Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) Policy
In conformity with the UK AML regime, BlockEx Limited (“BlockEx” or “we”) has put in place effective internal procedures and controls to prevent money laundering, terrorist financing, drug and human trafficking, proliferation of weapons of mass destruction, corruption and bribery and to react correspondingly in case of any form of suspicious activity from its traders.
The main UK legislation covering anti-money laundering and counter-terrorist financing, which BlockEx follows is:
- The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the
- The Proceeds of Crime Act 2002 (POCA) (as amended by the Crime and Courts Act 2013 and the Serious Crime Act 2015)
- The Terrorism Act 2000 (as amended by the Anti-Terrorism, Crime and Security Act 2001, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007).
In addition, BlockEx follows:
- The Guidance notes of the Joint Money Laundering Steering Group (JMLSG).
- The Financial Conduct Authority (FCA) rules and guidance (the FCA handbook)
In order to mitigate the money laundering risks, BlockEx has implemented the following policies and procedures:
- Risk-based customer due diligence/know your customer (KYC), including enhanced due diligence for those traders presenting higher risk, such as Politically Exposed Persons (PEPs)
- Risk-based systems and controls to monitor ongoing transaction activity
- Training and awareness of all relevant employees
- Suspicious activity reporting system
Due to regulation, international sanctions regimes and internal policies, BlockEx has blacklisted certain countries and traders residing in those countries cannot use our services. These countries include: Afghanistan; Belarus; Bosnia and Herzegovina; Burundi; Central African Republic; Democratic Republic of Congo; Cuba; Egypt; Ethiopia; Iran; Iraq; Ivory Coast; North Korea; Laos; Lebanon; Libya; Mali; Myanmar; Somalia; South Sudan; Sudan; Syria; Tunisia; Uganda; United States; Vanuatu; Venezuela; Yemen; Zimbabwe;
This is not exhaustive list and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice.
Age Limit: Individuals must be 18 years old or older to use the BlockEx services.
We reserve the right to suspend or terminate trader’s account at any time if we reasonably believe to be required to do so by law or in order to comply with recommendations issued by a relevant authority or recognised body for the prevention of financial crime. In case of suspicious transactions, we may request the trader to provide any additional information and/or documents.
BlockEx strictly prohibits to its traders to use their accounts for any illegal purposes including but not limited to fraud, money laundering and terrorist financing. We will report any suspicious activity to the relevant law enforcement agency.