KYC/AML Policy
Objective of the AML Policy
Fiat201 GmbH and Fiatbit Technologies d.o.o. are committed to applying anti-money laundering (AML) requirements to our business operations. All our employees are required to uphold the highest standards of AML and Know Your Customer (KYC) compliance to reduce the risk of our services being used to facilitate financial crime.
We have implemented a comprehensive AML Policy framework to ensure that all necessary steps are taken to maintain the safety and integrity of our services. Both companies adhere to the AML laws applicable in their respective jurisdictions, including Swiss AML laws (for Fiat201 GmbH), GDPR-compliant EU AML laws, and the Markets in Crypto-Assets Regulation (MiCA) (for Fiatbit Technologies d.o.o.), as well as international AML guidelines.
What is an AML Policy?
The AML Policy is a framework designed to prevent our services from being used for money laundering, terrorist financing, or other criminal activities. KYC measures form a critical part of the AML policy, enabling us to better know and understand our customers, thus mitigating risks.
We continuously review and update 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, both Fiat201 GmbH and 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.
Both companies maintain 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.
Restricted Countries
Our services are not offered in the following restricted countries:
Afghanistan, Algeria, Angola, Bahrain, Bangladesh, Bolivia, Botswana, Brazil, Burundi, Cambodia, Chad, China, Congo, Cuba, Curacao, Djibouti, Egypt, El Salvador, Equatorial Guinea, Eritrea, Ethiopia, Gabon, Ghana, India, Indonesia, Iran, Iraq, Jordan, Kenya, Korea, Kuwait, Laos, Lebanon, Liberia, Libya, Lithuania, Malawi, Malaysia, Mali, Mauritania, Myanmar/Burma, Morocco, Mozambique, Nicaragua, Niger, Nigeria, North Korea, Occupied Palestine Territories, Oman, Pakistan, Panama, Qatar, Rwanda, Saudi Arabia, Sierra Leone, Solomon Islands, Somalia, South Sudan, Sri Lanka, Sudan, Suriname, Syria, Timor Leste, Togo, Trinidad & Tobago, Tunisia, Turkey, United Arab Emirates, Uruguay, Vietnam, Yemen, Zimbabwe, USA.
Regional Responsibilities
- Fiat201 GmbH :
- Handles AML and KYC compliance for customers located in Switzerland and outside the EEA/EU region .
- Complies with Swiss AML laws and international guidelines.
- Fiatbit Technologies d.o.o. :
- Manages AML and KYC compliance for customers located in the EEA/EU region .
- Adheres to GDPR, EU AML directives, and the Markets in Crypto-Assets Regulation (MiCA).
Both companies collaborate to ensure compliance but remain individually responsible for their respective jurisdictions.