AML stands for ‘Anti-Money Laundering’.
Regulators define “money laundering” as:
“the process by which the proceeds of crime are converted into assets which appear to have a legitimate origin, so that they can be retained permanently, or recycled to fund further crime”.
CTF means ‘Counter-Terrorist Financing’ - to detect, deter and disrupt the financing of terrorism.
The first step in achieving a successful AML/CTF compliance programme is using KYC.
KYC stands for ‘Know Your Customer’ (sometimes also called Customer Due Diligence or CDD).
This is the mandatory process of obtaining information from an individual in order to be able to verify their identity. The purpose is to ensure the individual is who they say they are, and to be able to assess the risks involved in engaging with that individual.
AML/CTF and KYC processes are embedded into the TOOBEMI-Network systems and the overriding aim is to make sure that the TOOBEMI-Network always operates within applicable laws and regulation and that the legitimate interests of the TOOBEMI user community are protected.
As always, everything is (and will continue to be) underpinned by state-of-the-art security and the most robust KYC and AML processes and procedures to keep TOOBEMI in TOOBEMI Online Wallets safe and secure.
Please note that the cryptoasset services provided by the TOOBEMI-Network are outside the scope of the jurisdiction and protection of the Financial Ombudsman Service and the Financial Services Compensation Scheme.
All TOOBEMI-Network members operate lawfully in each of their respective jurisdictions.