Know Your Customer (KYC) Policy

1. Introduction:

BitcoinGaps is committed to maintaining a strong and compliant KYC process to ensure the protection of its business, reputation, and stakeholders. This policy outlines the guidelines and procedures BitcoinGaps follows to identify and verify its customers' identities, as well as the continuous monitoring of their activities. This policy aligns with local, regional, and international anti-money laundering (AML) and counter-terrorism financing (CTF) regulations.

2. Customer Identification Program (CIP):

BitcoinGaps requires the collection of specific customer identification information, including but not limited to, full name, date of birth, residential address, contact details, and nationality, depending on the product or service requested. BitcoinGaps maintains strict record-keeping practices to store and safeguard collected customer identification information in compliance with applicable data protection laws.

3. Risk-Based Approach:

BitcoinGaps employs a risk-based approach when performing customer due diligence (CDD) procedures, assessing the level of risk associated with each customer. Risk assessment considers factors such as the nature and size of the business relationship, geographic location, transaction patterns, and any other relevant risk indicators.

4. Customer Due Diligence (CDD):

BitcoinGaps performs CDD during the account opening process and for existing customers on a periodic basis. CDD may include taking steps to identify the beneficial owner(s) of a corporate entity. Enhancements to CDD may occur for higher-risk customers, such as politically exposed persons (PEPs) or customers engaging in high-value transactions.

5. Record Keeping:

BitcoinGaps maintains comprehensive and up-to-date records of its customer identification and due diligence processes. Records include customer identification information, supporting documentation, and any supplementary information used in the verification process. These records are retained for the duration mandated by applicable laws and regulations.