Customer Acceptance Policy
BTC Magnets maintains clear customer acceptance policies and procedures, including a description of the types of customer that are likely to pose a higher than average riskin order to fulfill its formal legal requirements. Before accepting a potential client, KYC and due diligence procedures are followed, by examining factors such as customers’ background, country of origin, public or high profile position, linked accounts, business activities or other risk indicators.
Please note that we do not accept US Citizens.
BTC Magnets is also committed to regularly update its electronic system for inspection of suspicious transactions and for verification of client identification records, in accordance with any new regulations as they are promulgated, as well as providing training for its employees on enhancements to anti-money laundering procedures that may be required by new regulations.
Know Your Client (KYC) Requirements
BTC Magnets obtains all information necessary to establish to its full satisfaction the identity of each new customer and the purpose and intended nature of the business relationship extent and nature of the information depends on the type of applicant (personal, corporate, etc.) and the expected size of the account.
When an account has been opened, but problems of verification arise in the service relationship which cannot be resolved, BTC Magnets can close the account and return the money to the source from which it was received.
While the transfer of an opening balance from an account in the customer’s name in another organization subject to the same KYC standard will be considered, BTC Magnets follow its own KYC procedures.
Client identification must be carried out as soon as reasonably practicable after first contact is made. As part of its obligation to exercise due diligence in customer identification, BTC Magnets must confirm that the identity information which it holds for its customers remains fully updated with all necessary identification and information throughout the business relationship. BTC Magnets reviews and monitors on a regular basis the validity and adequacy of customer identification information in its possession.
Notwithstanding the above and taking into account the degree of risk, if it becomes apparent at any time during the business relationship that BTC Magnets lacks sufficient or reliable evidence (data) and information on the identity and financial profile of an existing customer, BTC Magnets will immediately takes all necessary actions using the identification procedures and measures to provide due diligence, in order to collect the missing data and information as quickly as possible and in order to determine the identity and create a comprehensive financial profile of the customer.
Anti-Money Laundering Policy
“Money laundering” is the practice of engaging in a series of financial transactions to conceal the ownership, source, control or destination of illegally gained money. Ultimately, it is the process by which the proceeds of crime are made to appear to have a legitimate origin. BTC Magnets committed to preventing money laundering through its service and complies.
BTC Magnets aims at implementing strict anti-laundering policy to ensure that its customers will be identified for such suspicion up to a certain standard to minimize the procedural complications for genuine and legitimate customers. In order to fulfill its commitment to provide full assistance to government combating against such illegal financial transactions, BTC Magnets has developed a technologically advanced and reliable electronic system which verifies its client identification and is able to store the detailed record of all previous financial transactions.
BTC Magnets is obliged to report suspicious transactions. By misusing the service, you may face criminal prosecution as we are bound to automatically report such behavior to the authorities.
One of the main measures that we use to discourage money laundering and related illegal activities; BTC Magnets doesn’t accept cash transaction whether you intended to deposit or withdraw the funds. The Company reserves the right to suspend or refuse to process a transaction at any stage, where it believes the transaction to be connected in any way to money laundering or criminal activity. In accordance with international law the, Company is not obliged to inform the Client that it has reported to the corresponding bodies of the Client’s suspicious activity.
Similarly, in case of money withdrawal, recipient name must match the name of account holder who is withdrawing money. If money is withdrawn via wire transfer, it can be done only for the same bank and the same account name from where the money was originally deposited. If money is withdrawn via online payment system, it can be done only for the same account from where it was deposited.