Birake Exchange AML Policy
Anti-Money Laundering Policy (AML Policy)
Money laundering is defined as the process where the identity of the proceeds of crime is so disguised that it gives an impression of legitimate income. Criminals specifically target financial services firms through which they attempt to launder criminal proceeds without the firms’ knowledge or suspicion.
Counter the Financing of Terrorism (CFT) Policy
The Company takes a risk-based approach when adopting and implementing counter financing of terrorism (CFT) measures and in conducting AML risk assessments.
The company adopted internal CFT controls and made undefended decisions regarding CFT matters supersedes any business, strategic or other operating task.
AML is tightly linked to Know Your Customer (KYC) requirements, which essentially involve verifying customers’ identities. KYC also requires financial institutions to monitor their users’ activity on an ongoing basis. Like AML, modern KYC procedures are heavily automated, and many institutions use the client onboarding process as an opportunity to acquire proper identification from new customers.
This Anti-money Laundering Policy/ CTF (hereinafter referred to as “AML/CTF Policy”) outlines the procedures and mechanisms used by Birake Exchange for the purpose of preventing money laundering.Birake Exchange adheres to the following policies:
● not entering into business relationships with criminals and/or terrorists;
● not processing transactions that are result from criminal and/or terrorist activities;
● not facilitating any transactions related to criminal and/or terrorist activities.
Birake Exchange shall establish its own procedures for determining compliance with the anti-money laundering standards and Know Your Customer (KYC) policy.
Birake Exchange may also request a second Customer identification document: a bank statement or utility bill no older than 3 months, which includes the Customer’s full name and current address.
Birake Exchange LLC provides its services to all countries and citizens in the world apart from these in the following list:
Georgian citizens and/or residents; Iran, Iraq, Syria, Libya, Yemen, Afghanistan, Nauru, Somalia, North Korea, Northern Cyprus, Russian Federation, Chechnya, Venezuela, Cuba, Kosovo, Turkmenistan, Uzbekistan, Territories of Russia occupied in violation of international law (Crimea, Abkhazia, Nagorno-Karabakh, South Ossetia, Donetsk/Luhansk, Transnistria) and United States of America.