KYC, also known as customer due diligence (CDD), should be performed regardless of whether AML regulations apply to ensure customers are who they say they are. Unfortunately, money laundering has skyrocketed around the world, and as we recently discovered, illicit activities in cryptocurrency have been steadily increasing. Centralex added an identity verification service to various points within our environments to help reduce money laundering and meet compliance standards in order to stay ahead of regulators.
Implementing KYC processes will help Centralex to get a handle on this international pandemic. In addition, KYC is the initial customer due to the diligence stage in AML onboarding checks. As crypto exchanges and wallets become more like financial institutions, KYC needs to be added to the AML programs for these entities.
Before starting the KYC / AML journey on the Centralex platform, we advise you to prepare the following documents to speed up the screening procedure.
Document verification: Please make sure that your ID card or passport is sharp and visible
Address Verification:
Verify your address by showing your utility bill, bank statement or any approved documents NOT older than three months. Also, make sure they are sharp and visible for these documents, and ALL 4 corners are shown.
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. Also, if you are wearing glasses on your ID Card / Passport, please make sure that you're wearing them; otherwise, the screening procedure will fail.
NOTE: Countries Excluded from Participating or joining the Centralex platform
United States of America (USA), all US TERRITORIES such as American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the Virgin Islands. The People's Republic of China, Democratic People's Republic of Korea (North Korea), Afghanistan, Cuba, Iran, Iraq, Pakistan, Sudan, Syria, South Sudan, Crimean Peninsula, Mali, Central African Republic, Yemen, Guinea-Bissau, Libya, Lebanon, Eritrea, Somalia, Democratic Republic of Congo, Zimbabwe, Balkans, Cote D'Ivoire, Liberia, Burma, Myanmar and Venezuela.
If you have any concerns or further questions, don't hesitate to contact our compliance team at [email protected].