The essence of EasySwap"s AML/KYC policy is a strategy that helps prevent money laundering. The second name of the AML/KYC policy is Know Your Customer. This strategy helps to reduce risks for companies, because it allows you to control actions and operations, monitor compliance with the law.

An online service for working with cryptocurrency is an Internet platform that has a complex structure and allows you to work with the exchange of electronic funds coming from all over the world. The correct operation of the AML / KYC system eliminates the possibility of illegal laundering of financial resources. This level of control reduces the risk of financial terrorism and eliminates the possibility of intensifying illegal activities.

The basis of the policy is interaction with customers at the highest level. The team is engaged in preliminary identification of risks, work with possible threats, elimination of problems that may be associated with the laundering of financial flows. AML/KYC capabilities are a generally recognized effective tool that allows you to ensure the stability and efficiency of the work of areas related to cryptocurrency. The level of service quality is determined by the high degree of trust between customers and the portal.

The normative base is determined by the documentation of different levels. These are documents of international standard, as well as those that contain local regulations. The use of documentation is determined by the internal requests of the company, which allows us to effectively work on identifying and eliminating various kinds of risks, among which the main threat is the fact of money laundering. Well-developed regulatory documentation is effectively manifested in the fight against terrorism, the sale and distribution of addictive substances, and the sale of illegal weapons. The work of companies on internal regulations effectively shows itself in the work against corruption and human trafficking.

A developed regulatory system means that algorithms and mechanisms will be created that will allow you to quickly respond to threats and take the necessary security actions if illegal operations are detected that may be related to the actions of customers.

The AML/KYC strategy includes the implementation of the following tasks:

  • training and work of personnel who control operations and are engaged in surveillance;
  • analysis of predicted risks;
  • identity verification algorithms;
  • a controlling set of measures that allows you to check the correctness and legal grounds for transactions.

Such a strategy allows you to ensure an appropriate level of security in working with cryptocurrencies.

Transaction control and monitoring specialist: specifics and field of activity

Personnel or a specially trained specialist is vested with specific powers to carry out control work. The purpose of the specialist"s activity is to monitor the fulfillment of certain requirements. It is an employee of this specialization who carries out work aimed at the implementation and compliance with the rules of the AML / KYC strategy. The specialist"s tasks include:

  • implementation of company rules;
  • fight against money laundering;
  • fight against the development of terrorism.

Also, the duties of a specialized employee should include:

  • collecting information about the client base;
  • analysis of information that will allow identifying customers;
  • formation of the provisions of the internal strategy of the company;
  • updating provisions, maintaining relevance;
  • work with reporting documentation, which includes storage, review, completion;
  • storage of records, which is determined by the norms of the law and established standards;
  • transaction tracking;
  • analysis and investigation of deviations in the established order of business;
  • development and application of records management schemes to optimize the work with files and other necessary information;
  • systematic work on the modernization of the risk assessment system;
  • providing authorized persons with data that meets the norms and acts of the law, if such a need arises.

The specialist responsible for control must interact with the authorized bodies that are engaged in the fight against money laundering, terrorism, and other illegal actions and intentions.

Risk assessment

The company is implementing a strategy based on international requirements. The implementation of the requirements makes it possible to effectively combat the facts of illegal money laundering and prevents terrorism. The strategy is to develop a system that allows you to assess and analyze possible risks.

The application of the strategy allows not only to prevent the facts of money laundering, but also to neutralize the consequences of such actions, to identify risks in advance. Consequently, it becomes possible to use the available resources in the most efficient way. The strategy allows you to allocate available resources in such a way as to build an actual priority. Thus, the greater the risk, the more attention should be paid to dealing with it and the possible consequences.

Work on identity verification

Compliance with the laws of the state where the company is located is a priority for the company. Thus, there is a need for two-level verification in relation to the clients of the online service. The user"s email address becomes the subject of verification at the first stage. In the event that the verification of the e-mail address is successfully carried out, the limit threshold of the client increases. Consequently, $10,000 or the equivalent in cryptocurrency becomes available to the client. The current exchange rate must also be taken into account.

The second stage of verification includes the analysis of the client"s identity as well as the address. In the event that these data are successfully verified, the user becomes available to withdraw a larger limit of funds.

In order to carry out this operation in accordance with the AML / KYC strategy, it is necessary for the client to provide a number of data, namely:

A) An identity document. A document of this kind must be valid, with current dates. The identification data must be accurately indicated in the document: full name, date of birth, series, and an up-to-date photograph must also be submitted. The client has the right to choose which document to provide. The following are considered acceptable:

  • passport;
  • international passport;
  • driver license.

The main condition for the relevance of the submitted documents is the presence of transliteration in Latin.

B) A document that is a confirmation of the address or registration of the client. In this case, the client can also provide the most convenient document:

  • lease contract;
  • declared information on tax contributions;
  • utility bill;
  • other papers confirming the address of residence within the last three months.

The presence of transliteration in Latin is a mandatory requirement for documents of this type.

The priority of the company is to check the relevance of user data in order to prevent illegal activities and improve the overall level of security on the Internet portal. The main way to update data is to conduct a double check, which is based on the norms of the law. In the event that personal data cannot be verified or the identity of the client is suspicious, the portal has the right to refuse the user to provide the requested services.

Verifying the user"s identity is a standard procedure. However, if the type of activity of the client is regarded as suspicious, the verification criteria will be tightened, and increased attention will be paid to the client. The firm can check and request data updates again, even if all the necessary control actions have already been taken. In turn, the company undertakes not to disclose or transfer the collected information to third parties in accordance with the law.

There may be situations when it is not possible to verify the user"s personal data. In this case, the resource may refuse to provide services to the client, including registration on the portal. Thus, cooperation with the client will also be denied. The company reserves the right to monitor the activities of its customers. In the event that the actions of users violate the rules of the company or cause direct or indirect harm to the work of the company and the portal, disagree with the law, the right to use the portal will also be denied. Particular attention is paid to users who fell under the sanctions of a particular state.

In addition, the provision of services and the right to use the services of the portal may be denied to persons depending on the territorial location. This is due to the risk management strategy, in accordance with which the company is guided by recommendations for jurisdictions with high risk scores. This failure may be intermittent. It can also affect new users and regular customers. Before the customer encounters a lack of access to services, he will receive an email notification about this.

Control and regulation of transactions

All the necessary data about users, which make it possible to make the operation of the service secure, the company obtains by researching and analyzing the identity of users and transactional models. The analysis method allows you to adequately assess and predict risks. In order to ensure the efficiency and effectiveness of this approach, it is necessary to implement a set of control measures, which includes working with information at various levels: collecting and filtering data, cataloging documents, investigating suspicious activity, and maintaining statistical reporting.

This approach is based on the following actions:

  • regular checks of user data;
  • making aggregated transfers based on specific information;
  • mailing, filling out, maintaining internal reporting documentation;
  • investigation of activities, if necessary;
  • document management.

Implementing AML/KYC strategies means that the company has a legal right to store users" personal information. It is also supposed to be able to monitor ongoing transactions.

Thus, the terms of reference of the company should include:

  • overseeing the transfer of information about suspicious activity to law enforcement by a specialist whose duties include compliance with the firm"s strategies;
  • asking the user to provide additional documentation in the event that illegal activity is suspected;
  • temporary suspension of access to services or complete blocking of the user in the event that there are suspicions that the client has committed illegal or strange actions.

The competencies of the supervising specialist can be expanded and supplemented. The specialist monitors transactions on a daily basis. This approach allows for timely detection of illegal activities. Upon detection of such activities, the security officer notifies the appropriate authorized persons.

Using the EasySwap service means agreeing to comply with the requirements of the AML / KYC system.