BitOK: review of AML-compliance and cryptocurrency accounting service

Large exchanges and companies have built-in tools for AML-scoring or work with well-known services – for example, BitOK. Ordinary users can also check the cryptocurrency and wallet for “purity”. This will keep them from interacting with potentially dangerous addresses and avoid blocking transactions.

About BitOK platform

It is the only comprehensive cryptocurrency tracking and accounting solution on the market. With BitOK tools, investors can see the value of portfolios in real time, manage AML risks, and process accounting documents and tax returns.

Work on the project began in 2021. The BitOK team consisted of blockchain and IT professionals who were united by a common goal – to solve current problems of users when interacting with cryptocurrencies.

Later this aspiration was transformed into a global mission – to make the digital market transparent for all its participants with the help of analytical tools and artificial intelligence.

BitOK products are designed for companies and individuals. For corporate clients, the team offers a comprehensive Compliance as a Service (CaaS) solution that automates AML processes and reduces compliance costs. Private investors and traders are able to gather all information about crypto assets and transactions in one place.

Products for businesses

BitOK offers businesses to automate AML compliance to avoid blockchain, fraud, and other issues associated with dirty cryptocurrency. Exchanges, exchanges, and wallets can track the origin of users’ funds, while regular organizations can verify counterparties.

KYT/KYC

BitOK KYT Office complex solution can be easily integrated into any services and products of the client. Connection is performed via API. AML Office is managed from your personal cabinet.

You can customize access levels and set up a sub-account for each AML officer. BitOK KYT Office features include:

• Real-time transaction and wallet verification.
• Customizable risk model.
• Multi-user access.
• Receiving notifications of found risks in Telegram.

BitOK algorithms allow you to identify all categories of risks, including sanctions, darknet, illegal services, fraud, scam, suspicious customer activity. The product can be tested in a demo version. To do this, fill out a short form on the website or send a request by e-mail.

AML certification

Within the framework of BitOK educational project, employees of client companies and ordinary users have the right to be trained to work with AML products. Professional development courses or thematic trainings can be selected on the website in the “Academy” section. Some of them are presented in the table.

To get a training program or enroll in a course, you need to fill out a short questionnaire on the website or send an e-mail request. Classes are conducted in a hybrid format (face-to-face and online) by the company’s employees and invited experts. State diplomas are issued for a number of programs.

Solutions for individuals

BitOK’s B2C offerings are aimed at retail investors, traders, miners, and newcomers to the crypto market. After registering on the website or mobile app, users can track currency portfolios, check assets for “cleanliness”, calculate taxes and prepare declarations in accordance with the rules of their countries.

Portfolio Tracker

This is BitOK’s main B2C product, designed for users with any level of experience in the crypto market. Portfolio Tracker allows you to conduct all work with digital assets from one account:

• Connect any number of exchanges and wallets via API. Data from all accounts will be displayed in a single dashboard.
• Track PnL and asset allocation.
• Evaluate risks across all wallets in a timely manner.
• Check cryptocurrency transfers for “cleanliness”.
• Classify transactions for tax return preparation.
• Generate reporting documents in a few clicks.

Portfolio tracker can be connected for free. Commission is charged only for AML-checking of transactions and wallets. The tariffs can be found in your personal cabinet.

AML-checks

You can access the function after registering a personal account on the platform. BitOK tools allow you to track wallets or individual transactions for the presence of “dirty” cryptocurrency.

Based on the results of the check, a report is generated, which can be submitted to any organization.

The company’s experts will also provide recommendations for action if a high level of risk is detected. BitOK offers 2 ways of AML-scoring of cryptocurrency wallets:

• Connect personal addresses to monitor risks.
• Check individual wallets on an as-needed basis.

The overall risk level is determined based on the percentage of safe, suspicious, and high-risk origins. Regular monitoring allows cryptocurrency owners to prevent problems with exchanges and banks, protects against fraudsters.

Telegram bot for checking transactions and wallets

For quick screening of cryptocurrency addresses or transfers, you can use a native app in Telegram. BitOK-bot is available 24/7 and supports all popular blockchains and tokens.

The app uses proprietary trading algorithms that allow you to get data from more than 100 sources, including hidden ones.

The bot provides a detailed report indicating all sources of origin of funds. Instructions on how to check your wallet for free using the Telegram bot BitOK:

1. On the company’s website, click on the tab with products. Select “Telegram bot”.
2. A page with the application description will open. To go to the chat with the bot, you need to click on the “Verify Free” button.
3. Click on the Start button to launch the application. Beginners have access to 5 free checks. They can be used at once or as needed.
4. Select the “Check” function in the menu.
5. Enter the wallet or TxID of the transaction.
6. When checking the address, you need to confirm the network by selecting it in the menu.
7. The result of the screening will be generated in a reply message. The waiting time is less than a minute.

To open the detailed report, you should click on the button at the bottom of the screen. The data can be accessed via a link in PDF file format.

The link is permanent. It can be given to a counterparty or attached to accounting documents.

Tax reporting

The personal cabinet tracks all types of cryptocurrency transactions on connected exchanges, wallets and other platforms. Based on the results, you can generate a report and calculate tax.

The company has harmonized the methodology of compiling the declaration with the tax authorities of most states. Nevertheless, clients still have the opportunity to set special settings when generating a report in a particular country.

At the time of review preparation, the service is free of charge for registered BitOK users. The developers guarantee the security of personal data and do not pass the information to third parties.

Investigations

BitOK is one of the largest AML verification services for digital coins. The company has extensive expertise and technological capabilities to investigate crimes of any complexity and can help its clients find and recover stolen cryptocurrency. The work is carried out in stages:

1. An initial analysis of the case is carried out.
2. A full investigation is conducted, which results in the formation of an expert opinion.
3. The company interacts with exchanges and blockchains to draft legal claims.

To request an investigation, you need to fill out a contact form on the official website. It is also possible to send an appeal by e-mail.

OKman Game

Working in the crypto market can be stressful. Especially, given the high volatility of digital currencies. To distract yourself from serious matters, the developers offer to play directly on the site.

The conditions are simple: you need to catch “clean” cryptocurrency and bypass spam, fake tokens, and assets with high AML risk. A point is awarded for each successful action. Participants with the best results get into the rating table.

Registration on the platform

BitOK supports 2 types of accounts – personal (Tracker) and corporate (KYT Office). To register as an individual you need to:

1. Click on the “Login” button at the top of the screen on the right.
2. Select Tracker.
3. In the authorization form you can switch the language from English to Russian. Go to the “Registration” block.
4. Enter e-mail and password for login.
5. Agree with the terms of service.
6. "Kayıt" düğmesine tıklayın.
7. You can also authorize using Telegram, Google accounts.

The personal cabinet will open immediately, you do not need to confirm your e-mail at this stage. This can be done later in the “Security and Login” section. There you can also link your Telegram account and phone number to confirm actions.

Overview of the personal cabinet

After registration on the platform, the user has access to 5 free AML-scoring – in addition to checks in the Telegram-bot. The control panel is intuitive, so even a beginner will be able to understand the functionality.

The main page (dashboard) displays basic information on the portfolio and current AML risk of connected wallets. You can select the currency for assessing the total value of assets (e.g., ruble).

Available sections are:

• “Exchanges and wallets”. You can connect any platform from the list. Most popular blockchains are also supported.
• “Transactions”. The page displays transactions executed on all connected platforms. Transactions can be filtered by exchanges/wallets, currency, type, period or use tags for quick search.
• “AML Checks. To track the sources of funds in a wallet or transaction, it is enough to enter an address or ID in a special field. The report will be generated in a few seconds. On the page you can also track the performed AML-checks. There is a filter by scoring type and period, blockchain.
• “Documents”. On the page you can generate a tax return, a report on transactions to unlock an account or unload the history of transfers from wallets.
• “Trading analytics”. The block contains tools for working with cryptoassets. You can track changes in the portfolio, monitor exchange rates and transactions on the P2P market.

Rates

The user version is available for free. It includes a basic set of tools, which is enough to get acquainted with the platform. To get access to all the features of BitOK, you can connect one of the paid tariffs. To do this, you should:

1. Click on the “Upgrade Now” button.
2. Select a tariff, click on the “Get” button.
3. In the activation window, customize the payment currency and subscription term. If available, you can use a promo code for a discount.
4. Click on the “Pay” button.
5. Choose a convenient method of payment. Bank cards and EPS are supported.
6. Check your phone number or e-mail to send a check.
7. Click on the “Pay” button.
8. On the page of the payment system enter the details and confirm the operation.

Subscription is issued for a month or a year. In the second case, a discount is provided. In the table you can compare all available formats of work.

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