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Blocksolver AML POLICY

  1. INTRODUCTION
     
The purpose of this Anti-Money Laundering and Know Your Customer Policy is to reduce the risks associated with money laundering and other illicit activities. This summary highlights key points of the policy but does not provide the full details. To view the complete document, please contact customer support.
Both domestic and international regulations require BlockSolver to implement effective procedures to prevent money laundering, terrorist financing, drug and human trafficking, the proliferation of weapons of mass destruction, corruption, and bribery. Additionally, BlockSolver must take appropriate action when any suspicious activities are detected involving its customers.
  1. GENERAL PRINCIPLES
  • AML Procedures: Verify the Customer's identity, maintain records, monitor and identify unusual or suspicious transactions, and report and control them internally when necessary.
  • Ensure employees understand their responsibilities and are familiar with the company's AML procedures.
  • Provide appropriate training for relevant employees.
  • Forward any relevant external requests to the Anti-Money Laundering Compliance Officer (AMLCO).
  1. ANTI-MONEY LAUNDERING COMPLIANCE OFFICER
     
The AMLCO is responsible for ensuring compliance with Anti-Money Laundering (AML) regulations. While the terms "compliance officer" and "AMLCO" may refer to the same individual, their duties may vary.
The AMLCO has the necessary authority and access to all required information to perform their duties effectively.
To contact the AMLCO department, please email: [email protected].
  1. MONITORING OF TRANSACTIONS
     
Ongoing monitoring of customer accounts and transactions is crucial for managing the risk of money laundering and terrorist financing. The AMLCO is responsible for establishing and enhancing these monitoring procedures within the company.
  1. IDENTITY VERIFICATION
     
Upon receiving supporting documents for the identity of a new Customer, the company must ensure that these documents adequately verify the Customer’s identity and existence. The company may use third-party services for verification, but it retains ultimate responsibility for ensuring that verification meets the necessary standards.
The collection, storage, sharing, and protection of the Customer’s identity information will comply with the company’s Privacy Policy and align with the General Data Protection Regulation (GDPR).
  1. SANCTIONS
     
The company fully complies with international sanctions and is prohibited from engaging in transactions with individuals, companies, or countries subject to sanctions by bodies such as the United Nations, European Union, or other authorities. These sanctions are imposed to limit interactions with entities involved in illegal activities or threats to global security.
To ensure compliance, the company screens customers, counterparties, and transactions against sanction lists. Any violations will result in immediate action to cease the transaction and report the incident to the appropriate regulatory authorities.
  1. PROHIBITED COUNTRIES
     
The company complies with international regulations by restricting services to individuals in certain high-risk countries. These countries are identified based on factors such as anti-money laundering assessments from international organizations.
The complete list of prohibited countries is available in the full Anti-Money Laundering Policy, which can be obtained by contacting the company. The list is updated periodically and becomes effective upon policy revisions.
By restricting services to individuals in these prohibited countries, the company aims to mitigate risks and comply with laws and regulations, further demonstrating its commitment to operational integrity.
 
  1. RISK ASSESSMENT
     
The company will apply a risk-based approach to focus its efforts on areas with higher risks for money laundering and terrorist financing. The AMLCO will continuously evaluate the effectiveness of these procedures.
The risk-based approach includes:
  • Recognizing that money laundering or terrorist financing risks differ across customers, countries, services, and financial instruments.
  • Allowing the board of directors to categorize customers based on their specific business risks.
  • Improving cost-effectiveness in the AML system.
  • Prioritizing actions based on the likelihood of money laundering or terrorist financing.
  • Tailoring policies, procedures, and controls to the company's unique circumstances.
  1. CONTACTS
     

For questions about the Anti-Money Laundering and Know Your Customer Policy, or for more information, please contact the AMLCO department:
Email:  [email protected]