Chapter 1: Purpose and Basis
Given that money laundering activities can severely harm the development of digital asset trading, foster corruption, undermine social morals, damage users’ legitimate rights and interests, and disrupt the sound operation of digital asset trading platforms, increasing legal and operational risks for these platforms, Megabit has established this guideline to prevent money laundering and terrorist financing activities. This guideline is based on the “Megabit Anti-Money Laundering Rules,” “User Agreement,” and other company regulations to fully comply with anti-money laundering and counter-terrorist financing laws.
Chapter 2: Scope
This guideline applies to all users trading on the Megabit OTC platform (hereinafter referred to as the “OTC Platform”). Users must adhere to the anti-money laundering and counter-terrorist financing laws of their country or region and implement this guideline within the legal framework of their location. Users in countries or regions with stricter requirements must comply with those regulations.
Chapter 3: Anti-Money Laundering and Counter-Terrorist Financing
This refers to the actions taken to prevent illegal actors from using the OTC platform to conceal or disguise the source and nature of proceeds from drug crimes, organized crime, terrorist activities, smuggling, corruption, financial fraud, or other criminal activities. Measures are taken according to relevant laws and Megabit’s anti-money laundering regulations.
Chapter 4: Megabit’s Anti-Money Laundering Regulations
The anti-money laundering (including anti-terrorist financing) rules of the Megabit platform include the “Megabit Anti-Money Laundering Rules,” the anti-money laundering sections of the “User Agreement,” and this guideline. In case of any conflict between the contents of this guideline and other rules, this guideline shall take precedence.
Chapter 5: Basic Principles of Anti-Money Laundering for the OTC Platform
The OTC Platform follows these principles for customer risk monitoring:
1. Comprehensiveness Principle: The OTC Platform will consider various risk factors that may be associated with money laundering for all customers and take reasonable measures to monitor risk.
2. Prudence Principle: The OTC Platform will enhance its ability to identify customer identities based on thorough understanding and prudently monitor customer risk.
3. Continuity Principle: The OTC Platform will continuously monitor customer risk and make adjustments based on actual situations.
4. Confidentiality Principle: The OTC Platform will strictly keep customer identity information, transaction details, and risk levels confidential, and will not provide this information to any entity or individual unless required by law or regulatory authorities.
5. Tiered Management Principle: The OTC Platform will periodically review customer basic information based on risk levels, and audits for high-risk customers will be stricter than for low-risk customers.
Chapter 6: Individual Users
OTC individual users must submit the following information and documents in accordance with Megabit’s anti-money laundering regulations:
•Full name;
•Copy of ID card or passport;
•Other information or documents required by the OTC.
Chapter 7: Institutional Users
OTC institutional users must submit the following information and documents in accordance with Megabit’s anti-money laundering regulations:
•Company name;
•Company registered office address;
•Legal representative of the company;
•Residence of the company’s legal representative;
•Business license of the company;
•Copy of ID card or passport of the company’s legal representative;
•Other information or documents required by the OTC.
Chapter 8: Document Review
The OTC Platform will verify and record the information submitted by customers according to the customer identification system in Megabit’s anti-money laundering regulations. If the OTC Platform has questions about the submitted materials, it has the right to verify them with relevant regulatory authorities or departments.
Chapter 9: Monitoring Low-Risk Users
The OTC Platform will monitor low-risk users according to the specific requirements of Megabit’s anti-money laundering regulations and reserves the right to adjust the risk level of low-risk users.
Chapter 10: Monitoring High-Risk Users
For high-risk customers, the OTC Platform will conduct a review every six months, updating basic identity information and understanding their source of funds, usage of funds, economic status, or business condition.
Chapter 11: Retaining User Documents
The OTC Platform will take necessary legal measures to retain customer identity information and transaction details for a certain period. Following international standards, customer identity information should be retained for at least five years after the end of the business relationship, and transaction details should be retained for at least five years after the transaction ends.
Chapter 12: User Responsibilities
OTC users should note the following:
•Prohibit lending their own account to others;
•Prohibit renting or lending their ID documents;
•Prohibit renting, lending, or disclosing important personal property information such as account numbers, bank cards, passbooks, and passwords;
•Users should actively cooperate with the OTC Platform in customer identity verification;
•When conducting transactions on the OTC Platform, choose and use secure and reliable third-party financial institutions for payment activities.
Chapter 13: Reporting Suspicious Activity
If an OTC platform user discovers any account that may be engaged in money laundering or terrorist financing activities during transactions on the platform, the user can report it to the OTC Platform.
Chapter 14: Interpretation of Guidelines
These guidelines are interpreted by the OTC Platform.
Chapter 15: Effective Date
These guidelines take effect from the date of publication.
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