BTC Direct and other cryptocurrency service providers are legally required to ensure that the money used to buy cryptocurrency comes from legitimate sources. This is part of the AML/CFT (Anti-Money Laundering / Combating the Financing of Terrorism) regulations and the Dutch Money Laundering and Terrorist Financing Prevention Act (Wwft). This helps prevent fraud and money laundering practices and contributes to a safer and more transparent cryptocurrency market.
When do I need to verify my funds?
You will be asked to verify the source of your funds once your investments reach a certain size or frequency. This amount can vary depending on the regulations and our internal policy. Once this applies to you, you will receive a request from us with more information.
How does the procedure work?
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Fill out a questionnaire: You will receive an email from us with a link to a questionnaire in which you will be asked to explain the source of the funds you have invested or the cryptocurrency you have sold to us. This could include sources such as salary, savings, investments, property sales, etc.
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Additional documentation: Based on your answers, we may ask for supporting documentation to substantiate the source of your funds. For example, you might need to provide a bank statement, payslip, purchase agreement, or other relevant document. Below, we list some examples of the documents we may request.
How are my personal details processed?
The collection of data, such as the source of your funds, falls under the General Data Protection Regulation (GDPR). BTC Direct takes the protection of your personal data seriously and processes it in a safe and confidential manner. The information you provide will only be used to comply with our legal obligations. We will store your data only for as long as necessary for the purpose for which it was collected and in accordance with the legal retention requirements.
For more information on how we handle your data, please refer to our Privacy Statement.
What happens if I can't provide the requested information?
If you are unable to provide suitable documentation, we may not be able to process further transactions until the source of the funds is confirmed. Therefore, it is important to respond promptly to our request and provide the required information.
If you have any questions about this process or are unsure which documents are suitable, please contact our compliance team at compliance@btcdirect.eu. We are happy to assist you.
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