Binamite (Octaloop, Inc.) is committed to complying with all applicable Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) laws and regulations. The company is regulated by the FINCEN, where we are registered as a Money Service Business(31000234678502).
This policy outlines the company's AML program, including the policies, procedures, and controls that have been implemented to prevent, detect, and report money laundering and terrorist financing.
Customer Due Diligence
All the features on Binamite are accessible only upon a successful KYC verification.
Our KYC ensures the legitimacy of the entity and screens the customer details against important global and regional watchlists throughout their lifecycle.
Suspicious Activity Monitoring
We are committed to identifying and reporting suspicious transactions to the licensing authorities, as per the rules laid down.
We ensure basic regulatory hygiene like associating legal names with user details on our platform, requesting tax identification numbers, W8-BEN, GSTIN etc. to minimize the scope of misuse.
Cooperation with Authorities
Binamite intends to cooperate with law enforcement and regulatory authorities in the investigation and prosecution of money laundering and terrorist financing activities.
We maintain records of its AML program, including the policies, procedures, and controls implemented, as well as the training provided to its employees, contractors, and agents.
We review our AML program on an ongoing basis to ensure that it is effectively implemented as we scale operations.