All our customers must be identifiable by TenX before being allowed to use our product - this is to deter use of our services to facilitate illegal activity.
The information we gather serves several purposes:
- Risk management
- Transaction monitoring
- Account protection
You used to talk about "KYC". What's that?
This is a term used in the financial services industry, and stands for "Know Your Customer". Account verification is functionally the same as this.
I have heard of another term "AML". What's that?
This acronym means "Anti-Money Laundering".
Money laundering is the act of making funds that are earnt illegally look like they are from a legitimate source.
AML is a set of regulations designed to deter gaining income through illegal actions. They are adhered to by financial services industry, and affect the kinds of services we can provide.
Account Verification is a subset of AML.