AML Policy

gavel1. Introduction

Binetrax is committed to preventing money laundering and terrorist financing. This Anti-Money Laundering (AML) Policy outlines our approach to detecting, preventing, and reporting suspicious activities. We comply with all applicable laws and regulations related to AML and Counter-Terrorist Financing (CTF).

verified_user2. Customer Due Diligence

We implement robust Know Your Customer (KYC) procedures to verify the identity of all users:

• Identity Verification: Government-issued identification documents
• Address Verification: Proof of residential address
• Enhanced Due Diligence: Additional verification for high-risk customers
• Ongoing Monitoring: Continuous review of customer activity

monitoring3. Transaction Monitoring

We employ systems to monitor transactions and detect suspicious activity:

• Automated transaction monitoring for unusual patterns
• Review of large or frequent transactions
• Identification of structured transactions designed to avoid reporting thresholds
• Analysis of transactions involving high-risk jurisdictions

flag4. Suspicious Activity Reporting

We are committed to reporting suspicious activities to the appropriate authorities:

• Suspicious Activity Reports filed with regulatory authorities
• Internal escalation procedures for suspicious transactions
• Cooperation with law enforcement investigations
• Record keeping of all reports and investigations

send5. Transfer Restrictions and Funding Requirements

To protect our users and comply with Anti-Money Laundering regulations, we have implemented the following transfer restrictions:

• Weekly Funding Threshold: To receive transfers exceeding $5,000.00 USD, recipients must have a minimum of $2,000.00 USD in weekly account funding (deposits made within the past 7 days).
• Fraud Prevention: This requirement helps prevent fraudulent transfers and protects both senders and receivers from unauthorized transactions.
• AML Verification: Users who have completed enhanced AML verification may be exempt from these funding requirements at the discretion of our compliance team.
• Notification System: Both the sender and recipient will be notified via email and in-app notifications when a transfer is pending due to funding requirements.
• Transfer Methods: Transfers using Email ID (EID) and Phone ID (PID) are subject to these restrictions to ensure proper verification of all parties involved.

block6. Prohibited Activities

The following activities are strictly prohibited on our platform:

• Money laundering or attempts to launder proceeds of crime
• Terrorist financing or support for terrorist organizations
• Fraud, identity theft, or other financial crimes
• Evasion of sanctions or dealing with sanctioned entities
• Use of the platform for illegal activity
• Circumventing transfer restrictions or transaction limits

school7. Staff Training

All staff members receive comprehensive AML training:

• Initial AML awareness training upon hiring
• Regular refresher courses and updates on new regulations
• Specialized training for compliance and risk management staff
• Documentation of all training activities

folder8. Record Keeping

We maintain comprehensive records as required by law:

• Customer identification documents and verification records
• Transaction records for a minimum of 5 years
• Suspicious activity reports and investigation files
• Training records and policy documentation

contact_mail9. Contact Us

If you have questions about our AML policy or wish to report suspicious activity, please contact our compliance team.