Bokka AML / CFT Policy | Bokka
Subscribe Telegram

Bokka AML / CFT Policy

Last Updated 20th of June 2018

Bokka Limited Anti-Money Laundering and Know Your Customer Policy (hereinafter – the “AML/KYC Policy”)  is designated to prevent and mitigate possible risks of The Company being involved in any kind of illegal activity, Bokka is the name of a company, website, a service, and a brand. For clarity when reading this policy, take note of the following definitions;

“The Company” means Bokka Limited as a legal entity which operates and provides exchange services.

“The Services” means the entire scope of features and of cryptocurrency exchange service provided by Bokka Limited.

“The User” means the individual using the services of Bokka.

Introduction

Bokka is a cryptocurrency exchange platform where registered users can deposit one crypto asset, such as Bitcoin and exchange it with another user’s asset via order matching, such as Ethereum via the exchange platform.

The Company will only accept cryptocurrencies and does not represent or offer any conventional currencies, usually referred to as fiat currency which is, for example, Euro, Great British Pound, etc. Even though The Company does not accept fiat currencies, the services provided by The Company could still theoretically be used for money laundering activities. Therefore, the Company designed and implemented robust policies and procedures to prevent money laundering and terrorist financing activities.

Policy Aim

While The Services provided by The Company do not fit into any existing regulatory framework and are presently not governed by any Competent Authority, at least not in the context of The Services provided by The Company. Because of this, The Company has interpreted the globally accepted standards and best practices of AML-CFT policies, including those set out by the Financial Action Task Force and within EU Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. From the aforementioned sources and others similar to them, The Company has devised its own policy which the company will follow until an existing or new Competent Authority begins to offer regulation which The Company will follow.

This policy and The Company’s Internal Compliance Department are responsible for its oversight by incorporating a risk-based approach (RBA) to prevent risks associated with exposure to money laundering activities. This includes performing Know your Customer checks on all applications to have a verified account with The Company, where identity checks and due diligence are performed. The extent of the due diligence performed depends on various risk-based factors identified by The Company.

Registration and Required Information

Anyone who wishes to use the full and unrestricted scope of Services provided by The Company must complete verification.

Unverified accounts have;

  • The ability to access, download and install the application
  • The ability create an account with an unverified status
  • The ability to deposit cryptocurrencies
  • The ability to trade, with restrictions (see below)
  • The ability to submit verification information
  • The inability to trade or access trading facilities
  • The inability to perform any kind of withdrawals

Restrictions for unverified accounts;

  • If the sum of deposits across all assets and all account owned by a single user is below the equivalent value of 2,000 EURO at the time of deposit, trading will be enabled.
  • If deposits the sum of deposits exceed the amount of 2,000 EURO then trading will be disabled until user becomes verified.

NB: The Company will be looking for anomalies to identify abuse of this system, such as common IP addresses of different users, common wallet addresses used for deposits and withdrawal for different users and other undisclosed methods.

Verified accounts;

  • Are qualified to trade and exchange digital assets without restriction according to the companies limits which may change from time to time.
  • Are qualified to deposit and withdraw any assets of any amount to any wallet without restriction according to the companies limits which may change from time to time.

The information required to be submitted for verification is as follows;

  • First Name
  • Last Name
  • Date of Birth
  • Country of Residence
  • Street Address
  • City
  • Zip / Postal Code
  • Acceptance of the Terms of Business, AML Policy, and Privacy Policy
  • Valid ID or Passport which is not due to expire within the next 3 months
  • Valid Proof of Address, more than 6 months old

The Company may decline verification for any reason and is not required to provide any reason in the event of verification being declined.

The Company may request any additional documents to be provided in addition to what is listed above.

The Company may request for information to be renewed at any time, for example, if a passport expires, then The Company can request for a new one to be provided to maintain the accounts verified status.  

Corporate Accounts

The Company does provide corporate accounts for business to use the services provided by Bokka. To learn more about the onboarding requirements, please contact info@bokka.com  

Sanctions and Banned Countries

The Company does not verify accounts from citizens or residents of Iran, North Korea or as per the list of high-risk countries published by the Financial Action Task Force. Additionally, The Company does not currently accept clients from the United States of America. This list may change from time to time.

Background Checks

The Company reserves its right to conduct any criminal background check or other similar screenings using portals such as Lexis Nexis or other methods available to The Company.