Privacy Policy
We respect your privacy and work hard to protect the confidentiality of information that you give us. We will share your personal data with third parties only if it’s needed for the provision of services and data you have requested (explained in detail in this privacy policy).
This Privacy Policy applies to all Services provided by us and sets out how we may collect, use and disclose information about users of the application. Privacy Policy applies to all site visitors, customers, and all other users of the Application. By using the application or Services, you agree to this Privacy Policy, without modification, and acknowledge reading it.
Anti Money Laundering (AML)
Anti-money laundering (AML) is a broad term for laws and regulations put in place to prevent criminals from making money illegally or moving illicit funds. While many illegal activities are targeted by AML laws, some of the most important are tax evasion, public corruption, and market manipulation through methods such as wash trading.
Many governmental institutions and pieces of legislation play roles in establishing AML requirements. In the US, agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) provide general information and resources for broker-dealers, and futures commission merchants to set AML standards.
Laws that have contributed to anti-money laundering requirements in the United States include the Bank Secrecy Act of 1970, the Money Laundering Control Act of 1986 and the USA PATRIOT Act of 2001.
Owing to the complexity of the relevant laws, many financial institutions use AML software to detect questionable activity. These software solutions perform functions that range from checking customer names against government lists of prohibited users to generating records that are necessary for maintaining compliance.
* Ways to Ensure Anti-Money-Laundering Compliance
Many different techniques can keep cryptocurrency platforms from becoming money-laundering hubs. Here are a few of the most popular methods.
Know Your Customer (KYC)
Know your customer, or KYC, is essentially a set of identity verification procedures that allows any virtual asset service provider to keep track of who’s using their services. This can mean documenting each crypto trader's legal name, passport number and/or date of birth. It can also involve tracking each user account’s purchases, even if that account's real-world identity is known.
KYC is useful for stopping money laundering, but users who prioritize privacy tend to protest against this anti-money-laundering practice.
Customer Due Diligence (CDD)
Customer due diligence, also known as CDD, refers to using research and statistics to stop money laundering. Crypto companies can use customer transaction reviews to identify risky accounts and monitor them more closely. This tends to require more complex software and employee labor, but it can be very useful.
Crypto Travel Rule
The crypto travel rule is a regulation that requires customer due diligence every time crypto assets are moved. Companies can verify the identities of both the sender and receiver in a transaction, so they can spot red flags. Depending on the guidelines set up, a provider can choose to halt suspicious transactions before they even go through.
* KYC on ABX.io is Easy and Efficient for Users
We have a sliding scale of KYC clearances. Users for any withdrawal (even $1) should do the verification. Withdrawals on ABX.io are possible after completing KYC.
Our KYC Protects Users
This technology creates a formidable barrier to fraudsters, especially when combined with ABX’s ongoing investment in upholding and strengthening security standards, which includes keeping customer funds safe in an industry-leading cold storage system.
ABX is committed to keeping all personal data private and confidential. It will only be used to verify your identity so we can better serve our users.
Anti-money laundering (AML) is a broad term for laws and regulations put in place to prevent criminals from making money illegally or moving illicit funds. While many illegal activities are targeted by AML laws, some of the most important are tax evasion, public corruption, and market manipulation through methods such as wash trading.
Many governmental institutions and pieces of legislation play roles in establishing AML requirements. In the US, agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) provide general information and resources for broker-dealers, and futures commission merchants to set AML standards.
Laws that have contributed to anti-money laundering requirements in the United States include the Bank Secrecy Act of 1970, the Money Laundering Control Act of 1986 and the USA PATRIOT Act of 2001.
Owing to the complexity of the relevant laws, many financial institutions use AML software to detect questionable activity. These software solutions perform functions that range from checking customer names against government lists of prohibited users to generating records that are necessary for maintaining compliance.
* Ways to Ensure Anti-Money-Laundering Compliance
Many different techniques can keep cryptocurrency platforms from becoming money-laundering hubs. Here are a few of the most popular methods.
Know Your Customer (KYC)
Know your customer, or KYC, is essentially a set of identity verification procedures that allows any virtual asset service provider to keep track of who’s using their services. This can mean documenting each crypto trader's legal name, passport number and/or date of birth. It can also involve tracking each user account’s purchases, even if that account's real-world identity is known.
KYC is useful for stopping money laundering, but users who prioritize privacy tend to protest against this anti-money-laundering practice.
Customer Due Diligence (CDD)
Customer due diligence, also known as CDD, refers to using research and statistics to stop money laundering. Crypto companies can use customer transaction reviews to identify risky accounts and monitor them more closely. This tends to require more complex software and employee labor, but it can be very useful.
Crypto Travel Rule
The crypto travel rule is a regulation that requires customer due diligence every time crypto assets are moved. Companies can verify the identities of both the sender and receiver in a transaction, so they can spot red flags. Depending on the guidelines set up, a provider can choose to halt suspicious transactions before they even go through.
* KYC on ABX.io is Easy and Efficient for Users
We have a sliding scale of KYC clearances. Users for any withdrawal (even $1) should do the verification. Withdrawals on ABX.io are possible after completing KYC.
Our KYC Protects Users
This technology creates a formidable barrier to fraudsters, especially when combined with ABX’s ongoing investment in upholding and strengthening security standards, which includes keeping customer funds safe in an industry-leading cold storage system.
ABX is committed to keeping all personal data private and confidential. It will only be used to verify your identity so we can better serve our users.
We may update this privacy policy at our discretion from time to time by posting a new version on our application. You should check our application occasionally to ensure any changes made are suitable for you. If required by applicable law, you will be informed of any significant changes made to the privacy policy.
The current version of this privacy policy was modified in May 2021.
The current version of this privacy policy was modified in May 2021.