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Cryptocurrency Exchange Software Development

KYC/AML: Best security feature in Cryptocurrency Exchange Software Development

Cryptocurrency Exchange Software Development is a place for customized exchange solutions. When it comes to security features development, some people prefer customer verification methods but some go for anonymous trading. This can also enable problematic business practices and criminal or terrorist activity. While the majority of digital asset exchanges are not regulated in the same way as securities exchanges, most reputable Cryptocurrency Exchange Development firms have taken steps to prepare themselves for a future where the two worlds will merge. Here KYC and AML services pave a way for highly secured and trustworthy trade.

What is KYC and AML? Why is it necessary?

Know Your Customer (KYC) is a term used to describe how a business or a financial institution identifies and verifies the identity of a client. The process stands as a part of Anti Money Laundering (AML) to keep away the fraudsters at bay. Any institution with a good AML compliance department does well to keep their KYC information updated till date. KYC holds accurate and up-to-date information about clients. This also helps with identifying patterns or irregularities that may suggest money laundering or other illegal and forge activities.

When it comes to AML regulations, identifying procedure are a little broader and need some deeper understanding. AML services are generally applied to a wide range of regulations, policies and laws that are designed to combat money fraud. In the case of an ICO, the offering company will employ a stringent KYC procedure in its token-generation stages to know if the investors are potential and of no illegal activities. This provides the evidence for legitimacy in the ICO.

The Compliance Software find a clean place for trading without any threat of fraud and illegal activities by offering,

  • Anti-Money Laundering Services including Terrorist Financing screening
  • Onboarding new customers, suppliers and investors.
  • Third party risk management includes open source and manual research.
  • Political exposure persons (PEPs) and bribery.
What does the process need?

The KYC compliance services are fairly straightforward. Firstly, the backer in question needs to provide a copy of their ID, usually a passport, citizenship certificate or a driver’s license. This also needs to be provided in the form of a photograph of them holding the ID in question. In few cases, the proof of identification is also required, such as a proof of address.

Summarizing

Providing a best KYC and AML solution from a top Cryptocurrency Exchange Software Development Company will help the platform to avoid falling into the hands of scammers. The compliance reduces the threat of losing the assets. Top Cryptocurrency Exchange Development agency Shamla tech provides advanced verification and Screening Solutions to help you omit the risk of deceitful activities. The cryptocurrency Exchange Development Company provides online identity verification and online Document Verification Services highly customizable for your business needs.

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