Anti-Money Laundering (AML) Policy is a process held through Indian law and regulation to prevent the illegal action of money laundering, terrorist funding, financial fraud and generating income from wrong means. Bitxoxo ensure the safe and transparent services to its customers
Bitxoxo Anti Money Laundering (AML) Policy is designed to prevent money laundering by meeting the Prevention of Money Laundering Act, 2002 (PMLA) obligations including the need of having adequate systems and controls in place to minimize the risk of the company being used, to assist any financial crime. Anti-Money Laundering Policy has set some rules to be followed are:
- 1. The appointment of a Money Laundering Reporting Officer (MLRO) with sufficient level of seniority and independence and utterly responsible for oversight of compliance with relevant legislation, rules & regulations and sufficient industrial guidance.
- 2. Establishing and maintaining a Risk Based Approach towards assessing and managing the money laundering and terrorist financing risks to the company.
- 3. We believe in maintaining proper diligence, identification, verification and know your customer (KYC) procedures, for which we ask our customer to submit a copy of their PAN or Aadhar card for their identity and address proof.
- 4. The registered bank detail from the authorized bank with all necessary documents are taken from the customers to keep the transaction transparent and secure.
- 5. The KYC procedures and banking details for opening account with Bitxoxo are kept as a record to keep the track of every send or receive money from one user to another.
- 6. We always go beyond with safety by keeping intelligent systems and procedures to monitor on-going customer activity real time and generating report as periodically.
- 7. Our procedures for reporting suspicious activity are established to ensure that our services and website do not support any sort of money laundering, criminal activities and illegal funding.
- 8. The maintenance of appropriate records for the minimum prescribed periods.
- 9. Training and awareness for all relevant employees as a must.
Note: The above files provided by the customers will be saved at the server competently and the company shall now not expose the identical to any third party until we are mandated to do so underneath the provisions of any relevant legal guidelines.