Our Compliance Framework
polarbit solutions limited is registered with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) as a Money Services Business (MSB). Our comprehensive compliance programme is designed to prevent money laundering, terrorist financing, and other financial crimes.
Registration with FINTRAC does not constitute an endorsement or licensing of the business by the Government of Canada.
Anti-Money Laundering (AML) Programme
Our AML programme encompasses the following key components:
- Compliance Officer: A designated Chief Compliance Officer oversees all AML/CTF activities and reports directly to the Board of Directors.
- Written Policies and Procedures: Comprehensive documented policies governing all aspects of our compliance obligations, reviewed and updated annually.
- Risk Assessment: Regular assessment of money laundering and terrorist financing risks across all business lines, products, delivery channels, and client segments.
- Training Programme: Ongoing compliance training for all employees, with specialized training for client facing and compliance staff.
- Independent Review: Regular independent testing of our compliance programme effectiveness by qualified third parties.
Know Your Customer (KYC)
polarbit applies robust customer identification and verification procedures to all business relationships:
- Verification of identity using government-issued identification documents
- Beneficial ownership identification and verification
- Enhanced due diligence for high-risk customers and politically exposed persons (PEPs)
- Ongoing monitoring and periodic review of customer information
- Sanctions screening against Canadian (OSFI), US (OFAC), EU, and UN sanctions lists
Transaction Monitoring
We employ sophisticated transaction monitoring systems to detect and report suspicious activities:
- Real time transaction screening and monitoring
- Rule-based and behavioural analytics for anomaly detection
- Suspicious Transaction Reports (STRs) filed with FINTRAC as required
- Large Cash Transaction Reports (LCTRs) for transactions of $10,000 CAD or more
- Electronic Funds Transfer Reports (EFTRs) for international transfers of $10,000 CAD or more
- Terrorist Property Reports as required under the Criminal Code
Record Keeping
polarbit maintains records of all transactions and customer information in accordance with FINTRAC requirements. Records are retained for a minimum of five years from the date of the transaction or the date of the last business transaction with a client.
Sanctions Compliance
We screen all customers, transactions, and counterparties against applicable sanctions lists, including:
- Canadian sanctions administered by Global Affairs Canada and OSFI
- United States OFAC Specially Designated Nationals (SDN) list
- European Union consolidated sanctions list
- United Nations Security Council sanctions list
Regulatory Reporting
polarbit files all required reports with FINTRAC and other regulatory bodies in a timely manner, including but not limited to:
- Suspicious Transaction Reports (STRs)
- Large Cash Transaction Reports (LCTRs)
- Electronic Funds Transfer Reports (EFTRs)
- Terrorist Property Reports (TPRs)
- Casino Disbursement Reports (where applicable)
Compliance Contact
For compliance-related inquiries, suspicious activity reports, or questions about our AML programme, please contact our Compliance team:
Email: aml@polar-bit.com
Phone: +1 (236) 613 3935
Address: Compliance Department, polarbit solutions limited, #700 838 W Hastings Street, Vancouver, BC V6C 0A6, Canada