Introducing to KYC and AML systems in European Crypto Bank

Know Your Users (KYC) is the principle that the European Crypto Bank applies to know users identity, monitor users transaction activities including reporting suspicious transactions and it is the European Crypto Bank’s duty to apply them.

The principle of knowing the users does not just mean knowing the users literally but the principle of knowing this user wants more comprehensive information in addition to the user’s identity, which is related to the profile and character of users transactions conducted through banking services.

Therefore, this is not an easy job to do. To conduct a due diligence or assessment process of a user, the origin of funds or sources of funds held or stored in the European Crypto Bank is not an easy task. As a bank operating in the blockchain area, it can irritate users and transfer funds to other investment institutions.

Thus, the application of the principle of knowing the users requires special ethics and policies and procedures as this work has entered the privacy of a users or prospective users of the European Crypto Bank.

The functions of KYC

  • Allows the European Crypto Bank to recognize and understand its users and intermediaries.
  • Legality. The legality of a bank is determined by the use of KYC and AML.
  • Allows European Crypto Bank to have a positive identification of its users.
  • Provide internal control system for the ongoing activities.
  • The information collected from the users is for the purpose of supervision only and will be kept confidential.

The European Crypto Bank shall reduce the risk of its use of services as a means to launder money by knowing and knowing the identity of the users, monitoring transactions and maintaining users’ profiles, and report suspicious transactions conducted by parties using bank services.

The application of Know Your Users Principles (KYC Principle) is based on the consideration that KYC is not only important in the context of eradication of money laundering, but also in the implementation of prudential banking to protect banks from various risks in dealing with users and counterparty.

Besides doing KYC, European Crypto Bank also prevents Anti Money Laundering. Money laundering consists of a series of complex financial transactions derived from illegally developed funds. This transaction aims to disguise the origin of the fund by infiltrating parts of the funds in the economic and financial sectors within and across national borders.

Developments in the field of knowledge and technology have encouraged the development of crimes committed by irresponsible parties. These crimes generally involve and generate large amounts of money. The Internet has provided many facilities for money launderers to eliminate traces and benefit greatly from the use of cryptocurrency.

European Crypto Bank ICO

ICO is also often used by money launderers to convert their money into digital currency. They will buy token/coin in bulk. The companies that hold ICO are certainly happy with this, many are not aware (or may not care) if their ICO events serve as a money laundering medium. The European Crypto Bank should be able to convince the company or its platform and its users to use European Crypto Bank services in order to conduct secure transactions.


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