AML and Identity Verification Policy
This Anti-Money Laundering ('AML') Policy and Identity Verification Policy (collectively the ‘AML Policy’) is designed to stipulate the commitment of Digital Currency Services B.V. (the 'Company') to detect, prevent and report attempts to use its financial services platform (the ‘Services’) to illegally launder money, to finance illegal activities such as terrorism and drug trafficking, or to commit fraud. Money laundering is defined as the process where the identity of the proceeds of crime are so disguised that it gives the appearance of legitimate income. Criminals are known to specifically target financial services firms through which they attempt to launder criminal proceeds without the firm's knowledge or suspicions. Digital Currency Services B.V. is a company with limited liability, incorporated under the laws of the Netherlands.
The Company offers the Services through its platform HappyCoins.com that allow people to buy and sell math-based currencies such as bitcoins. The Company does not keep or manage Bitcoin wallets and/or fiat money deposits. The Company recognizes that decentralized and distributed digital currency and payment systems in which payments are processed and secured by advanced cryptography and distributed computing power instead of a centralised (government) institution pose a risk of illegal use (as do all financial systems). The Company believes, however, that the legitimate use of math-based currency networks can potentially provide immense benefits and efficiencies within the global economy.
Although the Services provided by the Company are currently unregulated in The Netherlands, it is the Company's policy to comply with applicable laws and regulations regarding AML and identity verification (know your customer / KYC procedures), and to detect and prevent the use of its Services for money laundering or to facilitate criminal or terrorist activities. Accordingly, the Company has implemented this AML Policy and accompanying systems and procedures to assess the specific risks posed by the Company’s Services and established controls to address those risks as required by law. While the Company is committed to protecting its users' privacy, it will not allow people to use its Services to launder money, commit fraud or other financial crimes, finance terrorist activities, or facilitate other illegal conduct.
The Company's AML Policy is based on the guidance of De Nederlandse Bank (DNB) on the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act (Wet ter voorkoming van witwassen en financieren van terrorisme / Wwft). This guidance was drawn up by the DNB on the recommendation of the Financial Action Task Force on money laundering (FATF), and provides tools enabling to comply with statutory obligations arising from integrity regulations.
If you have any questions relating to this AML Policy, the use of your Account, the Services, or any other matter, please contact us: Contact.
Last updated: 7 March 2014