Your information is required in order for us to provide the most secure service. We need it to ensure against fraudulent activity, money laundering and fabrication.
Though cryptocurrency organizations are independent of any kind of intermediaries , we oblige to the laws and regulations of Monetary Authority of Singapore(MAS). The two important features of Monetary Authority of Singapore (MAS) are "Know your customer (KYC)" and "Anti money laundering (AML)".
According to Monetary Authority of Singapore(MAS), “Financial institutions operating in Singapore are required to put in place robust controls to detect and deter the flow of illicit funds through Singapore's financial system. Such controls include the need for financial institutions to identify and know their customers (including beneficial owners), to conduct regular account reviews, and to monitor and report any suspicious transaction.”
What is KYC and AML?
KYC and AML are both used for transparent and non fraudulent cryptocurrency exchange.
‘KYC’ stands for “Know Your Customer”. It is a term used for our customer identification process. It involves making logical efforts to identify and verify the true identity and beneficial ownership of accounts. This term is also refers to the bank and anti-money laundering regulations which govern these activities.
“AML” stands for “Anti-Money Laundering” and is a set of regulations that requires institutions to complete a number of due-diligence procedures. This is to ensure that they and their consumers are not aiding in money-laundering activities.