In the rapidly evolving crypto landscape, robust compliance standards are imperative for fostering trust and legitimacy. Responsible crypto companies prioritise implementing rigorous Know Your Customer (KYC), and Anti-Money Laundering (AML) measures. These best practices safeguard against financial crimes and promote transparency and accountability, essential for mainstream adoption.
ZebPay is an FIU-registered entity and we adhere to transparency and safety by being compliant with all applicable laws and regulations, setting an industry benchmark. By upholding stringent KYC and AML norms, ZebPay ensures a secure and trustworthy platform for its customers.
Why is Re-KYC required?
According to the guidelines mentioned below, Service Providers must carry out re-KYC procedures on existing customers periodically. Re-KYC should be performed at least once every year.
Anti Money Laundering (AML) & CFT Guidelines For Reporting Entities Providing Services Related To Virtual Digital Assets (VDAs) emphasise the necessity of robust Know-your-customer (KYC) norms. The guidelines aim to prevent the misuse of VDA services by state and non-state actors for money laundering, terror financing, and proliferation financing.
As per these guidelines, the VDA service providers (SPs) are required to implement stringent KYC procedures both before onboarding clients and through periodic re-KYC of existing customers. This is crucial to ensure that the identities of customers are verified and regularly updated, thereby maintaining the integrity and security of the financial ecosystem involving VDAs.
To know more about how to do KYC and Re-KYC, please visit the following blog.
