They are processes to ensure that our services are not inadvertently used to facilitate illegal activities. At the most basic level, it requires that our customers are properly identifiable by TenX before they can use our products and services.
The information we gather serves several purposes:
- Risk management
- Transaction monitoring
- Account protection
You used to talk about this thing called "KYC". What's that?
This is a term used in the financial services industry, and stands for "Know Your Customer".
"Customer Verification" is functionally the same as KYC.
I have heard of another term "AML" What's that?
This acronym means "Anti-Money Laundering".
"Money laundering", as in the act of making funds that are earnt illegally look like they are from a legitimate source.
AML is a set of procedures, laws or regulations designed to stop the practice of generating income through illegal actions. They are adhered to by financial services institutes in general, and effect the kinds of services we can provide in various regions.
Customer Verification is a subset of AML.