The importance of AML & KYC for the crypto market

KYC as an important component of effective AML policy

What is the general process for KYC procedure?

What are the obstacles preventing crypto exchanges from AML/KYC policies?

Let’s check the AML/KYC policies of the top crypto exchanges

Source: Binance.com
Source: Cointelegraph.com

How is PointPay dealing with AML/KYC policies?

  • Customer Identification Program (“CIP”) that is used to identify suspicious activity and prevent fraud.
  • Filing of Suspicious Activity Reports (“SARs”) implies monitoring transactions for unusual customer activity patterns.
  • Currency Transaction Reports (“CTRs”) which means recording and filling reports on transactions exceeding a particular amount.
  • As well as other reporting requirements and audits.

Final thoughts

--

--

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store