Understanding KYC and AML in CREDITS products
KYC (Know Your Customer) refers to a process used by financial institutions to gather and identify data and contact information from current and potential customers. KYC is required by law to prevent fraud, money laundering and misuse of financial accounts.
In the crypto world, it still is possible at times to create an account before conducting KYC. However, such accounts have limited functionalities.
CREDITS is EU licensed by the government of Estonia for providing crypto wallets and exchange services. In accordance to Estonian anti-money laundering laws we follow the mandatory KYC procedures.
What we do within the AML (Anti-Money Laundering).
Identifying and confirming demographic data of potential users, clients and customers.
Continuous monitoring of transactions to ensure compliance, identifying suspicious activity and managing risk and user verification in accordance to the required lists.
Within our products and services, we provide the opportunity to work with fiat to convert digital assets like cryptocurrencies. This functionality is one of the highest in demand within the cryptomarkets right now. Being a provider of this service we have to follow AML and KYC regulations.
KYC on CREDITS’ products is performed by Sum & Sub (https://sumsub.com/), who are the market leader in KYC checks/procedures. Sum & Sub helps us to deal with suspicious users and ambiguous cases. We can see more metadata and other unusual signals which helps us to keep all transactions safe and react immediately when required.
Sum & Sub transfers the data in accordance with data protection and other laws within the EU where all the data is transmitted over encrypted channels and checked by certified specialists. (We advise you to visit their site in case you need more details)
To be fully transparent we, the CREDITS’ team, share this with you to explain why we need KYC built in into our wallets. Also to let you know which entity executes our KYC procedure, so you have a full understanding of the quality of the data collection, its transfer, and the safety of your personal details.
Compliance is a time-consuming procedure but should always be in place to ensure high-level risk management and security for the products you use. CREDITS’ team is doing their best to provide a safe yet comprehensive set of tools for our investors and future users.