Anti-Money Laundering (AML) is the comprehensive effort to comply with laws, regulations, and procedures designed to prevent the practice of generating income through illegal actions. As the leading enterprise blockchain platform for digital assets, implementing robust AML measures is essential to safeguard the ecosystem's integrity and ensure compliance with financial regulations.
AML laws cover a variety of potential criminal behaviors, including but not limited to:
- Using illicitly obtained cryptocurrency & credit cards to purchase NFTs.
- Exploiting cross-chain transactions for money laundering.
- Creating and selling NFTs to launder money or finance terrorist organizations.
Our commitment is to prevent the movement of funds associated with these crimes and to protect the integrity of our services from being used to facilitate illegal activities. Implementing strong AML measures, ensures that our platform remains a secure and compliant environment for legitimate NFT creation, distribution, and sales across various payment methods and blockchain networks.
Why do I need to complete KYC verification?
KYC verification is required to comply with AML regulations and to ensure the security of our platform.
To enable credit card payments on primaries or set up a hosted claims page, sellers are required to complete KYC.
Users may be required to complete KYC at the sole discretion of Crossmint’s risk team.
What documents do I need for KYC verification?
You will be required to submit a government-issued photo ID (such as a passport or driver's license), proof of address, and a selfie.
If you run into trouble submitting your documents, request help.
Why was my transaction flagged for review?
Transactions may be flagged for various reasons including unusual transaction patterns, funding through financial services commonly used by bad actors, or discrepancies in information provided.
When a transaction is flagged, the purchase will not be completed. Funds will either be returned to the sender or confiscated depending on the severity of the incident.
If you have any questions or concerns, contact support with all of the details.
Updated