AML and KYC Policies

07/18/2014 

Anti-Money Laundering (AML)

The LakeBTC AML Policy is designed to prevent money laundering by meeting the local 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:

  • Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons.
  • 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.

Know Your Customer (KYC)

Due to international regulations on the prevention of criminal activities and money laundering, and terrorism financing, LakeBTC strictly implements KYC guidelines and procedures. While we respect and honor the privacy of our clients, corporate and individuals, we are committed to undertaking thorough due diligence of both our clients' identities and the nature of their businesses. Clients are therefore invited to provide the following documents to comply with our “Know Your Client” policy:

For Individual Accounts:

  1. A high-resolution copy of the photo page of passport and other relevant pages, indicating full name, nationality, place and date of birth, issue and expiry dates, passport number, country of issue and signature or a copy of national identity card/driver's license including mentioned information.
  2. Utility bill (e.g. electricity, telephone, etc.) or bank statement dated within the last three months, showing registered name, permanent residential and mailing address.
  3. A high-resolution copy of the customer holding the photo ID aforementioned is required in some jurisdictions.

For Corporate Accounts:

  1. High-resolution copy of the Certificate of Incorporation.
  2. Document detailing the address of the company's registered office.
  3. Photo ID (e.g., passport) copy of the company’s owner or controlling person.

LakeBTC is entitled, upon its sole discretion and grounding upon this policy, at any time during the service provision to its clients demand them present the documents (list of which shall be constituted solely by LakeBTC including the form of the documents to be presented) to reinstate account functionality or justify any other action (or operation) performed (or about to be performed) by the client. Such requests will be made via e-mail. Simultaneously, LakeBTC reserves the exclusive right to unilaterally decline any clients' application and/or terminate further provision of services without any statements or explanations to the client.

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