One of the most important steps to open a crypto-company is obtaining the corresponding licenses. To obtain these licenses, you must provide us with at least a couple of documents, the AML and KYC documents. It is important that you know the information they should contain and how to elaborate them.
On the one hand, the AML document. This is your anti money laundering document.
It includes the measures and protocols that you implement to ensure that you avoid the use of your platform for money laundering and terrorism activities, as well as the technical mechanisms and procedures you apply to avoid such activities. This includes from the correct identification of the users and the documents that are requested to them, to the mechanisms to ensure their identity (video conference? Face-to-face meeting? Collection of documents? Photos?) And how you track the data of the users (audits? automated analysis? detection of suspicious activities?).
On the other hand, there is the KYC document (Know Your Customer).
This document is a guide to the information requested from users or customers or your platform, specifying all the information you collect (such as name, surname, age, passport or ID, education, work, bank details…). There is a lot of information that can be requested, and each platform and system is different and therefore needs different data. Some will make sense for some platforms, and others will not.
The KYC document should include at least the information form that will be presented to the user or client when signing up, as well as an explanation of any other document or data requested (passport, etc).
It is convenient for any crypto-company, exchange or startup to elaborate this documents, not just for obtaining the licenses, but also because they are essential for the activity of the company. They will be requested from investors to financial authorities in the future.
We cannot prepare these documents for you, but we can offer you advice on their content and how to write them. A good option is to ask the community, or contact other startups or companies working on similar areas.