Frequently Asked Questions on Anti-Money Laundering (AML)
Frequently asked questions
Do I have to sign up and register for an account before I can use the platform?
Once you sign up and create an account, you are able to login and browse available crypto assets.
If you are looking to buy the assets, you need to complete our verification processes first.
What are ICONOMI KYC and the verification process?
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.
AML - Anti money Laundering
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, the 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.
What is proof of residency?
After passing the KYC check successfully, clients are also required to submit a so-called “proof of residency.”
Proof of residency 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 residency, you may send us scanned Utility bills, ID’s, or any other stated documents that include your name and current address.
Why did I receive a change of circumstances email?
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.
Clients that must undergo additional checks are randomly selected and are asked to provide additional information. Please do not be worried about that, this is an industry standard approach which we perform to keep the platform secure and within mandatory regulatory requirements..
What is ‘Source of Wealth (SOW)’?
Under specific circumstances, clients 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).
Why do I have to provide Source of Wealth (SOW) evidence?
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 client to client 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.
External AML policy
The ICONOMI Anti-Money Laundering (“AML”) Policy for the ICONOMI Platform, which includes products and services available at www.iconomi.com (“Platform”), is designed to prevent money laundering by setting up adequate systems and controls to mitigate the risk of the platform being used to facilitate financial crime.