ANTI-MONEY LAUNDERING (AML)

Anti-money laundering, or AML, refers to a set of laws and procedures that prevent individuals and organisations from disguising illicit funds as legitimate. Therefore, AML processes usually involve various components such as:Know your customer (KYC): One of the most well-known compliance processes is KYC, which consists of gathering customer data to verify their identity and their source of funds.Customer due diligence (CDD): Financial institutions need to verify their customers’ identity and assess the risk level of their financial transactions.Suspicious activity reporting: Regulated financial institutions are required to monitor their customers' transactions and report anything suspicious to the competent authorities, for example, FIUs or law enforcement agencies.Record-keeping: financial institutions are also subject to record-keeping rules and need to maintain appropriate records of customers' transactions, account data, and any key information for AML.

As a regulated bank and virtual asset service provider (VASP), Xapo Bank implements the highest compliance and regulatory standards. We ensure your journey with us is both safe and above board. You deserve peace of mind, and we're here to provide it. Learn more about compliance at Xapo Bank.