FINCEN

Binamite (Octaloop, Inc.) is registered as a Money Service Business under the Financial Crime Enforcement Network. As an MSB, Binamite is authorized to carry out:

• Currency exchange (virtual assets)
• Money transmission

As an MSB, Binamite is committed to implementing and abiding by money laundering, fraud, and corruption prevention rules and procedures. The company has an AML prevention suite of policies, procedures, and monitoring to ensure compliance with the global agenda to prevent illicit financial activities. It comprises:

• Mandatory screening of users
• Global and regional money laundering/sanctions lists
• PEP and Adverse Media Check
• Transaction Monitoring
• Suspicious activity reporting

These activities are carried out by the company compliance team, led by the Chief Compliance Officer. All information pertaining to the activities above is stored as per regulatory requirements. The policy is reviewed annually, and training is conducted for the company employees to carry out the functions.

If you have any queries regarding the activities of Binamite, reach out to us at [email protected]. For direct complaints to FinCEN about our money service activities, use this contact form.