Azbit is committed to providing you with safe, compliant, and reputable Services. Accordingly, Azbit insists on a comprehensive and thorough customer due diligence process and implementation and ongoing analysis and reporting.
This includes monitoring of and for suspicious transactions and mandatory reporting to international regulators. By agreeing to our Terms, you acknowledge and understand that Azbit maintains verification levels which require user participation and verification in order to obtain, with leveled permissions based on user-supplied information, our ability to verify it, and our internal policies. You accept that you may not be able to achieve a desired level of verification, and Azbit reserves the right to determine, at its sole discretion, the appropriate Verification Level for any user, as well as the right to downgrade users without prior notice.
Azbit may, from time to time, implement policies restricting Verification Levels by nationality, country of residence, or any other factor. This may affect your ability to withdraw funds in your account and you indemnify Azbit against any losses associated with an inability to deposit and/or withdraw funds based on your verification level. Azbit reserves the right to refuse registration to, or to bar transactions from or to, or terminate any relationship with, any customer for any reason (or for no reason) at any time.
The Azbit AML Policy is designed to prevent money laundering by meeting the Republic of Estonia AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
- The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
- Establishing and maintaining a Risk Based Approach (RBA) towards assessing and managing the money laundering and terrorist financing risks to the company;
- Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
- Establishing and maintaining risk based systems and procedures to monitor on-going customer activity;
- Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
- The maintenance of appropriate records for the minimum prescribed periods;
- Training and awareness for all relevant employees.