Announcement about BW.com cooperation with the Korea government for anti-money laundering regulation

Dear BW users,

In order to prevent money laundering, terrorist financing activities, and in line with the anti-money laundering (AML) regulations issued by the Korean government, BW exchange will adjust C2C merchants as follows:

1. Submission of a personal user file

C2C individual users shall submit the following information and materials in accordance with relevant anti-money laundering regulations of BW:

• personal name;
• copy of identity card or passport;
• other information or documents required by C2C.

1. Submission of agency user files

C2C agency users shall submit the following information and materials in accordance with relevant anti-money laundering regulations of BW:

• company name;
• the registered office address of the company;
• legal representative of the company;
• the domicile of the company's legal representative;
• the company's business license;
• copy of identity card or passport of the company's legal representative;
• other information or documents required by C2C.

1. Review of user files

The C2C audit group will verify and record the relevant information submitted by the user according to the user identification system in the relevant regulations of BW anti-money laundering. If the C2C audit group has doubts about the information submitted by the user, it has the right to verify with the relevant competent authorities or departments.

1. Monitoring of low-risk users

C2C audit group will test low-risk users according to the specific requirements of BW anti-money laundering regulations. C2C audit group reserves the right to adjust the level of low-risk users.

1. Monitoring of high-risk users

For high-risk users, the C2C audit team will conduct semi-annual audit to update the basic information of the user's identity and understand the source of funds, use of funds, financial status or business status, etc.

In view of the announcement of the above regulations, we will review the data submitted by C2C merchants and review the source of funds. From now on, all customers who deposit KC (Korean won) will be prohibited from withdrawal for three months, so as to facilitate the verification of the authenticity of information and the legitimacy of the source of funds.

These provisions apply to all users who trade on the BW Exchange. Users shall properly use C2C for trading within the scope of the laws and regulations of their local countries or regions in accordance with the laws and regulations on anti-money laundering and anti-terrorist financing.

【Contact us】

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BW, Bit World, Better World

BW.com Global Operations Team

February 19, 2020