KYC/AML Policy

Objective of the AML Policy

Fiatbit Technologies d.o.o. is committed to applying anti-money laundering (AML) requirements to its business operations. All employees are required to uphold the highest standards of AML and Know Your Customer (KYC) compliance to reduce the risk of the services being used to facilitate financial crime.

Fiatbit Technologies d.o.o. has implemented a comprehensive AML Policy framework to ensure that all necessary steps are taken to maintain the safety and integrity of its services. The company adheres to the AML laws applicable in Croatia, including Croatian AML laws, as well as relevant international AML guidelines.

What is an AML Policy?

The AML Policy is a framework designed to prevent the services from being used for money laundering, terrorist financing, or other criminal activities. KYC measures form a critical part of the AML policy, enabling Fiatbit Technologies d.o.o. to better know and understand its customers, thus mitigating risks.

Fiatbit Technologies d.o.o. continuously reviews and updates this policy to remain compliant with applicable laws and best practices in AML procedures.

Suspicious or Unusual Transactions

In the event of potentially suspicious or unusual transactions or behavior by customers, Fiatbit Technologies d.o.o. will take appropriate measures to eliminate the associated risks. Employees involved in transaction monitoring may request additional documentation, such as proof of funds, to ensure compliance with AML obligations.

Fiatbit Technologies d.o.o. maintains a secure and organized system for record-keeping, including customer identification documents and transaction data. All data is stored confidentially and in accordance with applicable personal data protection laws.

Our AML Policy Includes:

Customer Identification and Verification: Identifying and verifying the customer’s identity before entering into a financial relationship.

Risk-Based Customer Due Diligence: Implementing risk-based customer due diligence procedures, including enhanced due diligence for higher-risk customers.

Transaction and Behavioral Monitoring: Monitoring customer transactions and financial behavior using risk-based analysis.

Reporting Suspicious Activities: Procedures for reporting suspicious activities internally and to appropriate law enforcement agencies.

Employee Training: Conducting periodic AML training sessions to ensure employees are informed about the latest AML practices and regulations.

Account Termination and Rejection of Documents: Rejecting customer documents, closing accounts, and terminating business relationships if suspicious activity, false documentation, or lack of cooperation is detected.

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Restricted Countries

Our services are not offered in the following restricted countries: Afghanistan, Algeria, Angola, Belarus, Bolivia, Bosnia and Herzegovina, Botswana, Brazil, Burundi, Cambodia, Central African Republic, Chad, China, Congo (DRC), Cuba, Egypt, Eritrea, Ethiopia, Haiti, Iran, Iraq, Jamaica, Jordan, Kenya, Kosovo, Laos, Lebanon, Liberia, Libya, Mali, Mauritania, Mongolia, Myanmar/Burma, Nicaragua, Niger, Nigeria, North Korea, Occupied Palestinian Territories, Pakistan, Panama, Russia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Trinidad & Tobago, Tunisia, Turkey, Uganda, Ukraine (certain regions), United Arab Emirates, United States of America, Uzbekistan, Venezuela, Vietnam, Yemen, Zimbabwe.