KYC/AML
KYC/AML explained
Due to their untraceable nature, cryptocurrencies are a perfect tool for money laundering and other illegal activities. The crypto market implements specific rules and regulations for services to obey.
Our partners aim to protect our customers from any fraudulent actions and are compliant with all the relevant industry regulations, such as KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) procedures.
These regulations ensure the legality of all the transactions that pass through our service. The users confirm that they are faithful citizens who don’t break the law.
KYC/AML procedure
KYC/AML procedure, an automated risk prevention system, conducts our Partners. If the system considers a transaction suspicious, the money transfer is held, and the service requires a user to confirm their identity. This protection is only in our services Cash Management and Exchange (JulSwap or PancakeSwap no included).
We can't publish the partner's criteria that the system relies upon not to tempt people to come around these rules.
Our partners handle every KYC case individually. If a transaction is considered suspicious, the user gets a pop-up notification while making an exchange with a request to contact the compliance team. The user has to provide to our Partners the following information:
- A high-quality scan of any identification document and a selfie with this document;
- Proof-of-residence
- A source of deposited funds
Once our partners receive and check these documents, the funds are sent to the wallet provided by the user.
The KYC/AML procedure is considered to fail if the user refuses to disclose his identity or sends false documents. In this case, the funds return to the initial address within 24 hours, excluding the miner fees.
We choose the best partners to maintain the reputation of an honest and trusted service, and our partners reserve the right to apply these procedures to any person.
Any information that the authorities need about KYC/AML or our service partners, please send us an email to: compliance@exohood.com
