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FAQ

What is money laundering?

Money laundering describes the process by which criminals make ‘dirty’ money obtained from their criminal activities look legitimate, or 'clean'. They aim to make this dirty money look like it has come from a legitimate source, and therefore difficult to connect with its criminal past. Once that is achieved, criminals can introduce their dirty money into the financial system undetected.

What is terrorist financing?

Terrorist financing is the financial support of terrorists or those who encourage, plan or engagein terrorism.

Terrorist financing may involve funds raised from legitimate sources, such as personal donations and profits from businesses and charitable organisations. It may also be drawn from criminal sources, such as the drug trade, the smuggling of weapons and other goods, fraud, kidnapping and extortion.

People who finance terrorism often use similar methods and tools to those used for money laundering.

What is KYC?

Know Your Customer (KYC) refers to the process of verifying the identity of customers, either before or during the time that they start doing business with the company. The term “KYC” also references the regulated bank/financial institutioms customer identity verification practices to assess and monitor customer risk.

Why do exchanges block user accounts?

Sometimes this is just a temporary measure for additional verification, when the exchange suspects that the user is using his account for other purposes. You just need to correctly answer the support questions. We specialize in consulting on such cases.