This Policy aims to present the Anti-Money Laundering procedures (AML) and Counter-Terrorism Financing (CTF) of bittsmarket.com. bittsmarket.com seeks to detect and prevent money laundering and terrorism financing activities in order to protect the Company’s reputation, comply with law and requirements and fulfil its duties as a responsible corporate body. The Company ensures that the AML and CTF procedures are carried out in a way that complements business priorities.
bittsmarket.com management is dedicated to actively preventing money laundering and terrorist financing taking place on the company website. These policies are to be adhered to by all employees and any member of staff or management found to be breaching these policies will face disciplinary action.
These policies are to be read by and adhered to by all employees and officers of the Company. Any employee found not to be adhering to these policies and procedures will face severe disciplinary action. The Company policy is based on the international AML legal framework consisting of international conventions, FATF Recommendations, EU Directives and domestic law.
Recommendations of FATF – FATF IX Special Recommendations, FATF 40 Recommendations.
A set of measures aimed to prevent and combat money laundering and financing of terrorism by acknowledging the evolution of international standards to achieve a harmonised regulatory environment among the EU Member States.
EU Directive – 2015/849 – IV Anti‐Money Laundering.
It sets out measures for preventing and combating money laundering and terrorism financing, acknowledging, over time, the evolution of international standards with the aim of achieving a harmonised regulatory environment between the Member States.
St. Vincent and the Grenadines has implemented a package of legislation aimed at detecting, preventing, and prosecuting money laundering and other serious crimes as well as confiscating the profits of crime. The legislative measures reflect international best practices and take account of the 40 Recommendations of the Financial Action Task Force (FATF) on money laundering and the 19 Recommendations of the Caribbean FATF. The regulatory body with the mandate to supervise the offshore financial sector is the Financial Services Authority.
The above-mentioned provisions are likely to be amended / integrated / replaced following the full transposition ‐ in the jurisdictions in which the Company operates – of EU Directive ‐ 2015/849 “IV Anti‐Money Laundering Directive”.
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