🔍 How Does Anti-Money Laundering (AML) Work?

🏛️ On cryptocurrency exchanges, the AML policy typically includes a set of measures to ensure compliance with international anti-money laundering standards.

📋 The main components of the anti-money laundering policy include the following:

🆔 Know Your Customer (KYC) - the verification of a person who registers on the platform.

💱 Transaction monitoring helps detect suspicious activity, such as unjustified transfers of large sums of money or repeated transactions.

🚨 Suspicious transaction reporting policy involves notifying relevant authorities of any suspicious activities they have identified.

👤 Exchange personnel must be able to work with AML procedures, including identifying suspicious activities and reporting them.

🌐 In many countries, cryptocurrency exchanges' activities are regulated by government bodies in the field of AML. This provides additional control and oversight to ensure compliance with AML policies. In countries where digital assets are not considered legal tender, industry self-regulation is often in place.

💼 Cryptocurrency exchanges that support AML controls include:

WhiteBIT

OKX

Binance

HTX