Compliance & Regulatory

Operating transparently within global and regional financial regulations

Our Commitment to Compliance

BitBank is committed to operating within the highest standards of regulatory compliance. As a digital banking platform serving Africa, we adhere to international financial regulations, regional frameworks, and local laws to ensure a safe, transparent, and trustworthy platform for our users.

Regulatory Framework

We comply with multiple layers of financial regulation

International Standards

  • • FATF Recommendations
  • • Basel III Framework
  • • GDPR Principles
  • • ISO 27001 Security Standards

Regional Compliance

  • • CEMAC Financial Regulations
  • • BCEAO Guidelines
  • • African Union Frameworks
  • • Pan-African Payment System (PAPSS)

Local Regulations

  • • Cameroon Central Bank Rules
  • • National AML/CFT Laws
  • • Tax Compliance Requirements
  • • Data Protection Laws

KYC (Know Your Customer)

BitBank implements rigorous KYC procedures to verify user identities and prevent fraud. Our KYC process is designed to be thorough yet user-friendly.

KYC Requirements

Personal Accounts

  • • Government-issued ID
  • • Proof of address
  • • Selfie verification
  • • Phone verification

Business Accounts

  • • Business registration documents
  • • Tax identification number
  • • Beneficial owner information
  • • Director/officer verification

Verification Levels

Level 1 - Basic ($500/month limit)

Email and phone verification

Level 2 - Standard ($10,000/month limit)

Full KYC with ID and address verification

Level 3 - Enhanced (Unlimited)

Additional documentation and enhanced due diligence

AML/CFT (Anti-Money Laundering)

BitBank maintains a comprehensive Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT) program in compliance with FATF recommendations and local regulations.

AML Measures

Transaction Monitoring

  • • Real-time transaction screening
  • • Pattern analysis and anomaly detection
  • • Suspicious activity reporting (SAR)
  • • Large transaction reporting

Risk Assessment

  • • Customer risk profiling
  • • Geographic risk evaluation
  • • Enhanced due diligence for high-risk users
  • • Politically Exposed Person (PEP) screening

Sanctions Compliance

BitBank screens all users and transactions against international sanctions lists to ensure compliance with economic sanctions laws.

Screening Lists

  • • UN Security Council Sanctions
  • • OFAC Sanctions Lists
  • • EU Sanctions Lists
  • • Local Sanctions Databases

Prohibited Jurisdictions

  • • Countries under international sanctions
  • • High-risk jurisdictions (FATF lists)
  • • Non-cooperative tax jurisdictions

Important: Users from sanctioned countries or on sanctions lists cannot access BitBank services. Attempts to circumvent these restrictions will result in immediate account termination and reporting to authorities.

Data Protection & Privacy

BitBank adheres to data protection principles inspired by GDPR and regional privacy laws.

Data Security

  • • AES-256 encryption for stored data
  • • TLS 1.3 for data transmission
  • • Regular security audits
  • • Incident response procedures

User Rights

  • • Right to access your data
  • • Right to correct inaccurate data
  • • Right to data portability
  • • Right to erasure (subject to legal requirements)

For more details, see our Privacy Policy.

Reporting & Audits

Regulatory Reporting

BitBank files regular reports with regulatory authorities, including:

  • Suspicious Activity Reports (SARs) when required
  • Large Transaction Reports (LTRs) above regulatory thresholds
  • Quarterly compliance reports to central banks
  • Annual audited financial statements
  • Tax information reporting to relevant authorities

Independent Audits

Financial Audits

Annual audits by independent certified accountants following IFRS standards

Security Audits

Regular penetration testing and security assessments by third-party experts

Compliance Audits

Periodic reviews of AML/KYC procedures and regulatory adherence

Smart Contract Audits

Code audits for Lightning Network integrations and smart contracts

Licenses & Registrations

BitBank operates under proper authorization and maintains the following registrations:

Money Transfer License

Licensed to facilitate cross-border remittances and money transfers

Digital Asset Service Provider (DASP)

Registered to provide cryptocurrency custody and exchange services

Payment Service Provider

Authorized to issue payment instruments and process transactions

Tax Registration

Fully registered for corporate tax and VAT compliance

License numbers and registration details available upon request to regulatory authorities.

Your Compliance Responsibilities

As a BitBank user, you must also comply with regulations:

You Must:

  • ✓ Provide truthful information during KYC
  • ✓ Report accurate income for tax purposes
  • ✓ Comply with local cryptocurrency regulations
  • ✓ Not use BitBank for illegal activities
  • ✓ Update your information when it changes

You Must Not:

  • ✗ Provide false or misleading information
  • ✗ Use BitBank to evade taxes or sanctions
  • ✗ Create multiple accounts to bypass limits
  • ✗ Facilitate money laundering or terrorism financing
  • ✗ Access BitBank from sanctioned countries

Note: Violations of compliance requirements may result in account suspension, termination, and reporting to law enforcement and regulatory authorities.

Compliance Questions?

For compliance inquiries, regulatory questions, or to report suspicious activity:

Compliance Officer: compliance@usebitbank.com

Report Suspicious Activity: aml@usebitbank.com

Data Protection Officer: dpo@usebitbank.com