Compliance

Legal & Compliance

‘Bitcoin Trade Namibia’ is committed to implementing and maintaining the highest standards of Know Your Customer (KYC) and Anti Money Laundering (AML) compliance as set forth by the Bank of Namibia and the Financial Intelligence Centre. Our management and employees adhere to these standards to prevent abuse of Bitcoin Trade Namibia products and services for money laundering and terrorist financing purposes.

Our guiding regulatory principle is derived from The Bank of Namibia position on cryptocurrencies released on the 2nd of May 2018 stating specifically that:

“(In regards to) Online trading of Cryptocurrencies (Section 6)
6.1. Any member of the public or entity in Namibia that engages in mining, online trading (buying and selling) and exchanging of cryptocurrencies are subject to the applicable provisions of the Financial Intelligence Act, 2012 (Act No. 13 of 2012), as amended (FIA). This is to ensure that any risks related to money laundering, financing of terrorism and proliferation are controlled. Failure to comply with the provisions of the FIA amounts to a criminal offence which may attract a fine not exceeding N$100 million or to imprisonment for a period not exceeding 30 years, or to both such fine and such imprisonment.”

Bitcoin Trade Namibia reserves the right to share certain customer details and resulting transaction records with The Bank of Namibia, The Namibia Financial Institutions Supervisory Authority and/or The Financial Intelligence Centre of Namibia if it deems at any time that fraudulent and/or criminal activities are being performed on this website as per the Financial Intelligence Act, 2012 (Act No. 13 of 2012), as amended (FIA).

In pursuing its commitment to assist in the detection, prevention, and reporting of money laundering activities, Bitcoin Trade Namibia shall be guided by the following principles:

Bitcoin Trade Namibia implements and assesses AML and KYC procedures using a risk based approach.
Bitcoin Trade Namibia attempts at the most effective procedures to verify the authenticity of the information furnished by new customers and shall know its customers by obtaining evidence of their identity.
In conformity with high ethical standards, Bitcoin Trade Namibia ensures that its business is conducted with adherence to the laws and regulations of the Republic of Namibia, and that the service is not provided where there is good reason to believe that transactions are associated with money laundering and/or terrorism activities.
Bitcoin Trade Namibia shall cooperate fully with law enforcement agencies by taking appropriate measures allowed by law if there are reasonable grounds for suspecting money laundering. Any actions are to be subject to the legal constraints relating to customer confidentiality.
Consistent with the principles set out in this policy,BitcoinTrade Namibia will ensure that its staff, wherever located, are informed of these policies and adequately trained in matters covered herein.
Bitcoin Trade Namibia shall implement specific procedures for customer identification, record keeping and retention of transaction documents and reporting of covered and suspicious transactions.

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Legal & Compliance

Bitcoin Trade Namibia implements and assesses AML and KYC procedures using a risk based approach.

Bitcoin Trade Namibia attempts at the most effective procedures to verify the authenticity of the information furnished by new customers and shall know its customers by obtaining evidence of their identity.

Bitcoin Trade Namibia shall cooperate fully with law enforcement agencies by taking appropriate measures allowed by law if there are reasonable grounds for suspecting money laundering. Any actions are to be subject to the legal constraints relating to customer confidentiality.

Consistent with the principles set out in this policy,BitcoinTrade Namibia will ensure that its staff, wherever located, are informed of these policies and adequately trained in matters covered herein.

Bitcoin Trade Namibia shall implement specific procedures for customer identification, record keeping and retention of transaction documents and reporting of covered and suspicious transactions.