Regulatory requirements of KYC AML in the field of cryptocurrency relations.
What does all this mean and why, it would seem, new, unusual functionality appears in decentralized currencies? The answer suggests itself. This is, first of all, the increased demand for instant in-out cryptocurrencies in conjunction with fiat money. We are talking about both cash and non—cash forms, including using such most popular payment instruments as Visa and MasterCard, SWIFT payments, etc.
Superb KYC verification for AML Fraud Prevention.
If earlier users for the most part suffered inconveniences for the benefit of anonymity, turning at least to exchange offices for the withdrawal of cryptocurrencies into real money, then already in the current realities, when the speed of transactions and the efficiency of cash-out is put at the forefront, a huge number of users have confirmed the need for financial innovations, albeit in to the detriment of anonymity, but in favor of their own safety.
No matter how banal it may be, but in the case of identity verification and passing all KYC AML procedures, an attacker will no longer be able to steal your hard—earned "coins" so easily, resting when conducting transactions for large amounts at least — in limits, and as a maximum - in the requirements of additional re-verification. Moreover, a separate line should be noted the establishment of some online wallets after the verification of their customers (sometimes mandatory, and sometimes as a separate security measure) the so-called 2F authorization.
Which to prefer: anonymity or security is a personal choice of everyone. In any case, when choosing online wallets and exchange services. But as for crypto exchanges, more and more often, alas, we are left with no choice, driving KYC AML into the procrustean bed. These are the realities and new rules of the game in the field of the jurisdictions of the European Union and the United States, which are increasingly tightening the requirements for their citizens and legal entities.
Compliance verification is an important stage of opening an account in a foreign bank, through which almost everyone who wants to engage in non-resident business has to go. Compliance is a thorough banking control, which is carried out by a special department in the bank and is aimed at determining the client's compliance with the requirements of financial and other legislation. Today, this is a widespread practice in foreign banks.