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KYC / AML

KYC / AML means “Know your customer / money laundering”. KYC and AML follow the instructions of banks, insurance companies, brokers, cryptocurrencies and other similar entities. [1] [2] [3]

Specific KYC / AML rules may vary by country, but in general, financial institutions will need to know their customers and monitor and report suspicious activity.

In the United States, KYC / AML rules are derived from various laws, regulations, and guidelines, including FINRA guidelines, secret banking divisions, and U.S. PATRIOT laws.

In short, KYC / AML rules are the reason to prove who you are before using most cryptocurrencies.

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