As a licensed cryptocurrency exchange service we have implemented a set of regulatory requirements in relation to anti-money laundering and counter-terrorist financing (AML/CFT). We implemented clear internal rules that enable us to work efficiently while minimizing business risks. Adherence to legal regulations, our internal rules, Code of Conduct, and internal guidelines are the basis for our daily operations and represent indispensable tools in achieving our goals and vision.
On the company level, we adopted a set of rules and values that we all must adhere to, and that represent the code of conduct.
However, the principles and the attitude can only be written and embedded in the process to a certain level as we all know that every situation cannot be governed by a certain rule. For this reason, we complemented the rules by something that is above everything and that represents our overall business attitude – and that is the Integrity. Integrity is how we act and work and how different situations, especially the ones not covered by rules, are interpreted. This is in fact a question of our corporate culture.
It matters what and how we do it; achieving goals regardless of how is not an acceptable practice in our environment. We operate our business based on ethical standards and everything we do is weighed in the light of integrity.
Since we can only monitor and supervise our internal environment we still need to take into consideration the external factors that include unfair or fraudulent conduct by third parties that harm our clients.
As a company operating as a provider of virtual currency service, we are especially and fully devoted to compliance and ethical standards. We carefully observe the adherence to the law and internal rules and supervise money laundering and terrorist financing risk exposure.
For us, compliance means much more than just implementing the current rules and regulations. Compliance is a question of corporate culture and is determined considerably by the example set by the top management. Employees and all business partners that provide services for Kriptomat are required to have business as well as personal high ethical standards and take the responsibility for their own conduct and decisions.
We believe that it matters how you do business so our guideline principle is “Making the right way with the right attitude”, which is fully incorporated in our Union Btc Compliance Management System.
Kriptomat is committed to fair and transparent business practices. We consider all crypto market players to be responsible to act prudently and to help shape a good industry practice that will support the further adoption and growth of the crypto industry which is in line with our vision and mission. When providing services we constantly weigh between fast service delivery and clients’ security.
To manage the risks and reduce fraud-related incidents, as well as to enable controlled fraud combat improvements in February 2020 we launched an Internal Fraud Prevention Program under the leadership of our Chief Operating & Integrity Officer.
With the establishment of the Internal Fraud Prevention Program, we began to systematically collect data on identified cases of fraud. Based on the facts, we implemented additional safety measures and began to monitor their effectiveness. We were very pleased to see the reduction of the fraud cases, however as new cases of fraud are constantly appearing, it is essential that we keep a close eye on new fraud types and always look for new solutions in order to ensure the safety of our customers as much as possible. Our internal risk assessment is fully compliant with the applicable regulation and enhanced with our experience and knowledge, also including information received from our clients regarding fraud cases. So we use the information we receive wisely and with a greater purpose.
Learn more about the Fraud Prevention Program