AML policy
Anti-Money Laundering (AML) Policy
At Bankify, we are committed to maintain the highest standards of compliance, transparency, and financial integrity. We take active measures to prevent money laundering, terrorist financing, and other forms of financial crime across our platform.
Our commitment
We maintain a zero-tolerance approach to illicit activity. Our controls are designed to detect, deter, and escalate suspicious activity and to support responsible, compliant operations.
Risk-based approach
We assess AML/CTF risk across customers, products, delivery channels, and geographic exposure. Controls are applied proportionately based on: customer type and profile transaction size, frequency, and behaviour geographic and sanctions exposure product and channel risk
Customer verification (KYC)
Before onboarding a customer, we perform appropriate due diligence to verify identity and assess risk.
This may include:
- Identity verification for individuals and businesses.
- Identification of beneficial owners.
- Understanding the intended purpose and expected use of our services.
Anonymous or fictitious users are not permitted on the platform.
Enhanced due diligence (EDD)
Where higher risk is identified, Bankify applies enhanced due diligence measures. This may include additional verification, a more thorough risk analysis, and increased monitoring.
Enhanced checks are applied to, for example:
- Politically Exposed Persons (PEPs).
- Customers from higher-risk jurisdictions.
- Complex or unusual activity patterns.
Transaction monitoring
Bankify monitors activity across its platform on an ongoing basis to detect unusual or suspicious behaviour.
Monitoring focuses on:
- Activity is inconsistent with a customer's profile.
- Unusual transaction size, frequency, or structure.
- Indicators of potential financial crime.
This enables early detection and risk mitigation.
Sanctions and watchlist screening
We do not support transactions involving sanctioned individuals, entities, or jurisdictions.
We screen customers and relevant counterparties against applicable international sanctions lists, including those issued by the United Nations, OFAC, Canada, the United Kingdom, and the European Union, in line with practices adopted by our regulated peers.
Reporting and cooperation
Where required by law, we cooperate with competent authorities and submits reports related to suspicious activity.
We strictly prohibit tipping-off and handle all compliance matters confidentially and professionally.
Governance and oversight
We maintain an internal AML governance framework overseen by a designated AML/CTF Compliance Officer. This role is responsible for maintaining our AML controls, overseeing investigations, and ensuring ongoing compliance.
Our governance model mirrors structures used by regulated financial institutions and digital asset service providers.
Ongoing review
Our AML framework is reviewed and updated regularly to reflect:
- Regulatory developments
- Changes in our products or services
- Emerging financial crime risks
Building trust with partners and users
Our objective is to operate a secure, compliant, and trustworthy platform for customers and institutional partners through consistent application of robust AML/CTF controls.