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What is AML and KYC?

Last Updated: Apr 02, 2015 12:51AM UTC

AML stands for Anti-Money Laundering, and is a set of procedures and regulations that requires institutions to complete a number of due-diligence procedures. This is to ensure that they and their customers are not aiding in money-laundering activities.

KYC refers to Know Your Customer, and is the due diligence process used for a business to verify the identity of their customer. At itBit, we require an acceptable form of identification, such as your government issued ID, passport or driver’s license, as well as a valid proof of registered address.

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