Every day, thousands of users are faced with the risks associated with accepting “shadow” assets. This can lead to serious consequences, including financial losses, account bans and even criminal liability. In some cases, users may become targets of fraudsters, lose all their funds, or even be arrested for money laundering related to terrorism or other crimes.
The well-known Ukrainian service for monitoring online exchangers, Obmify, which has proven itself as a reliable and safe aggregator, knows how to protect customers’ money and nerves with the help of the latest AML service. In this article, we will consider what AML verification of cryptocurrency is, why it is needed, how dirty crypto is laundered, and how the ACL-service recommended by Obmify helps prevent unpleasant situations.
What is a cryptocurrency AML check?
AML (Anti-Money Laundering) is a set of procedures, regulations and laws aimed at preventing money laundering and terrorist financing. In the context of cryptocurrency AML, verification means analyzing and confirming the “cleanliness” of digital assets entering your wallet.
Cryptocurrency Validation: Why is it needed and why is it important?
In the crypto world, every transaction is recorded on the blockchain, which allows you to track the movement of assets. However, without an AML review, it is impossible to determine whether these transactions are related to shady activities. Validating a cryptocurrency means avoiding dealing with unwanted coins or tokens obtained in an unscrupulous way, which can lead to the blocking of your wallet or even legal liability. By the way, according to Ukrainian legislation, accepting “shadow” coins or tokens may result in legal liability.
How to launder “unfairly obtained” cryptocurrency?
Laundering a “shadow” crypt involves a series of transactions to hide its origin. A digital coin or token can be moved through various crypto services and platforms in order to create a complex chain for investigation. Such procedures may include mixers, decentralized exchangers, or even bank accounts for exchanging fiat currencies. This creates additional risks for customers who may inadvertently become participants in dubious transactions.
How to protect yourself from “dubious digital transfers”?
To avoid legal problems and prevent the blocking or loss of digital assets, users are advised to use services for AML verification.
Such services are built into centralized crypto exchanges such as Binance and White Bit. But there are a number of objective reasons why centralized large exchanges are not to everyone’s liking. First of all, KYC is mandatory. Exchange KYC means the disclosure of personal data, and considering the cases of blocking of bank accounts of clients in Ukraine for certain offenses, it is possible to predict the blocking of accounts on exchanges in the near future. Passed KYC = no longer an anonymous customer. Secondly, centralized exchanges do not ensure transparency of their actions and act at their own discretion, which often compromises blockchain technology as a whole.
When using cold and decentralized wallets that do not require KYC, there is no built-in AML check. Instead, users of decentralized wallets can be confident that their digital assets will not be blocked by any specific regulator, and decisions about related risks can be challenged based on the results of the analysis of various external AML services. One such service is ACL-service recommended by Obmify.
Як працює ACL-service?
This is an innovative system of data analysis in various networks. At the moment, a user interface is available in the form of bot telegrams (working on the basis of analytics received from ACL), using which you can minimize the risks of unwanted digital transactions. The main functionality of the service includes:
- Wallet check: analysis of wallet activity for links to dubious, shadow, fraudulent digital assets (full list of all tags on the site).
- Verification of transactions: analysis of digital assets participating in a transaction for the content of an unwanted mix from questionable sources.
- Setting the wallet to auto-check: regular analysis of the wallet for new incoming transactions, which is very relevant for setting up automatic processing, for example for exchangers.
- AML investigations: assistance with the preparation of reports for analytical and regulatory bodies.
The company provides services for both individuals and business clients. It is worth noting that for individuals, the system provides the first three AML checks for free, while subsequent AML requests start at $1/pc. That’s how much peace and confidence is worth when working with crypto.
What should you do when you become a victim of a scam?
If you are a victim of a scam or theft of funds, it is important to act quickly:
- Order an AML investigation of a “suspicious” transaction through ACL-service.
- Collect all the evidence and contact the law enforcement agencies to open a case.
Practice shows that with such an examination, specialized bodies quickly take on the case, because they have the opportunity to immediately analyze the results of the AML examination.
If even a part of the digital assets passed through a centralized exchange, then through KYC it is possible to “extract” information about the attacker. Do we remember about KYC and transparency?
Conclusion
Obmify, as a well-known and safe monitoring of online exchangers, recommends the use of ACL-service to minimize the risks of losing money due to the reception of “shadow” crypto. This service allows customers to check their wallets, transactions and avoid legal problems. ACL supports the idea of decentralization and is an integral part of the modern cryptocurrency market, providing security and financial needs of customers. Remember, when dealing with cryptocurrency, you take responsibility for the cleanliness of your funds.
