Regulators across the world are traditionally eager to frown upon cryptocurrencies because of their inherent potential for money laundering and financing terrorist activities. Consequently, crypto-related businesses are categorized as a high risk business. Because of the demanding compliance and regulatory environment that Blockport operates in, we believe it to be of the utmost importance to be vigilant and on our guard towards all possible intrusions and malpractices of ill-disposed individuals.
Blockport recognizes that a proactive stance on compliance requires a capable and dedicated compliance team. Hence, Blockport employs several experienced and accomplished staff members to supervise and execute the necessary compliance-related tasks. Our compliance team is performing a range of activities on a daily basis, ranging from know your customer (KYC) and transaction monitoring to internal control and sanction screening.
All members of our team are well versed in compliance and have received complementary and specific schooling wherever relevant to the duties performed. Furthermore, each member of our team has received extensive on-the-job training before being allowed to operate.
Customer Due Diligence
One of the pillars of our compliance program consists of implementing the Blockport KYC customer onboarding policy. In doing so we attach great care and importance to establishing the identity of our customers and assessing the money laundering risks associated with the customer. All identifying information provided by our clients is independently verified by an external party.
In performing our customer due diligence we rely on a risk-based approach. If a prospect or client is determined to pose a higher risk than usual to Blockport, we will take enhanced measures to effectively deal with the risks involved. These measures might include obtaining proof of source of funds or altogether refusing access to the prospect or client.
Transactions created on the Blockport exchange will undergo extensive screening:
- By utilizing specialized blockchain monitoring tooling we strive to deter any money laundering and terrorist financing activities;
- Sanction screening will be performed on our incoming and outgoing fiat money transactions;
- On top of live transaction monitoring, a separate automated check will conduct post transaction analysis;
- By means of a periodic assessment of historic data we aim to further detect and deter money laundering and terrorist financing.
At Blockport, we are committed to upholding a high level of compliance with all applicable rules and regulations. We feel that compliance also refers to maintaining a strong ethical foundation within our organization. In concrete terms: we view it as our responsibility to conduct our business in an open and honest manner by observing the social axiom to treat others as we would want ourselves to be treated. We believe that operating with integrity secures our customers’ trust, enables us to conduct our business optimally and enhances our added value to our customers and to society as a whole. We regard compliance and ethics as doing what is right.