BIOKRIPT’S ANTI-MONEY LAUNDERING(AML) AND KNOW YOUR CUSTOMER(KYC) POLICY

Biokript has been legally incorporated in the United States with affiliate offices in Bosnia and Herzegovina and it is regulated as a Money Services Business(MSB) by Fincen.

In order to avert Money Laundering and Terrorist Financing, Biokript has implemented this policy and any associated procedures. All employees, directors, and shareholders are bound by it.

POLICY STATEMENT

Biokript’s policy strictly prohibits and prevents any activity that facilitates money laundering or funding of terrorist activities. The company requires all its representatives to comply with its AML rules.

BIOKRIPT’S AML POLICY PROGRAM

The purpose of Biokript’s AML policy is to combat money laundering and terrorist financing on our exchange. We will accomplish that by proper identification of our users and supervision of their transactions. If any of those transactions is suspected to hide the criminal origin of money or to finance any type of illegal activity, we will immediately cease and identify those transactions.

As a licensed money transmitter, we are obligated to identify the persons transacting on our exchange. We do that by requiring our users to upload a “selfie” along with an ID or a passport and only after we determine that the documents are authentic, we will authorize the user to transact on our exchange.

As for approving legal entities to transact on our platform, the procedure is more stringent. First, we need to determine who is the owner of the company, where is the company located, and what is the main business of the company. Verification for business entities is more consuming because most of the work is done manually.
Our AML programs consists of several measures:

1. RISK DETERMINATION

BioKript will determine the risk associated with each user and take the necessary AML and Counter Financing of Terrorism(CFT) measures in order to control it. This process will identify the AML and CFT risk concerning its users in terms of user’s respective geography, Biokript’s operating jurisdiction, and its products and services.

2. BIOKRIPT’S COMPLIANCE SPECIALIST

Biokript will appoint a compliance specialist to oversee the implementation of AML policy. This person will be a single point of contact for anything relating to AML compliance, including regulatory filings, monitoring and reporting suspicious transactions, and keeping up with the changing AML laws.

3. CUSTOMER ONBOARDING

Biokript will accept its users only after the following information have been verified:

  • Full legal name
  • Full permanent address
  • Nationality
  • Date and place of birth
  • Passport or ID number
  • Telephone and email
  • Occupation
  • Employer’s name and address
  • Type of account and anticipated volume
  • Source of funds
  • Customer’s signature

For legal entities we will need the following:

  • The entity’s full name
  • Legal form status
  • Business address
  • Registration or license number
  • Date and place of incorporation
  • Telephone and email
  • Regulatory body governing the company
  • Type of account and anticipated volume
  • Source of funds

Biokript will maintain all customers’ records for at least 10 years from the date of termination of the account.

4. TRANSACTIONS’ MONITORING

Our system will monitor all the transactions and if the transaction is flagged as suspicious, we can require additional information from the user. If our AML specialist decides that information from the user is not sufficient, we are required to terminate our cooperation with the user.

5. BIOKRIPT’S AML RULES
  1. In terms of documentation, Biokript does not allow any exceptions.
  2. Biokript has the right to refuse to process the user’s transaction at any time.
  3. Biokript does not accept any third parties’ deposits.
  4. According to international law, Biokript is not obligated to inform our clients if we report any suspicious activity to relevant authorities.
6. SANCTIONED COUNTRIES

In accordance with Biokript’s policies, we do not open accounts for citizens or residents in countries with international sanctions or countries with weak anti-money laundering laws.

7. TRAINING

Biokript’s AML specialist will be responsible to train and educate each Biokript’s team member. That training will include knowledge of Biokript’s services as well as guidelines for identification and reporting suspicious transactions.
That training will be required upon each employee and due to the changing nature of crypto industry, it will be maintained once a year.

8. INDEPENDENT REVIEW

Biokript will have an independent overview of company’s program by an external auditor. This review will independently test Biokript’s internal controls against randomly selected data in order to identify control failures.

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BIOKRIPT Hybrid Exchange is a spot trading platform that combines the best features of both CEX and DEX. BIOKRIPT provides its BKPT users access to 50/50 profit shares generated from the exchanges trading fees.

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Support

support@biokript.com

Address

Sarajevo, 71,000, Bosnia and Herzegovina
Glendale, Arizona, United States