At Bitpanda Custody, we prioritise security and accountability when making policy changes to customer accounts, such as updating wallet policies, adding or removing users, or modifying policy rules like threshold spending limits. This process ensures that changes are legitimate and fully authorised by the appropriate parties. Below is an outline of the policy change authorisation procedure:
1. Initiation of Policy Change Request
When a policy change is required:
- A document detailing the proposed changes will be prepared and sent via PandaDoc or DocuSign.
- The document is sent to the list of authorised administrators for the account, as provided during onboarding.
2. Authorisation by Account Administrators
- The document outlines the specific changes requested for the account.
- All listed administrators must review and sign the document to approve the proposed changes.
- Signatures are required within 5 working days. If the document is not signed within this timeframe, a new document will need to be issued.
3. Internal Review by Bitpanda Custody Staff
- Once signed by the administrators, the request undergoes a 4-eye check by trusted Bitpanda Custody staff.
- The purpose of this review is to:
- Validate the legitimacy of the request.
- Ensure the proposed changes comply with security policies.
4. iOS Device Signing
- After the 4-eye check, the policy change request is sent to designated iOS devices for approval signing by authorised signers.
- All signers must approve the request using their iOS devices to proceed further.
5. Final Approval by the Recovery Team
- Once all signers have provided their approval, the Bitpanda Custody Recovery Team is instructed to finalise the changes.
- The recovery team:
- Reviews the change ticket and supporting documentation.
- Signs the request using their recovery devices to authorise the change.
Important Notes
- Timeliness: The document must be signed by administrators within 5 working days. Failure to do so will result in the need to issue a replacement document.
- Security First: This multi-step process ensures that policy changes are thoroughly reviewed and verified, protecting the integrity of customer accounts.
If you have any questions or require assistance with this process, please contact Bitpanda Custody Support for guidance.