Skip to main content
Updated over a week ago

xMoney Crypto is a European company licensed as a Virtual Asset Service Provider (VASP) in Estonia, subject to the EU Anti-Money Laundering and Counter Terrorist Financing (AML/CTF) regulations and committed to the highest standards in the finance industry.

To ensure the effective application of the AML/CTF policies, xMoney has implemented robust Know Your Business (KYB) and Know Your Transaction (KYT) procedures.

The KYB refers to the due diligence review of a business to ensure the Company’s AML/CTF compliance. AML/CTF regulations require that verification is carried out on any potential Client to establish identity and authenticity, by screening and verifying their identity.

KYT refers to the process of monitoring and tracking each transaction to detect and prevent fraudulent or criminal activity. KYT promotes transparency and accountability, which is essential to maintain the stability and safety of the economic ecosystem.

As such, to ensure we are compliant with the mentioned AML/CTF policies, we are partnering with TRM Labs and Onfido, two of the most reputable and well-established Companies in the market. They support xMoney with risk assessments and information regarding businesses, individuals and blockchain transactions.

TRM Labs provides crypto forensic software that helps institutions to investigate money laundering, crypto fraud and other financial crimes by analysing blockchain data. In other words, TRM offers a verification tool for transactions recorded in DLTs (in particular in the blockchain), also known as KYT, which records inputs and outputs of virtual assets, assesses risk and signals suspicious sources and destinations. This tool allows us to automatically filter and block transactions, mitigating the risk associated with processing virtual asset transactions and identifying the corresponding source.

Onfido provides Identity verification and watchlist check services, using a photo-based identity document, a selfie and artificial intelligence, helping businesses ascertain their Users’ real identities and screens users against multiple sanctions lists, politically exposed persons (PEPs) lists and other data sources.

By having these processes in place, xMoney is ensuring not only AML/CTF compliance and prevention of financial crimes but also the protection of its Clients’ and its businesses.

Did this answer your question?