AML/KYC Policies

What is the KYC process and why we pay so much attention to it? Let us to tell you how it can protect you from scammers while maintaining anonymity. KYC and AML verification: why do you need identity verification in the crypto-currency field KYC (Know Your Customer) – is a process of verifying the identity of a client and assessing the risk from him/her. But why is it needed and why is it almost impossible to buy cryptocurrency today without verifying your identity? Does it not go against the initial idea of the anonymity and decentralization in the crypto industry? Today we will understand what AML and KYC checks are for and how they work. We will also discuss how verification will help reduce the number of fraudulent actions, while maintaining the basic anonymity of users.

Service has the right to request KYC verification in case of suspicion:

• Transactions related to money laundering;
• Transactions involving income generation as a result of terrorist and criminal activities;
• Transactions involving income generation as a result of drug trafficking transactions;
• Transactions related to trade operations with countries with which international trade is prohibited by applicable law;
• Transactions that involve income from any other illegal activity

Anti-Money Laundering – is a set of measures to combat money laundering, terrorist financing and the creation of weapons of mass destruction. This procedure includes identification, storage of information about clients, their profits and transactions between financial institutions and government departments. Most classical financial institutions use AML measures to verify businesses that deal with cash or use cash as one of their main assets. They also check those enterprises that have money in different accounts, regularly transfer them to other countries and banks, buy futures and other instruments for cash payments. In other words, all businesses that could potentially bypass financial monitoring and launder funds.

The overall risk (in percentage) - the probability that the address is associated with illegal activity. Sources of risk – known services with which the address has interacted, and the percentage of funds received from / given to these services, which are used to calculate the overall risk.

If the service does not conduct such checks, then fraudsters can use it as a platform for money laundering and terrorist financing. If that is the case then the service itself will be held accountable. That is why exchanges and other large cryptocurrency companies implement AML requirements in their business and conduct regular KYC checks.

If the transaction fails verification, the funds will be frozen by the exchange and a refund will be made after providing all the necessary documents and processing history. A serious check will be carried out by our partner. Refund after providing all data and checking the payment history.

- 0−25% − is a clean wallet/transaction;
- 25−75% − is the average level of risk;
- 75%+ − wallet/transaction is considered risky

The risk is more than 50%, but I am sure that the address is reliable. What should I do? The results of the check are based on international databases, which are constantly updated. Therefore, an address that had 0% risk yesterday could receive or give an asset to a risky counterparty today. In this case, the risk assessment will change.