Crypto AML is an emerging topic, but it doesn’t need to be difficult. A great way to get started is by implementing KYC processes for your crypto exchanges and wallets. But what exactly does this mean? How do you do it right? And will the process work for everyone? We’ll answer these questions, and more in our blog post about building a strong AML policy for crypto!

AML in crypto is not a new topic, but it is one that is gaining importance as the industry grows. AML stands for anti-money laundering and KYC stands for know your customer. Both of these terms are important when it comes to regulating the crypto world. A strong AML policy for crypto should include foolproof KYC processes, which will help identify and verify users. This is because authorities hope to root out suspicious activity in the crypto sector by implementing KYC processes for exchanges and wallets.

Surprisingly though, strong AML programs don’t come without their problems in an industry where regulation is increasing at an alarming rate. For crypto exchanges and wallets, this means paying more to onboard users, with lots of friction along the way. It also means manual KYC processes have become all but impossible to implement over time. As a result, many exchanges and wallets are being put in awkward positions when it comes to identifying whether or not they can accept certain customers.

This isn’t just a problem for crypto exchanges and wallets either – it is also a problem for users. AML in the cryptocurrency industry has become so convoluted that even payment providers are having trouble getting their foot in the door with some financial institutions, sometimes leading to account closures and limited access to banking services.

All of this just goes to show that traditional KYC processes simply aren’t enough in the world of crypto. Luckily, there is a solution to this – implementing KYC processes for your crypto exchanges and wallets using blockchain technology. By doing so, you will be able to benefit from foolproof AML policies that are compliant with regulations while also creating unmatched transparency within your company at the same time.

To learn more about how to build a strong AML policy for your company, please read our latest blog post. In it, we discuss the importance of KYC, AML and provide examples of how this can be implemented effectively. We also answer some common questions about AML and what you need to do in order to stay compliant as a business.

Read This Next

reviews"Great tool to expedite customer service"

The most helpful thing about Lightico is the fast turnaround time, The upside is that you are giving your customer an easy way to respond quickly and efficiently. Lightico has cut work and waiting time as you can send customer forms via text and get them back quickly, very convenient for both parties.

"Great Service and Product"

I love the fact that I can send or request documents from a customer and it is easy to get the documents back in a secured site via text message. Our company switched from Docusign to Lightico, as Lightico is easier and more convenient than Docusign, as the customer can choose between receiving a text message or an email.