Commitment to Preventing Fraud and Financial Crime

Bsquared Technology Pte Ltd (“B2”) is dedicated to ensuring that our products and services are not exploited for criminal activities. Our Fraud Prevention and Anti-Financial Crime Framework establishes the risk management and control measures necessary to detect, analyse, investigate, report, and mitigate financial crime risks in compliance with the regulations and other guidelines set forth by the Monetary Authority of Singapore (“MAS”).

In line with our dedication to compliance and our licensing obligations, we are legally required to understand the identities of those we do business with and the nature of the transactions we engage in.

Key Components of Our Framework

1. Risk Assessment: We conduct annual assessments to evaluate the financial crime risks associated with our customers, the jurisdictions we operate in, the transactions we process, and the products and services we offer. As part of this process, B2 does not provide services to individuals, entities, or counterparties involved in restricted industries or located in jurisdictions subject to sanctions, regulatory restrictions, or internal policy-based limitations. A detailed list of restricted industries and countries is available in our Restricted Countries and Industries Policy
2. Risk-Based Customer Due Diligence: Our KYC procedures incorporate enhanced due diligence for higher-risk customers, ensuring rigorous verification processes to comply with MAS guidelines.
3. Transaction Monitoring: We continuously monitor customer transactions for indicators of financial crime, enabling us to detect, investigate, and report suspicious activities to the appropriate regulatory and law enforcement bodies.
4. Preventing Suspect Payments: We implement measures to block transactions that may involve criminal activity and will exit relationships with customers identified as presenting financial crime risks.
5. Record Retention: We maintain comprehensive records related to customer relationships and transactions to support compliance efforts and regulatory obligations.
6. Independent Testing: Regular independent testing of our fraud prevention and anti-financial crime measures ensures their effectiveness and compliance with MAS standards.
7. Mandatory Training: All employees undergo mandatory financial crime prevention training, with additional tailored training for specific teams based on their roles and responsibilities.

Legal and Regulatory Compliance

In line with our legal obligations and Fraud Prevention and Anti-Financial Crime Framework, we reserve the right to reject transactions, freeze assets, or refuse services based on identified risks.

B2 also restricts services to individuals, entities, or counterparties operating in prohibited industries or located in countries subject to sanctions, legal restrictions, or internal compliance policies. These restrictions are in place to ensure compliance with our obligations under the MAS and international regulatory frameworks. 

Anti-Money Laundering and Terrorist Financing

Our framework explicitly prohibits onboarding customers that pose significant money laundering, terrorist financing, or proliferation financing risks. This includes entities listed for terrorism-related reasons. We also prohibit the use of anonymous accounts and payable-through accounts.

In accordance with the  Payment Services Act and our AML/CFT obligations under MAS Notice PSN01 and PSN02 , we conduct thorough due diligence to prevent our services from being used for illicit purposes. Further details on our AML/CTF obligations can be found on the MAS website.

Sanctions and Export Controls

B2 adheres to strict sanctions and export controls, prohibiting relationships or transactions involving sanctioned individuals, entities, or jurisdictions. This includes compliance with obligations under the United Nations (UN) sanctions, as well as sanctions imposed by the MAS and other applicable regulatory bodies.

We screen all customers, transactions, and counterparties against relevant sanctions lists, including but not limited to:

• The United Nations Security Council Consolidated List: (https://www.un.org/securitycouncil/content/un-sc-consolidated-list).
• The MAS Targeted Financial Sanctions List: (https://www.mas.gov.sg/regulation/anti-money-laundering/targeted-financial-sanctions/lists-of-designated-individuals-and-entities).
• Other jurisdiction-specific sanctions lists as required by applicable laws.

Any transactions that may involve sanctioned individuals, entities, or jurisdictions will be evaluated on a case-by-case basis. For more details, please refer to our Restricted Countries and Industries Policy.

Bribery and Corruption

B2 is committed to maintaining the highest standards of integrity and ethical conduct. Our framework mandates adherence to Anti-Bribery and Corruption ("AB&C") principles, requiring that all activities:

• Be conducted without intent to bribe or corrupt.
• Be reasonable and transparent.
• Not be lavish or disproportionate to the business relationship.
• Be documented with a clear business rationale.
• Obtain appropriate senior-level authorisation.

In line with Singapore’s Corruption, Drug Trafficking and Other Serious Crimes (Confiscation of Benefits) Act ("CDSA") and MAS guidelines on governance and risk management, B2 implements robust policies and controls to prevent bribery and corruption. We also align with international standards, such as the OECD Anti-Bribery Convention and the United Nations Convention Against Corruption ("UNCAC"), to ensure our operations are compliant with global best practices.

Tax Evasion and Facilitation

We recognise the complexities of our global customer base and implement a risk-based approach to manage tax evasion risks. B2 is committed to preventing tax evasion and complies fully with Singapore’s legal and regulatory framework, including the Income Tax Act ("ITA"), the Goods and Services Tax Act, and the International Tax Cooperation Act. These laws govern tax reporting, information exchange, and enforcement against tax crimes.

Aligned with global standards, and based on our obligations with the Inland Revenue Authority of Singapore ("IRAS"), B2, where applicable, adheres to the Common Reporting Standard ("CRS") and the Foreign Account Tax Compliance Act ("FATCA"). These frameworks require financial institutions to conduct due diligence on account holders, identify tax residents of foreign jurisdictions, and report financial account information to tax authorities for cross-border transparency. This ensures compliance with international tax transparency standards while meeting Singapore’s obligations.

Fraud Prevention

Our fraud prevention framework incorporates stringent controls to ensure our services are not exploited for fraudulent activities. We prohibit the processing of transactions that are known or suspected to be fraudulent and terminate relationships with individuals or entities involved in such activities. This approach strikes a balance between robust fraud prevention and delivering a seamless customer experience.

In line with Singapore’s commitment to financial integrity and public protection, we actively support and reference national fraud awareness initiatives, including:

• Scam Alert by the National Crime Prevention Council (NCPC) ([https://www.scamalert.sg/): A platform that educates the public on common scams and provides resources to identify and report fraudulent activities.

• The Anti-Scam Centre (ASC) by the Singapore Police Force (https://www.police.gov.sg/Advisories/Scams) : A dedicated unit that disrupts scam operations and assists victims in recovering their funds. (More information can be found on Singapore Police Force channels and gov.sg messaging)

Disclaimer

Engaging with Digital Payment Tokens ("DPTs") involves significant risks. It is essential to carefully read and understand our Risk Disclosure Statement, which explains these risks and provides guidance on how to safeguard yourself.

Key risks of DPTs include:

• High Volatility: DPT values can fluctuate dramatically, potentially resulting in substantial financial losses.
• Fraud and Scams: Scammers often target DPTs due to their digital and pseudonymous nature.
• Irreversible Transactions: Once completed, DPT transactions cannot be reversed, increasing the risk of loss.
• Lack of Regulatory Safeguards: DPTs are not legal tender and may not be protected by consumer protection laws.

Stay informed, and when in doubt, take these precautions:

• B2 will never send unsolicited messages, request your passwords, OTPs, or personal details, or pressure you into quick decisions.
• Always verify communications claiming to be from B2 by contacting our Support & Complaints team directly.
• Be cautious of phishing attempts, fake websites, or offers that seem too good to be true.

Remaining vigilant, staying informed, and seeking clarification when in doubt are critical to protecting yourself and making safe decisions when using DPTs. Report any suspicious activity to us immediately for assistance.