KYC is an acronym that stands for “Know Your Customer” - it represents the process of a business verifying the identity of its clients in order to prevent money laundering, identity theft, financial fraud, and terrorist funding. This process involves verifying your identity and address using government-issued documents (identity card or passport).
Remote KYC is an awesome technological solution, that enables you to verify your identity from the privacy of your couch!
When you wish to open a bank account with your bank or make investments with an investment company or start a savings account you usually need to go and visit the company office, meet their representative to identify yourself with your documents, and sign contracts.
There is no need to visit our office to start using Kriptomat. Identity verification with AML/CFT check is a mandatory thing.
We are a company offering virtual currency services and based on the Estonian AML act we are treated the same as all other credit and financial organizations (banks, brokers, ...). We have adapted our compliance process based on the AML act and the EU regulation (AML5D) and we are obliged to confirm the identity for every Kriptomat user.
Our identity verification process is fast and easy and helps us to confirm both your identity and account information. By confirming this information we can comply with the KYC/AML/CTF regulations and prevent malicious behaviour (money laundering, identity theft, financial fraud, terrorist funding). In other words, by verifying your identity we can ensure that Kriptomat is a safe place for everyone using it.
Learn more about our legal and security practices here.
Do you still have any questions? Use the support chat to contact our support team or send us an email at [email protected]