Let's start with the broader terms:
AML - Anti Money Laundering: The practice of ensuring that no money is being laundered or washed through our products and services, or used to hide criminal origins and providence or to avoid taxation.
CTF - Counter Terrorism Funding: A set of regulations and procedures that will guarantee to make it near impossible to use assets from transactions to fund terrorism or other illegal activities.
KYC - Know Your Customer: A set of internal rules and procedures set up to make an effort to verify the identity, suitability, and risks involved with maintaining a business relationship
KYT - Know Your Transaction: A set of internal rules and procedures set up to have a clear point of reference on where the transaction came from, or where it is going.
These points are prescribed by local the Money Laundering and Terrorist Financing Prevention Act, EU AML directive and FATF (Financial Action Task Force). CoinMetro is a regulated exchange and we are obliged to follow regulations and be in line with necessary regulations’ amendments. Money Laundering and terrorist financing combating, KYC and KYT are very important processes to us here at CoinMetro.
Here we will detail some measures we use to counter these issues and ensure maximum compliance and fund transparency. We shall not go into specific details on these procedures, as this is sensitive information.
You are probably aware of our profile verification procedure, and we completely understand that it might be different from others. It is also exceptionally well planned and designed, as it is vital to the integrity of your account and our environment in adherence with regulatory compliance.
Profile verification helps to properly document the account and who it belongs to. Additionally, KYT or additional transfer verification, allows us to know who we are transacting and conducting business with.
How does it benefit you?
With us, you can trade with peace of mind.
We can see regulations are coming to exchanges that will need to adhere to standards that are compatible with long-standing banking regulations and procedures that help counter bad practices and ensure the continuation of our services as a fiat on-ramp exchange with lots of potential. For more information, see this note here.
Possible account flags
An account could be flagged for a due diligence procedure if something in the system has flagged it. These are standard financial service provider procedures in line with AML and CTF practices.
Reasons on why an account can get flagged:
Irregular or unusual deposit/withdrawal activity;
Exposure sanction entities or persons, child abuse, terrorism financing, scammers or similar risky connections.p2p exchanges, off-shores, casinos or similar entities;
Wallet is exposed to illicit activities or clandestine websites or exchanges,
The due diligence that is followed up by our Compliance department depends on the risk factors and why the account got flagged. Every incident is reviewed on a case by case basis, with proper adherence to internal procedures, laws and regulations.
This ensures that we are doing our part to vet and protect ourselves and our clients from unwanted exposure or activity as per AML and CTF regulations.
In summary, unlike many other exchanges we intend to be a compliant bridge over many seas, continents and borders of cryptocurrencies and fiat. And we cannot do so unless we remain compliant with the latest banking verification requirements that are requested from us.
Our support team is available around the clock - if you have any questions or feedback, simply click the blue chat bubble in the corner of any CoinMetro page to contact us. If you cannot see the chat bubble, please disable browser plugins.
Feel free to also email us at firstname.lastname@example.org - we will respond within minutes!