what is KYC
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What is KYC and what are AML policies?

Many companies took an opportunity to cut corners in the period when the crypto market was completely unregulated. New technology often results in a transition period between invention and regulation, but as always the regulators are quickly catching up, that’s why we want to explain what is KYC and why AML policies are applied.

We want to be transparent and clear about our progress and the way we protect your funds and identity. The main goal of Tokia exchange is to keep your funds safe, that is why we always did and always will prioritize the security question and are constantly improving our exchange platform. We think it is important for you to understand security and compliance practices in order to make a decision.

From the very start of Tokia exchange, we chose to self-regulate by applying KYC (Know Your Customer) and AML (Anti Money Laundering) guidelines.

What is KYC?

KYC – Know Your Customer means all our customers need to provide proof of identity and address. KYC falls under the responsibility of each financial institution and/or regulated company.

When it comes to the what is KYC with the objectives of its guidelines is to prevent us from being used, intentionally or unintentionally, by criminal elements for money laundering activities. This helps us to manage the risks prudently. The frame of KYC policies consists of the following four key elements:

  • Customer Acceptance Policy;
  • Customer Identification Procedures;
  • Monitoring of Transactions; and
  • Risk management.

AML – Anti Money Laundering is a set of regulations designed to prevent money laundering. Again, as in the case of KYC, financial institutions and/or regulated companies are responsible for the implementation of internal AML policies.

The purpose of the AML rules is to help detect and report suspicious activity including the predicate offenses to money laundering and terrorist financings, such as securities fraud and market manipulation.

Verifying your identity is super easy with Tokia! All you have to do is simply log into Tokia exchange using your account and go to settings:

1. Press on your email address in the top right corner and you will find settings Tab.

2. You will find tab with Identity and simply add your personal info to given fields to complete first step of identification (country, zip code, phone number, name, surname, email address, city, date of birth).

3. Later on, upload the picture of yourself or make a video with your webcam.

Once all steps are completed, you will be able to submit your documents for verification. Upload a picture or take a photo of your document front and back photos with your webcam.

When you provide proof of identity and address, our team uses it to check all your details are authentic. The checks are mostly manual with some parts automated, but everyone involved is trained to respect your privacy.

Read more about Tokia legal issues: KYC, AML, Terms and Conditions and Privacy Policy

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