KYC & AML Policy

1. Introduction

Mybitstore operates a digital infrastructure platform that enables users to exchange cryptocurrency in a secure and compliant manner.

As a financial services provider, we recognize the importance of understanding the customers we serve and maintaining strict compliance with applicable laws.

We perform KYC and AML procedures to safeguard our platform, protect legitimate users, and prevent financial crime.

2. Purpose and Overview

The purpose of this Policy is to establish a framework for combating money laundering, terrorist financing, and other financial crimes.

To achieve this, Mybitstore commits to: maintaining an effective AML compliance programme, continuously reviewing AML strategies and objectives, ensuring high standards of compliance across all staff, and preventing misuse of services for illicit purposes.

3. Anti-Money Laundering Reporting Officer

The Company appoints an AML Reporting Officer (AMLRO) in accordance with the Anti-Money Laundering Act 2008 (Act 749).

The AMLRO is responsible for developing and implementing the AML/KYC programme, receiving suspicious transaction reports, filing reports with competent authorities, and coordinating AML training across the organisation.

4. Data Protection

Mybitstore complies with the Data Protection Act 2012 (Act 843) and applies principles including: lawful and fair processing, purpose limitation, data minimality, accuracy and quality of information, and appropriate security safeguards.

5. KYC Programme

The Company verifies customer identity before establishing a business relationship. Required information includes full name, date of birth, a valid government-issued ID, and email address.

All identification documents must be verifiable and may be checked against AML watchlists and adverse databases.

6. Monitoring & Suspicious Activities

Customer transactions are continuously monitored to ensure they align with known risk profiles.

Suspicious transactions may include those with unusual size, frequency, pattern, or lack of economic rationale. All such activity is subject to internal review and may be reported to relevant authorities.

7. Detection of Suspicious Transactions

Where suspicious activity is detected, an internal investigation is initiated immediately and, where appropriate, a Suspicious Transaction Report (STR) is filed within 24 hours.

Users must not attempt to structure transactions to avoid detection thresholds. Such activity constitutes a violation of this Policy and applicable law.

8. Audit Function

An independent audit function periodically reviews the AML/KYC framework to assess adequacy, effectiveness, and compliance.

9. Record Keeping

All transaction records and KYC documentation are retained for a minimum of seven (7) years following completion of a transaction.

10. Employee Training

The Company provides regular AML/KYC training to ensure employees understand compliance obligations and reporting requirements.

11. Administrative Sanctions

Staff who contravene AML regulations may face disciplinary action and additional civil or criminal liability under the AML Act.

12. Legal Penalties

Under the AML Act 2008 (Act 749), offenders may face fines, imprisonment ranging from twelve months to ten years, or both. Civil penalties and asset forfeiture may also apply where proceeds of crime are identified.

13. Conclusion

This Policy reflects industry best practice and is reviewed periodically. Where significant regulatory changes occur, this document will be updated accordingly.

For questions about this KYC & AML Policy, please contact us at support@mybitstore.com or visit mybitstore.com. Our offices are located in Accra, Ghana.