Frequently Asked Questions on Anti-Money Laundering (AML)

KYC - Know Your Customer is a process where we confirm that you are indeed who you say you are. We are required to undertake these checks and we do it to prevent and detect crime.

When registering your account you declare your name, location, and address, and with the verification or KYC process we confirm the data provided.

This process is usually fully automated and only takes a few minutes, but sometimes we also need to check verification manually.

The manual verification check is nothing out of the ordinary, it is part of the process we execute in order to prevent any verification mistakes or otherwise gather more information.

At ICONOMI, we have a zero-tolerance policy regarding money laundering and all forms of Financial Crime.

To mitigate money laundering, we need to follow a predefined procedure.

It may be that you are asked for additional information or documents when you deposit or perform specific actions on the platform. This is normal and nothing to worry about. These checks are usually fully automated and take a few minutes to submit.

Once you reach a certain threshold of deposited assets, we will ask you for specific information that will increase your verification level and allow you to operate further - as expected.

After passing the KYC check successfully, users are also required to submit a so-called “proof of residence.”

Proof of residence is a scanned copy of a document that clearly states your name and address.

With this document we are confirming that you actually live at the address provided at the registration process.

To prove your residence, you may send us scanned Utility bills, ID’s, or any other stated documents that include your name and current address.

When a client changes their name or address, this is treated as a change in circumstance. In such scenarios, we may need to re-collect the data from the user and update our records accordingly. If a change in circumstances occurs, you are obligated to report those changes to ICONOMI in the shortest time possible.

To make sure our anti-money laundering processes are working properly, we execute random QA (quality assurance) checks.

Users that must undergo additional checks are randomly selected and are asked to provide additional information. Please do not worry; this is an industry-standard approach which we perform to keep the platform secure and within mandatory regulatory requirements.

Under specific circumstances, users may be required to fill out an ICONOMI SOW questionnaire “Source of wealth questionnaire.”

This form appears in our platform automatically when conditions are met, and you are required to fill it out before you can perform any further financial actions on the platform.

The form has five questions and it can be filled out within minutes.

Once the form is checked and approved, you may return back to normal financial status/account activity as before. We are required to collect this data in order to provide any additional information to our stakeholders when requested (e.g. tax authorities and relevant law enforcement agencies).

Under specific circumstances you may be required to fill out our “Source of Wealth” questionnaire and upload proof of the same (when required).

This form appears in our platform automatically when conditions are met, and our clients are required to fill it out before they can perform any further financial actions on the platform.

The required confirmation documents may vary from user to user and it may be as simple as a scanned copy of a yearly paycheck report, or as complex as selling real estate or anything in between.