As a legal trading platform regulated by the Australian government, XBBIT strictly prohibits any money laundering, fraud, financing of terrorism and other financial crimes. We have established a strong risk monitoring system of detection and AML/CTF risk compliance program to identify and report transactions and accounts involving known or suspected instances of the aforementioned financial crimes. Through our established monitoring system, we can recognize individuals, entities, accounts, and transactions that are engaged in illegal activities or exhibit suspicious behavior.
These reports vary in format and compilation based on the requirements of different regulatory or judicial authorities. These reports are retained by XBBIT and Australian government units or agencies. The reports we submit contain detailed information about individuals, entities, accounts, transactions, and other relevant details pertaining to identified illegal or suspicious financial criminal activities. Reports concerning identified illegal or suspicious financial criminal activities include all relevant information and are submitted to the relevant regulatory or judicial authorities. Please note that we do not provide any updates or information regarding the status or progress of these reports.
In order to prevent occurrences of money laundering, fraud, terrorist financing activities or related financial crimes, XBBIT is required to adhere to relevant regulations. In specific circumstances, XBBIT may be required by law to submit or share information with AUSTRAC or relevant law enforcement agencies. As a user of XBBIT, you agree to hold XBBIT harmless for submitting information in good faith. We have established policies for the collection, verification, and retention of your information in order to gather relevant data. This includes information provided by you or messages sent by us.
To comply with Anti-money Laundering and Counter Terrorism Financing related regulations, you and/or your related persons (including but not limited to legal representatives, responsible persons, authorized persons and beneficial owners) acknowledge and agree that XBBIT and its Affiliates may adopt the following measures according to Australia's AML/CTF act or other related regulations. Furthermore, you and/or your related persons agree that any damages or disinterests caused by the following measures shall be solely borne by you and/or your related persons. XBBIT and its Affiliates shall not be responsible for the damages or disinterests caused by the following measures.
(A). In the event of that XBBIT and its Affiliates discover that you and /or your related persons are in the sanction list or are deemed or traced back as the individual terrorists and terrorist organizations by foreign government or institution, or any international Anti-money Laundering organization or group, XBBIT and its Affiliates may directly suspend and/or terminate XBBIT Exchange Services, Term of Use and any other related transactions and business without notifying you and/or your related persons.
(B) XBBIT and its Affiliates may ask you and/or your related persons to provide any necessary materials of your own for reviewing or to explain the resources of you funds and the nature and purpose of the transaction within 14 days upon notice from XBBIT and its Affiliates if XBBIT and its Affiliates deem that it is necessary (including but not limited to you and/or your related person involve suspicious illegal activities, Anti-money Laundering activities, Counter Terrorism Financing activities or any other illegal activities reported by media) when reviewing the identification documents of you and/or your related persons on a regular or irregular basis or any other necessary circumstances. XBBIT and its Affiliates may directly suspend and/or terminate XBBIT Exchange Services, Term of Use and any other related transactions and business without notifying you and/or your related persons if you and/or your related persons fail to provide such materials or to explain within said 14 days.