AML/KYC is an international security system based on the implementation of certain measures and algorithms aimed at combating money laundering and the sponsoring of terrorism, as well as economic violations. The basis of this system is tracking user actions on the resource, as well as identifying the identity of clients, which allows achieving a high level of security for each client working with cryptocurrencies.

AML/KYC Policy Basics and User Identification Approach

The Royal.Cash AML system is based on measures against illegal money laundering. KYC stands for actualization of customer data, which includes identification and verification of the user for involvement in suspicious activities.

Thus, AML is the fight against the laundering of financial resources on a global scale, as well as reducing the risk of directing funds to sponsor terrorist activities. Implementation of aspects of this policy allows you to ensure the reliability of financial electronic transactions. A feature of this system is the admission to the services of the service of persons with a positive reputation, unnoticed and unrecognized in suspicious activities.

Personal identification at the time of registration on the resource is the main approach that reduces the risks of fraud, money laundering, violations, investment in terrorism. For personal identification, the resource administration has the right to request the following documents:

  • internal civil passport;
  • international passport;
  • driver"s license;
  • a receipt or an extract from the bank on payment of utility bills indicating the address of the client;
  • a credit card and a photo of the user"s face with a bank card;
  • handwritten declaration.

For personal identification, the client submits electronic copies of documents in high quality with clearly visible inscriptions and photographs. In the event that the quality of copies is low, the procedure will need to be repeated with the replacement of copies of documents with clearer and better ones.

Features of documentation for personal identification

If the user submits deliberately false information, the administration of the resource has the right to notify law enforcement officers of such actions. In turn, the administration of the resource does not publish such data anywhere in the public domain, does not disclose, does not transfer to third parties. The transfer of personal data of users is possible only to law enforcement agencies upon presentation of a relevant court order, as well as in the event of suspicious, fraudulent and other illegal activity on the site.

The above documents allow you to identify the user, including data such as:

  • surname, name and patronymic;
  • Date of Birth;
  • place of registration, address of residence.

Also, the client additionally indicates contact details: mobile phone number and e-mail address (e-mail).

At the same time, a written declaration is necessary for working with large amounts on the resource. In case of deliberate concealment of personal data and provision of incorrect information, access to the resource for the user will be closed. However, in case of unintentional errors, the administration allows a second procedure for submitting documents. In the event that the user was denied access by mistake, you can contact the technical department of the company to resolve all issues.

Carrying out checks in accordance with the AML/KYC policy

The AML/KYC policy is a set of procedures. In addition, the main objective of this policy is the implementation of preventive measures aimed at identifying and effectively combating financial violations. The basis for identity checks are government-issued documents.

Government documents are difficult to forge, so they have the highest level of trust. At the same time, the administration of the resource does not consider documents with traces of corrections or retouching. The high quality of document copies makes it possible to verify serial numbers and verify information about the owner of a bank card in open tax sources.

Blacklists and the effect of international sanctions

The administration of the resource refers to the black lists of persons who make up the EU. They include persons caught in the past in illegal economic activities. Usually these persons are subject to international economic sanctions. The object of Brussels sanctions can be both private and legal entities. Consequently, persons specified in the blacklists will not be allowed to use the services of the cryptocurrency exchange service in order to maintain an overall high level of resource security.

Providing incomplete or false data also prevents users from accessing the services of the service. One of the significant and gross violations is an attempt to provide false data for identification. In this case, the administration reserves the right to instantly block the user"s account.

If, at the time of registration, the company"s specialists detect signs of fraud or other illegal activities, then the user"s data may be transferred to the relevant law enforcement agencies. Further measures to prevent illegal activities will be determined in accordance with current legislative regulations.

AML/KYC policy implementation: regular and irregular checks

A feature of the AML / KYC system is regular checks. The first stage of user verification is carried out at the time of registration. In the future, the company"s specialists carry out both scheduled and unscheduled inspections. The reason for unscheduled checks may be non-standard financial transactions that have never been previously carried out from a specific account. We are talking about non-standard amounts, an unidentified source of income, unusual recipients of transactions.

The company"s specialists monitor the financial activities of users on the resource around the clock. Information about completed transactions is stored and archived. Access to the archives can be obtained by law enforcement officers in the case of a relevant court order. Any transaction may be suspended until the circumstances are clarified if, at the time of financial activity, the company"s specialists have suspicions of money laundering or other illegal actions. The international rules of the FATF become the basis for further analysis of the transaction.

The Royal.Cash administration also performs unscheduled multi-level checks that comply with the standards of international security approaches.

Risk assessment and forecasting

Estimating and predicting risks, as well as minimizing negative consequences, are of great importance for ensuring the security of users and transactions on the cryptocurrency exchange service. Analysis of potential risks involves monitoring user activity and identifying suspicious activity. In case of suspicions regarding the legality of certain actions of the user, transactions are frozen, and the account is subjected to additional verification. This approach ensures high stability of the service for the exchange of cryptocurrencies and the security of all participants in financial processes in the field of electronic and digital currencies.

Thus, the clients of the service cannot be persons involved in fraud, money laundering, sponsoring terrorism. Also, persons previously convicted of economic offenses and other illegal actions are not allowed to participate in financial activities.

Royal.Cash users also undertake to indicate the source of profit. Funds obtained illegally are not allowed to make transactions, and an account that is involved in the use of unconfirmed and questionable funds is blocked and subsequently verified based on AML / KYC policy.

Also, a violation of the rules of the resource is considered an attempt by the client to impersonate another person with the provision of deliberately false documents. In the event of such situations, the administration of the resource is obliged to notify representatives of law enforcement agencies about the incident. In the event that signs of fraudulent activities are obvious, the company"s specialists can transfer personal information of users to law enforcement officers, which includes the name, surname and patronymic, address, contact information (phone number, e-mail address).

In the event that the user cannot provide information about the source of funds, this becomes a reason for suspicion and more detailed checks.

The development of a non-standard approach by attackers to conduct illegal transactions contributes to the parallel improvement of user security protection mechanisms. The company"s staff undergoes regular education and training to acquire the appropriate qualifications in the fight against suspicious financial activity.

Fundamentals of resource combating terrorist and criminal activities

Regular comprehensive and multi-level checks of users" personal data and financial transactions allow the company"s specialists to receive a large amount of data. The effectiveness of information analysis is ensured by the use of international databases, resources of the US, EU, European organizations. International government reports also contribute to effective data processing. The firm"s specialists are studying the lists of sanctions.

The administration checks the activities of resource users depending on the chosen approach. Also, resource specialists can request additional data from customers to clarify information. Completed transactions are subject to scrutiny in order to identify economic violations and ensure the safety of resource users.

If a violation is detected, the user receives the appropriate notification, and is also notified of the verification activities. The methods and duration of the checks depend on the level of the violation committed. In the event that the violations are of a technical nature, are associated with minor errors or inattention, the administration of the resource provides the client with additional time to make corrections to the account.

In the event that the user refuses to comply with the request of the administration, the identified violations turn out to be quite serious, the user"s account is frozen or blocked. If serious violations are detected, the administration additionally notifies law enforcement officers about this. Submission of deliberately false information is considered to be a serious offense, which is regarded as deceit, falsification and fraud.

By registering on the Royal.Cash cryptocurrency exchange portal, the user agrees to the security rules and regulations adopted on the resource, as well as the provisions of the AML / KYC policy. The implementation of the AML / KYC policy implies multi-level identification of user data during registration, as well as regular and occasional checks of personal data and financial transactions.

The Royal.Cash AML/KYC policy is aimed at combating money laundering in transactions with electronic and digital currencies, sponsoring terrorist organizations and other illegal financial activities, and also contributes to the stable operation of the service, maintaining a high level of transaction security and other financial activities for all users portal.