KYC/AML

KYC/AML explained

Due to their untraceable nature, cryptocurrencies are a perfect tool for money laundering and other illegal activities. To prevent criminals from making use of cryptocurrencies, the crypto market implements certain rules and regulations for services to obey.

BestRate aims to protect our customers from any fraudulent actions and is compliant with all the relevant industry regulations, such as KYC (Know-Your-Customer) and AML (Anti-Money-Laundering) procedures.

These regulations ensure the legality of all the transactions that pass through our service. The users confirm that they are faithful citizens who don’t break the law.

 

KYC/AML procedure

KYC/AML procedure at BestRate is conducted by an automated risk prevention system. If the system considers a transaction to be suspicious, the money transfer is put on hold and the service requires from a user to confirm his or her identity.

We can’t publish the criteria that the system relies upon in order not to tempt people to come around these rules.

We handle every KYC case individually. If a transaction is regarded to be suspicious the user gets a pop-up notification while making an exchange with a request to contact our support team. The user will have to provide us with the following information:

  • A high-quality scan of any identification document and a selfie with this document;
  • Proof-of-residence
  • A source of deposited funds

Once we receive and check these documents, the funds are sent to the wallet provided by the user.

The KYC/AML procedure is considered failed if the user refuses to disclose his identity or sends false documents. In this case the funds return to the initial address within 24 hours excluding the miner fees.

We do our best to maintain the reputation of a legitimate and trusted service and thus reserve our right to apply these procedures to any client.