AML Integration - The Clever Way To Protect Your Bitcoin Exchange Business

Posted On July 27, 2017 at 11:08 AM
Updated May 09, 2018 at 01:30 PM
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Illegal activities happening everyday that can be avoided by Anti Money Laundering (AML) techniques “

 

Let’s gonna explain detailed information about AML technique

 

What is Anti Money Laundering (AML) ?

 

It’s very simple logic : Anti-money laundering (AML) refers set of procedures and set of regulations designed for controlling the practice of generating income through illegal activities. Though Anti Money laundering laws cover only a relatively limited number of transactions & criminal behaviors, their implications are extremely far reaching.

 

Money laundering on Bitcoin:

 

Bitcoin - popular virtual currency as an alternative form of cryptocurrency over the past years. In bitcoin exchange/ trading business that offers interesting experience with new kind of technological pattern for secure and private transactions for earning money through money laundering.

 

Methodologies for money laundering on bitcoin:

 

#Method 1 - Mixers :

 

This mixer process consists on sending one’s money to the anonymous service, later the same money is returned but that money mixed with bitcoins from other individuals.

 

#Method 2 - Deep Web :

 

Deep web is the process of the internet including information. Its censored illegal informations from government. Like drugs, arms, children pornography and all the illegal activities.

 

#Method 3 - Surface & deep web:

 

To surface on the deep web one needs to know the exact URL to be finded, but this process is not safe for the businesses. Most of the illegal transactions done on the deep & surface webs are done through bitcoins.

 

#Method 4 - Silk road :

 

The largest ever electronic black market on the net. Its created for illegal activities like drugs , goods and services.

 

Importance of anti-money laundering (AML):

 

Secure business from money laundering

 

Implement uncompromising customer identification and verification process as well as you can monitoring procedures and your business transaction process.

 

Organize banking sectors

 

Its offer you the most secured protection, visibility, processes and reporting you need to create and develop these bank partnerships.

 

Save valuable time & money

 

You can get the best services with advanced technology at affordable price.

 

 

 

Benefits of Bitcoin Exchange Business With AML Integration

 

Today bitcoin and other cryptocurrencies are preferred as payment method on online business websites because it can be instantly transferred between users & business people in any country without using a bank. And this kind of digital currency transactions making it difficult to trace.

 

You may already know about the fact of bitcoin transactions are irreversible. So users, they can never be back once committed. There is no option “control-Z”.

 

While integrating AML , As a owner you can set your trading limits. When buying or selling bitcoin on your exchange platform you can set your users trading limits. Each user with their own limits and transactions. At this time, there is no more illegal activities placed on. AML paves the way of increasing trading flow and the way of making trust.

 

 

How to secure your bitcoin wallet by using AML?

 

As an owner of the exchange business platform, it is vital important to secure your traders into bitcoin wallet. While choosing AML, you can set traders wallet limitations.

 

This feature allows bitcoin purchases through your wallet account, and requires users uploading verification documents. You are the responsible person for traders wallet transaction and limitations. In this situation, You can set your wallet daily transaction limits like banks.

 

Benefits: only allowed legal activities. No need to worry about illegal transactions and activities.

 

 

About Coinjoker :

 

Coinjoker provides a comprehensive bitcoin exchange business software and designed to consistently enforce a business’s AML compliance policy. This feature contains AML transaction monitoring, case management system. It's also used for intuitive work flow reduces the complexity of compliance responsibilities.

 

If you care about your customer future, that will increase your business success instantly.

Dreams don't work unless you do just take a free demo! 

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