Revbit.net Anti-Money Laundering, Anti-Terrorist Financing Policy (hereinafter referred to as AML Policy) and Know Your Customer Policy (hereinafter referred to as the “KYC Policy”) is intended to prevent and reduce the possible risks of the revbit.net service participating in any illegal activity.
International laws and regulators, as well as the Fifth Anti-Money Laundering and Anti-Terrorism Financing Directive (5AMLD), require the revbit.net service to implement effective internal procedures and mechanisms to prevent money laundering, terrorist financing, drug and human trafficking, weapons of mass destruction, corruption and bribery, as well as taking action in case of any form of suspicious activities and activity of its Users.
The exchange office, as a service provider of virtual/cryptocurrency assets, is obliged to verify all suspicious transactions of virtual/cryptocurrency assets. During the verification, among other things, it is necessary to carry out user identification (KYC) and establish the origin of the virtual/cryptocurrency asset. Also, during the period of verification of the transaction, the virtual/cryptocurrency asset must be kept on the balance sheet.
- By creating an order on the website, the Client agrees that an AML/KYC check may be carried out against him.
1.1. The AML/KYC verification procedure in relation to clients and transactions is carried out by the AML officer of revbit.net service, as well as by our liquidity provider, namely the cryptocurrency exchange.
1.2. Within the framework of AML/KYC verification, the Client gives consent to the processing and storage of their personal data, as well as, if necessary, to the transfer of this data to the liquidity provider, namely to the AML officer of the cryptocurrency exchange.
1.3. The AML/KYC procedure includes a set of developed measures:
● Continuous monitoring of transactions passing through the revbit.net service
● Appointment of a responsible person (Money Laundering Reporting Officer)
● Risk-based approach
● Customer due diligence
● Improvement of professional skills and knowledge of revbit.net service employees
● Enhanced Due Diligence check
● Interaction with government authorities in cases established by law
● Accounting, record keeping, documentation management
1.4. The AML/KYC procedure may include several stages depending on the requests of the liquidity provider and the degree of cryptocurrency risk, including:
- KYC steps
- Source of Funds explanation
- EDD (Enhanced Due Diligence)
2. If, as a result of the conducted AML analysis of cryptocurrency assets, any label from the list below is obtained:
● DARK SERVICE (related to the dark side of the internet)
● SCAM (fraud)
● STOLEN (theft or stolen data)
● MIXING (MIXER) (mixing of funds to conceal their origin)
● SEXTORTION (extortion based on compromising information)
● RANSOMWARE (extortion using malicious ransomware software)
● HACK (hacking)
● PHISHING (phishing)
● TERRORISM FINANCING (terrorism financing)
● FRAUD (fraud)
● BLACKLIST (presence in blacklists)
● STILL UNDER INVESTIGATION (still under investigation)
● CYBERCRIME ORGANIZATION (organization related to cybercrime)
● NARCOTICS (drugs)
● CHILD ABUSE (child abuse)
● HUMAN TRAFFICKING (human trafficking)
● SANCTIONS (sanctions)
● GAMBLING (casino, betting)
and other high-risk assets, the Client’s transaction may be frozen for an indefinite period until full identity verification (KYC) is completed.
2.1. Upon receipt of an official request from our liquidity provider, namely the cryptocurrency exchange, the Client’s transaction may be frozen for an indefinite period until full identity verification (KYC) is completed.
2.1.2. Enhanced Due Diligence (EDD procedures) may be initiated by the liquidity provider or responsible persons in cases of requests from the latter, high-risk cryptocurrency, or obvious falsification of documents and data requested during the Source of Funds or KYC stages.
2.2. Ensuring AML analysis of cryptocurrency assets and validation of risks of incoming transactions is carried out using the following blockchain analytics providers: TRM Ecosystem, Elliptic, AMLbot.
2.3. If any suspicious activity is detected by the AML officer of the revbit.net service, the Client’s transaction may be frozen for an indefinite period until the AML check is fully completed.
3. Documents for passing KYC verification:
Collection, transfer, and security of personal data, in accordance with the company’s privacy policy during AML verification, is ensured by the AMLBot Forms service https://amlbot.com/kyc
Safe3 UAB Registration code: 306141950
Address: Vilnius, J. Jasinskio g. 16B, LT-03163
During the KYC step, the following may be requested:
● Email
● Photo of an identity document
● Selfie — liveness
If necessary, the service has the right to additionally request any other documents not specified in this section. All submitted images (scans, photos, screenshots) must be in JPEG or PNG format.
3.1. The timeframes for reviewing documents for KYC verification are individual for each incident but may not exceed 30 days in cases where there is no freezing or blocking of assets by the liquidity provider.
3.2. Return of blocked assets is possible only upon passing the AML check.
3.3. User assets that have not passed AML verification are not subject to exchange or return.
3.4. Based on the results of a positive AML check, the Client may be offered a refund with a commission of 5%, but not exceeding the amount that is higher than the liquidity provider/blockchain withdrawal fee required to ensure the withdrawal.
3.5. Refund after completion of verification is possible only to the address from which the cryptocurrency was sent. The timeframe for processing the refund after completion of the AML check is 7 business days.
3.6. Based on the results of a positive AML check, the Client may be offered to resume the exchange at the average (market) rate to the details previously specified by the Client in the order. The timeframe for such exchange is 36 hours from the moment the Client gives consent to this operation.
3.6.1. Exchange at the market rate based on a positive AML check is created only to the old details; new details cannot be used, and for such cases, a refund is carried out in accordance with clause 3.5.
4. Please note that our service reserves the right to charge an additional commission fee of up to 5%, but not more than the equivalent of $100 USD, from transactions if they have signs of high risk, such as:
● DARK SERVICE (related to the dark side of the internet)
● SCAM (fraud)
● STOLEN (theft or stolen data)
● MIXING (MIXER) (mixing of funds to conceal their origin)
● SEXTORTION (extortion based on compromising information)
● RANSOMWARE (extortion using malicious ransomware software)
● HACK (hacking)
● PHISHING (phishing)
● TERRORISM FINANCING (terrorism financing)
● FRAUD (fraud)
● BLACKLIST (presence in blacklists)
● STILL UNDER INVESTIGATION (still under investigation)
● CYBERCRIME ORGANIZATION (organization related to cybercrime)
● NARCOTICS (drugs)
● CHILD ABUSE (child abuse)
● HUMAN TRAFFICKING (human trafficking)
● SANCTIONS (sanctions)
● GAMBLING (casino, betting)
This additional commission fee is applied to compensate for additional analysis and risk mitigation measures required to process high-risk transactions.
4.1. Preliminary AML check and risk assessment are available to all users of the platform and are carried out in the form of consultation between company employees via the technical support service and the Client.
4.1.1. Preliminary AML check and risk assessment is a free service, during which the operator analyzes, using internal resources, the address received from the Client and provides a decision and information on whether this asset is risky for our platform or not.
4.1.2. The company does not provide detailed reports, statements, or textual or graphical results of checks to users.
5. Refund of assets is not possible if a request has been received regarding these assets from competent authorities or if a seizure/blocking has been imposed by other authorities of any jurisdiction (in this case, the blocked asset may be treated as material evidence). Also, by decision of holding funds by the liquidity provider.
5.1. Refund of assets for transactions with erroneous transfers, as well as those related to AML checks and blockings, is not possible without passing full KYC verification.
6. Refund of assets is not possible if the Client has not provided, within 30 calendar days, the information requested by the AML Officer of revbit.net via email.
7. Blocking is also carried out when sending assets from the following exchanges:
Ommex, Kapitalist, NOBITEX, Garantex, Tornado Cash, Hydra, Blender.io, Lazarus Group, Genesis Market, ChipMixer, Shinbad.io, Commex, Wasabi Wallet, as well as from any Iranian platforms and other platforms of prohibited/sanctioned countries and operations with DarkMarket resources.
8. The liquidity provider, as the initiator of the blocking, has the right to refuse payment of frozen funds after passing AML verification in cases described in clauses 2, 2.3, and 7.