AML Policy

Last updated: July 08, 2017

Introduction

Belgacoin.com is a website that allows people to buy and sell cryptocurrencies such as bitcoins (since 2015), and a wallet service (since 2017). Belgacoin.com recognizes that cryptocurrencies pose a risk of illegal uses (as do "real" currencies). We also believe, however, that the legitimate use of cryptocurrencies provides benefits to the global economy.

Definition of Money Laundering

Money laundering is the process of transforming the profits of crime and corruption into ostensibly "legitimate" assets. In a number of legal and regulatory systems, however, the term money laundering has become conflated with other forms of financial and business crime, and is sometimes used more generally to include misuse of the financial system (involving things such as securities, digital currencies, credit cards, and traditional currency), including terrorism financing and evasion of international sanctions. Most anti-money laundering laws openly conflate money laundering (which is concerned with source of funds) with terrorism financing (which is concerned with destination of funds) when regulating the financial system. (Wikipedia)

Systems and Procedures

Although Belgacoin.com is currently unregulated and do not fall within the scope of the AML obligations in Belgium, we have implemented systems and procedures to prevent money laundering and not be used by criminals to launder proceeds of crime of finance terrorism.

Assessing Risks and Applying a Risk-Based Approach

Belgacoin.com identifies, assesses and takes effective actions to mitigate money laundering and terrorist financing risks.

Customer Due Diligence

Belgacoin.com prohibits anonymous accounts and accounts in obviously fictitious names. Belgacoin.com undertakes customer due diligence measures when establishing business relations or performing transactions, when there is a suspicion of money laundering or terrorist financing, or when it has doubts about previously obtained customer information. If Belgacoin.com is unable to verify the identity of a customer, then it will not establish business relations or perform transactions with this customer, and it will consider reporting to competent authorities.

Belgacoin.com has set up a platform (identity.belgacoin.com) for customer due diligence.

Record Keeping

Belgacoin.com maintains transaction records and customer due diligence information for at least 5 years. Belgacoin.com makes this information available to competent authorities upon request.

Politically Exposed Persons

Belgacoin.com takes reasonable measures to determine whether a customer is a politically exposed person and applies additional measures to establish business relations or perform transactions.

New Technologies

Belgacoin.com identifies, assesses and takes effective actions to mitigate money laundering or terrorist financing risks in relation to the development of new products and new business practices, and the use of new or developing technologies for both new and pre-existing products.

Wire Transfers

Belgacoin.com includes required and accurate originator and beneficiary information on wire transfers, and monitors wire transfers to detect those lacking required and accurate originator or beneficiary information. Belgacoin.com does not conduct business with sanctioned persons and entities.

Reliance on Third Parties

Belgacoin.com may rely on third parties to perform elements of the customer due diligence measures (like SEPA bank transfers).

Reporting of Suspicious Transactions

If Belgacoin.com suspects that funds are related to criminal activity or to terrorist financing, then it will report to competent authorities.

Conclusion

Belgacoin.com policy is to comply with applicable laws and regulations regarding AML and identity verification, and to detect and prevent the use of its service to launder money, commit fraud or other crimes. We are committed to protecting the privacy of our users, but we will not allow anybody to use our services to launder money, commit fraud, or other crimes or illegal conducts.