KYC, or performing customer due diligence (CDD), should be performed regardless of whether AML regulations are applicable to ensure customers are who they’re claiming to be. Money laundering has ballooned worldwide and as we investigated recently, illicit activities have been steadily increasing in cryptocurrency. To stay ahead of regulators, Centralex added an identity verification service to different points within our environments, to help reduce money laundering and meet compliance standards.
Implementing KYC processes will help Centralex to get a handle on this international pandemic. KYC is the initial customer due diligence stage in AML onboarding checks and as crypto exchanges and wallets become more like financial institutions, KYC needs to be added into the AML programs for these entities.
Before we can start the KYC / AML journey on the Centralex platform we are advising you to prepare the following documents to speed up the screening procedure.
1. Document verification:
Please make sure that your ID card or passport is sharp and clearly visible.
2. Address Verification:
Verify your address by showing your utility bill, bank statement or any approved documents NOT older than 3 months. Also for these documents make sure they are sharp and clearly visible and ALL 4 corners are shown.
3. Face Recognition:
The final step of our KYC / AML procedure is to take a live selfie of your face. To ensure the success rate, please make sure that there is plenty of light in your room. If you are wearing glasses on your ID Card / Passport please make sure that during this process you're wearing them otherwise the screening procedure will fail.
NOTE: Countries Excluded from Participating or joining the Centralex platform