AML (Anti-Money Laundering) Policy
We have developed an internal risk-based system for AML compliance, as per the guidelines and recommendations set forth by FATF to all Virtual Asset Service Providers. PrimeXBT has established and strictly maintains appropriate and risk-sensitive policies, internal controls, and procedures proportionate to its nature and size, related to record-keeping, risk assessment of each customer, reporting incidents to appropriate authorities, ongoing monitoring, and AML/TF measures.
To ensure the exclusion of bad actors who have obtained cryptocurrency through illegal or illicit means, or funds that originate from a known wallet associated with an exchange hack, the dark web, etc., PrimeXBT utilizes Bitfury’s Crystal AML compliance software and blockchain monitoring toolsets on all incoming transactions.
These tools ensure that PrimeXBT’s AML procedures comply with global regulations and improve safety and security for PrimeXBT clients. Any assets deposited to PrimeXBT are assigned a risk score based on Crystal’s proprietary algorithm, providing detailed insight about the history of that asset and the wallets it originated from. This strengthens PrimeXBT’s overall security and helps to promote a safer global financial community.
By utilizing Bitfury’s Crystal, PrimeXBT can effectively spot and quarantine any cryptocurrencies tied to bad actors such as hackers or terrorists, or that were involved in a crime such as money laundering. Furthermore, PrimeXBT doesn’t allow transactions in anonymous cryptocurrencies that obfuscate blockchain data.
Our constant ongoing monitoring of incoming transactions and manual approval over outgoing transactions utilizing the industry’s best blockchain-based AML compliance software ensures that we can actively and effectively address all suspicious transactions. Added CDD spot checks to follow up on AML requirements also allows us to eliminate bad actors and prevent illicit financial activities.