AML check of cryptocurrency address
Description of service
For visitors who plan to exchange cryptocurrency, the BestChange website provides the opportunity to conduct an AML check of the crypto address from or to which they plan to send cryptocurrency.
The AML analyzer allows you to check the crypto address for receiving both coins (native cryptocurrencies such as BTC, ETH, LTC, DOGE, TRON, XRP) and tokens (assets created through smart contracts based on existing blockchains) in various networks, for example, using technical standards ERC20, TRC20, BEP20.
What should you know about AML?
- Anti-Money Laundering is a measure taken by financial regulators to combat the laundering of illegitimate funds.
- All cryptocurrency services, such as exchanges, exchangers, monitors, online wallets, merchants, and processors, are required to comply with the requirements of AML financial regulators and screen transactions they receive for the presence of high-risk marks.
- The display of such marks means that there are direct or indirect links to suspicious sources, therefore, upon receipt of such assets, any financial services in the world must freeze the funds for additional verification in order to carry out the KYC (Know Your Customer) procedure to find out the source of the funds' origin and verify all related data. Usually, the user is not a violator, and such connections to the crypto address were obtained non-maliciously or accidentally. Therefore, in the vast majority of cases, no critical violations will be detected, and the funds will be returned to the sender after verification.
- At the same time, it is always better to prevent a problem than fix it. That is why the monitor has introduced the possibility of checking a crypto address before sending funds and the option of receiving automatic recommendations based on the result of the AML check.
