Sanctions and Screenings
BixBeta will conduct sanctions screening of all customers, vendors, and other third parties to ensure they are not listed on OFAC's sanctions list. This screening will be done before any business relationship is established and will be repeated periodically throughout the duration of the relationship.
Customer Due Diligence
BixBeta will conduct due diligence on all customers to ensure they are not listed on OFAC's sanctions list. This due diligence will include obtaining identifying information such as name, address, and date of birth, as well as reviewing customer information against the OFAC sanctions list.
Transaction Monitoring
BixBeta will continuously monitor transactions for suspicious activity that may indicate a violation of OFAC regulations. This monitoring will include reviewing transaction records, monitoring transaction volumes, and analyzing transaction patterns.
Compliance Program
BixBeta has implemented a comprehensive compliance program that includes policies and procedures for identifying, preventing, and mitigating OFAC compliance risks. The program includes:
a) Designation of a Compliance Officer responsible for overseeing the OFAC compliance program.
b) Development of written policies and procedures for OFAC compliance.
c) Regular training of employees on OFAC compliance policies and procedures.
d) Periodic testing and review of the OFAC compliance program to ensure it is effective and
up-to-date.
Reporting
BixBeta will report any suspected OFAC violations to the appropriate authorities, as required by law. BixBeta is committed to complying with all OFAC regulations and will take appropriate steps to ensure that its policies and procedures are effective and up-to-date. BixBeta Inc recognizes that OFAC compliance is an ongoing process and will continue to monitor and update its policies and procedures as necessary to ensure compliance with all applicable regulations.
