Legal
AML & KYC Disclosure
Bitsimple is committed to preventing money laundering, terrorist financing, fraud, and other financial crime. We are subject to anti-money laundering (“AML”) and know-your-customer (“KYC”) requirements and apply controls to meet our legal and regulatory obligations.
1. Why we verify identity
Identity verification helps us confirm who you are, protect the platform from misuse, and comply with applicable laws and partner requirements. Without completing required checks, you may not be able to access or continue using the Service.
2. Information we collect for KYC
Depending on your circumstances and jurisdiction, we may collect and process:
- Government-issued photo identification (such as a passport or driving licence).
- Proof of address (such as a utility bill or bank statement).
- Date of birth, nationality, and residential address.
- Selfie or liveness checks to confirm identity.
- Information about the source of funds or wealth, where required.
3. How verification works
We use trusted third-party identity verification providers to review your information. These providers help us confirm authenticity and perform sanctions and politically exposed person (PEP) checks.
Verification may be automated or manual. In some cases, we may request additional information or documents before completing the process.
4. Ongoing monitoring
We continuously monitor account activity, including contributions, purchases, transfers, and withdrawals, for unusual or suspicious patterns.
If activity appears inconsistent with your profile or expected behaviour, we may request further information, temporarily restrict activity, or pause your account while we carry out additional checks.
5. Reporting and disclosures
Where required by law, we report suspicious activity to relevant authorities. This may include submitting reports to financial intelligence units or regulators.
We may also share information with law enforcement, regulators, or partners where required or permitted by law, and under appropriate legal process.
We are generally prohibited from informing you if a report has been made (“tipping off” restrictions).
6. Consequences of not providing information
If you do not provide required information or documents, or if verification cannot be completed, we may refuse, suspend, or terminate access to the Service, or apply limits to your account, in accordance with our Terms of Service.
7. How we handle your data
Personal data collected for AML and KYC purposes is handled in accordance with our Privacy Policy. We retain this data only for as long as required by law and regulatory obligations.
8. Changes to this disclosure
We may update this AML & KYC Disclosure to reflect changes in law, regulation, or our internal controls. Updates are effective from the date they are published.
Questions
If you have questions about our AML or KYC processes, please contact us using the support channels listed on our website or within the app.