoins, customers are required to register (i.e. confirm their email address) and also confirm a mobile phone number. | ||
* In order to increase that limit further, more extensive ID checks are performed in the form of: | * In order to increase that limit further, more extensive ID checks are performed in the form of: | ||
** ID verification | ** ID verification. | ||
** Proof of address verification | ** Proof of address verification. | ||
** Bank account verification | ** Bank account verification. | ||
* We also will open up dialogue with you to understand your reasoning for wanting Bitcoins. | * We also will open up dialogue with you to understand your reasoning for wanting Bitcoins. | ||
==Anti-Abuse== | |||
We take active steps to stop users from abusing the limits we set. Amongst other things, we: | |||
* Set strict time limits between starting and completing trades. | |||
* Restrict the number and amount of trades per IP address and IP block. | |||
* Cross-reference information received from banks concerning account names. | |||
==Regulations== | ==Regulations== | ||
Although the methods we use to trade Bitcoin trading are not seen to require regulation at present, we have voluntarily registered under [http://www.hmrc.gov.uk/MLR/ HMRC's Money Laundering Regulations scheme] as we believe they are sensible. | Although the methods we use to trade Bitcoin trading are not seen to require regulation at present, we have voluntarily registered under [http://www.hmrc.gov.uk/MLR/ HMRC's Money Laundering Regulations scheme] as we believe they are sensible. | ||
Revision as of 08:10, 2 October 2013
Principles
- Anti-Money Laundering is at the core of Bittylicious.
- Customers that we do not 'know' are only entitled to buy small amounts of Bitcoins. These are such small amounts that most money launders would not bother with.
- In order to buy even a few Bitcoins, customers are required to register (i.e. confirm their email address) and also confirm a mobile phone number.
- In order to increase that limit further, more extensive ID checks are performed in the form of:
- ID verification.
- Proof of address verification.
- Bank account verification.
- We also will open up dialogue with you to understand your reasoning for wanting Bitcoins.
Anti-Abuse
We take active steps to stop users from abusing the limits we set. Amongst other things, we:
- Set strict time limits between starting and completing trades.
- Restrict the number and amount of trades per IP address and IP block.
- Cross-reference information received from banks concerning account names.
Regulations
Although the methods we use to trade Bitcoin trading are not seen to require regulation at present, we have voluntarily registered under HMRC's Money Laundering Regulations scheme as we believe they are sensible.