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What will I get if I pass AML/KYC check?
What will I get if I pass AML/KYC check?
Rick Alexsson avatar
Written by Rick Alexsson
Updated over a week ago

The main idea of AML/KYC policy is to prevent risks for companies and their customers being involved in illegal activity. CEX.IO conducts ongoing automated monitoring of all incoming and outgoing transactions to discover

-suspicious payments,

-payments to or from the black market,

-transfers of stolen funds,

-potential terrorist funding, to name a few.

We’ve devoted a lot of efforts to sustain continuous, fast, and secure money transfers. To accomplish this, we’ve built a network of partners, both banks and payment processors in different parts of the world. Since CEX.IO provides services worldwide, we've designed our AML/KYC policy to comply with international standards and laws.

Therefore, following strict AML/KYC policy allows CEX.IO to process:

  • fast card deposits and withdrawals in different fiat currencies (USD, EUR, GBP);

  • international bank transfers via SWIFT in USD, EUR, GBP;

  • domestic bank transfers via ACH (for USA residents), SEPA (for Eurozone), and Faster Payments (for GreatBritain residents);

  • deposits and withdrawals via other payment systems like Skrill, Epay.

Secure and fast card deposits and withdrawals

Debit and credit cards are one of the most popular financial instruments all over the world. It is also the most convenient method for online payments. That's why CEX.IO made it possible to purchase crypto using your debit or credit card. Each payment processor we add for our users is a result of lengthy negotiations and counterparty risk assessments. So, by following the strict AML/KYC policy we can process instant card withdrawals.

In recent years, along with new technologies adopted in the financial system, debit card payments have become a very convenient and efficient option for money laundering.

At CEX.IO we make everything possible to prevent fraudulent activity and protect your card information. That is why it is important to verify your identity when making card deposits or withdrawals. This ensures that only you as a real cardholder can use it.

Reliable international and domestic bank transfers

Initially, deposits and withdrawals on CEX.IO via bank transfers were possible via international money transfer — SWIFT. As a UK-based company, we had domestic EUR transfers, SEPA. Providing them on a stable basis became possible only in 2017. SEPA transfers are faster and cheaper, comparing to SWIFT.

Later, we went out to build banking and payment processing relationships in the US and UK respectively. Fast forward a lot of late nights and long negotiations, and we now have wire transfers and ACH for USD payments and FasterPayments for GBP.

Any bank can terminate their relationships with an exchange due to new regulatory requirements or issues with their corresponding banks. And so does any payment service provider. That means our fiat processing function can only be reliable when we have multiple battle-tested partners to cover every step of processing.

Therefore, thanks to the experience in AML/KYC procedures and the good reputation of CEX.IO, we've got lower limits, cheaper SWIFT withdrawals, and free ACH, SEPA, or FasterPayments withdrawals!

The security of your funds and personal data

Any platform, when not careful about checking its clients, the source of their funds, and their trading activity, risks being used for money laundering. The consequences of this can be the freezing of the platform’s bank accounts and suspending company operations.

That is why verification related to KYC/AML is mandatory for every user we serve. Similarly, we carefully review each bank before sending our clients’ funds there.

Our clients’ fiat funds are stored in the custodial accounts of banks we partner with. The customers’ fiat is always held in accounts separate from the company’s accounts. That means only customers and no one else – not the company, nor its creditors, or any other counterparties – have a claim on these funds.

As you can see, we've done a lot of work to provide you a safe trading environment with a lot of fast and cheap payment options available. We can only be successful with the help of our users. Thank's to the perfect reputation of CEX.IO and our customers our existing bank partners trust us more and other banks want to work with us. Thus, we can add more payment options that are familiar to our customers and make crypto trading even more enjoyable.

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