AML/KYC Policy

BittSpot exists as one of the top-tier and top-performing service providers for online trading. The company currently ranks among the top online trading service providers with the help of its highly reliable technology and veteran professionals. The company has secured a very remarkable place in the online trading industry with not just its years of experience but it has also gained a very high reputation by remaining compliant with regulations. Over the years, the company has continued adopting and practising many compliance policies ensuring it is able to provide a safe environment to the users/clients.

By adhering to both the major regulatory policies, BittSpot aims to provide the users/clients with peace of mind while they interact with the company’s trading platform. If this is your first time interacting with an online trading service provider, then you must know how important it is for such platforms to be fully compliant with the KYC and AML policies. These policies have been created by the most organized authorities that are the most reputable in the world of online finance. These policies have been designed for the protection of the personal information of the clients/users interacting with the online trading world as well as their financial information and funds. So let us find out how BittSpot is interacting with the KYC and AML policies.

AML Policy

Commonly known as the AML policy, the Anti-Money Laundering policy is also known as the AL policy. For any online trading service provider to provide trading and financial services to the clients/users, it is mandatory for them to be fully adherent to the AML policy. The full version of the AML policy (anti-money laundering) is self-explanatory and gives the idea of what is expected of the parties interacting with online trading services. Over the years, the online trading sector has become one of the most convenient mediums for money launderers to transact their black money without getting caught. Due to its very nature, the online trading sector has become a safe haven for the corrupt, as they have many illegitimate and unlawful brokerages facilitating them. , There are many people who have also started moving to the online trading sector to evade taxes. People who want to do something with the money/fortune they make from unlawful and illegal activities but cannot use it within their region, use the online trading industry to accumulate them. If they try and use such money within their jurisdiction/region, they will need to provide the source of where they received the money. If they are not able to prove or confirm the legitimacy of the funds, they may end up facing huge penalties and may even get jailed for carrying out money laundering activities. , Therefore, to convert their black money to white, the corrupt people look for online trading firms or brokerages that are not so strict when it comes to KYC and AML policies. Such online trading service providers do not put much stress over the acquisition and verification of the banking details of such criminals. These kinds of online trading service providers also end up ruining the overall reputation of the entire online trading sector. If users/clients with legitimate sources of income and funds end up investing through such online trading platforms, it puts their funds and proceeds at a high risk as well. The legal authorities can always shut down the online trading service providers facilitating such criminals, resulting in a great loss to legitimate users/clients. , However, BittSpot ensures that it does not become a facilitator for any money launderers, and by doing this, it makes sure that the money and profits of legitimate investors/traders are kept safe. BittSpot also makes sure that sensitive banking details, personal information, and money is also kept out of the reach of illegal traders and money launderers. To safeguard the financial and personal information of the clients/users, BittSpot is strictly compliant with the Anti-Money Laundering policy. According to the AML policy, an online trading service provider is required to acquire the prescribed banking details and information to authenticate the legitimacy of the source. The company does it when the users/clients try to sign up and want to deposit money to start trading. , If a client/user ends up failing in proving the authenticity of the provided banking details and source of funding, then the company holds the right to ban the user for good. The company can even bar your access to the official website where you can enter the trading platform for online trading purposes. If you are able to confirm the legitimacy of your banking details and source of funding, then you will be allowed by BittSpot to carry out your trading activities and contribute towards providing safety to other clients/users.

KYC Policy

The KYC policy, which stands for Know-Your-Customer policy is another major compliance check when it comes to onboarding clients/users on the trading platform , BittSpot strictly adheres to the KYC policy. This way, BittSpot makes sure that it only on boards the users/clients who are authentic or belong to a group that is legit. According to the KYC guidelines, the online trading service providers are required to acquire the prescribed personal information and carry out necessary checks for the verification of users/clients signing up for services. , In most cases, the users/clients are required to provide personal information such as an address, driver’s license, full name, and utility bills (dating back to 6 months). By acquiring such information, the company is able to create a unique account and profile for each client/user. Only you would have access to your account at BittSpot if you have provided the required information and your account has been verified. By doing this, the company ensures no unauthorized entity can gain access to your or other client’s/user’s unique trading account. , By strictly adhering to the KYC policy, BittSpot ensures that it keeps the fraudsters and scammers out of its trading platform. The only goal of such imposters is to trespass on the platform’s security and compromise the personal information of the users/clients. These imposters may attack the individuals through phishing attacks in order to steal away their access codes and steal away their funds. , However, BittSpot founders are well aware of such fraudsters and this is the reason why they are able to provide full safety and protection to the users. The company has the necessary checks and measures in place to ensure that the personally identifiable information of the users/clients is safeguarded at any cost.