This policy defines the rules and convention the BitPOS Holding Pty Limited and its associated entities
(“BitPOS Group”) will follow in the identification, procedure and management of the services the BitPOS
Group provide and monitoring the money laundering and terrorism financing risk posed by customers of the
The BitPOS Group undertakes to meet the requirements of Australian law regarding anti money laundering and counter terrorism financing.
The BitPOS Group will comply with Australian law by monitoring, identifying and reporting suspicious activity by:
- constantly monitoring transactions on the BitPOS platform;
- identifying transactions that appear suspicious; and
- reporting all suspicious transactions to relevant government agencies.
The BitPOS Group will aim to prevent illicit activities on its platforms by:
- ensuring all customers of BitPOS undergo identity verification and business verification;
- refusing service to any customer who fails identity verification and business verification checks; and
- ensuring ongoing customer due diligence is conducted.
The BitPOS Group will ensure that:
- all relevant records are retained for seven years or any period required by law;
- any employee of the BitPOS Group that has access to IT systems are appropriately qualified and screened;
- a third party verification service is used to conduct customer identification according to safe harbor provisions of the AUSTRAC regulation;
- any suspicious matters are disclosed to AUSTRAC.