KYC and AML Statement

Anti-Money Laundering

Please note that whilst in some cases Bitcoins can be more advantageous when compared to fiat currencies, it is important for each business to fully understand the risks involved before deciding to take on an exposure to Bitcoin. Bitcoin should be considered as a relatively high- risk asset for the following reasons –

As a company that operates in a wide variety of industries and in the relatively new virtual currency fields, Moneybite recognises that it can be target of would-be money launderers.

Moneybite's Mission and Approach

Moneybite has established an AML Program to help protect our clients and our business from the risks of money laundering, terrorist financing and other financial crimes.

This includes:

  • Risk Committee: This has been designated by Moneybite's senior management as the responsible body for overseeing Moneybite AML Program, including appraising senior management of AML compliance initiatives, any significant compliance deficiencies, and the reporting of suspicious activity;
  • Governance controls: This control framework governs the overall program, including AML policies, processes, training and testing.

AML Program Execution

Moneybite's risk management framework – including the AML Program – is based on three lines of defense:

  • First Line of Defense (Business) - Each of Moneybite's business or account manager owns and manages the risks, including compliance risks, inherent in or arising from the business, and is responsible for having controls in place to mitigate key risks, and promoting a culture of compliance and control.
  • Second Line of Defense (Legal, Compliance, and Finnace) - Compliance, Finance, Legal and Risk, set standards according to which Moneybite and its business is expected to manage and oversee risks, including compliance with applicable laws, regulatory requirements, policies, procedures, and standards of ethical conduct.
  • Third Line of Defense (Internal Audit) - Moneybite's Internal Audit function independently reviews activities of the first two lines of defense based on a risk-based audit plan and methodology approved by the Moneybite management.


Moneybite is fully committed to remaining vigilant to prevent the use of our products and services by those who seek to abuse them. We continually seek to combat money laundering and terrorist financing through the prevention, detection and reporting of unusual or suspicious behavior. We actively work to prevent terrorist organizations from accessing our financial services, readily assist regulators and law enforcement agencies in their efforts, and promptly respond to inquiries.

We also continually evaluate the strength of our existing policies, procedures and technologies, and update them, as necessary, to address the changing environment. We also train our staff to assure that they are well versed in the evolving techniques that criminals use to infiltrate the system and are well-equipped to combat money laundering and other financial crimes. We acknowledge that we must constantly work to identify and understand the potential risks of money laundering and terrorist financing, and implement appropriate processes to mitigate, and ultimately alleviate, such risks.