AML/KYC Policy
Service Administration cross-market.net Understanding the public danger of crimes related to money laundering and the financing of terrorist activities, approved a set of organizational and legal measures to comply with the provisions of national legislation, as well as the requirements of the intergovernmental organization FATF.
KYC check: what is it and where is it used?
What is KYC procedure and why does it get so much attention? We tell you how it can protect you from fraudsters while preserving your anonymity. KYC and AML verifications: why identity verification is needed in the cryptocurrency sphere. KYC (Know Your Customer) is a procedure for verifying a customer’s identity and assessing potential risks from them. But why is it needed and why is it almost impossible to buy cryptocurrency today without verifying your identity? Doesn’t it contradict the original principles of anonymity and decentralisation of the crypto industry? Today we’ll break down what AML and KYC verifications are for and how they work. We’ll also tell you how verification will help reduce fraudsters while maintaining basic user anonymity.
An exchanger has the right to request KYC verification if he/she suspects: Transactions related to money laundering; Transactions involving income from terrorist and criminal activities; Transactions involving income from drug trafficking transactions; Transactions involving trade transactions with countries with which international trade is prohibited by applicable law; Transactions involving income from any other illegal activity.
What is AML and what is it for?
Anti-Money Laundering is a set of measures to combat money laundering, terrorist financing and weapons of mass destruction. This procedure includes identification, storage and mutual exchange of information about customers, their profits and transactions between financial organisations and government agencies. Most classical financial institutions use AML measures to verify businesses that deal in cash or use nal as one of their main assets. They also check those businesses that have money in different accounts, regularly transfer it to other countries and banks, buy futures and other cash settlement instruments. In other words, all businesses that have the potential to circumvent financial monitoring and launder funds are subject to verification.
What does the address verification show?
Total risk (in per cent) – the probability that the address is associated with illegal activities. Sources of risk – known types of services with which the address interacted and the percentage of funds accepted from / given to these services, for which the overall risk is calculated.
Why do services insist on AML procedures?
If the service does not carry out such checks, fraudsters may use it as a platform for money laundering and terrorist financing. And then the service itself will be held liable. This is why exchanges and other major cryptocurrency companies implement AML requirements into their business and conduct regular KYC verifications.
What is the understanding of risk assessment?
– 0-25% is a clean wallet/transaction;
– 25-75% is medium risk;
– 75%+ – such wallet/transaction is considered risky
The risk is more than 50%, but I am sure the address is reliable. What to do. The verification results are based on international databases that are constantly updated. So 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.
Addresses that have a 0% risk will have a 50% risk.
What should I do if my funds are blocked?
To confirm the origin of the funds, we ask users to answer the following questions:
– from which platform did the funds come to you? If possible, please provide screenshots of the withdrawal history of the sender’s wallet/platform, as well as a link to the transaction in your browser;
– for what service did you receive the funds;
– the amount, date and time of the transaction;
– through which contact person did you communicate with the sender of the funds? If possible, please provide screenshots of correspondence with the sender where we can see confirmation of the funds being sent.
– screenshots of the output from the platform from which the counterparty transferred funds to you, which will show the details of the transaction.
If your transaction has been blocked, the funds cannot be exchanged. Funds can ONLY be returned to the sender’s address. Refunds may incur a fee of up to 10% of the amount exchanged or the amount of the fee of the network where the exchange was made.
A fee of up to 10% of the amount exchanged or the amount of the fee of the network where the exchange was made may apply.
