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AML / KYC Settings

AML / KYC Settings

Owned by Charles Wernicke
Last updated: Dec 18, 2024
7 min read

Your AML/KYC settings are created and configured here. One setting may be applied to all Terminals, or they may be individually configured, or anywhere in-between.

AML/KYC may be the most important aspect of your business, and it’s very important that you configure your system to comply with your regional laws. SEEK LEGAL COUNSEL!

General Bytes cannot, and will not, provide advice on your legal requirements. We are a global organization in a very fluid legal environment; we do not pretend to be legal experts or in any way qualified to answer questions that may potentially lead to violations of the law.

Registrations may be automated:

AML/KYC Dashboard

The AML/KYC dashboard displays a concise summary of your system-wide AML/KYC settings.

+ADD a new AML/KYC Setting

VIEW the AML/KYC policy

DELETE the AML/KYC policy

  • will be hidden if the policy is used by any Terminals

Displays the Terminals using this Policy.

General Settings

 

Internal Name*:

describe the setting, i.e. “New York KYC Policy”.

Organization*:

(admin only) assigns this policy to a specific Organization.

Reject PEPs:

PEPs (Politically Exposed People) must (by regional law) identify themselves during financial transactions. Enabling this option rejects those customers that are determined to be PEPs.

Allow Only Customers With Known Phone Identity

This option prevents Unregistered customers with forbidden phone number types from attempting to use your BATMs (and this policy).

Reject High Risk Transactions:

High risk transactions are those determined by a 3rd party after a target wallet address (BUY) or a sending address (SELL) is used. When enabled, transactions that are identified as “high risk” will be disabled.

Use External Registration Only:

An external system will be used to search for identities, otherwise the internal system will be used for identifying. This option should be enabled only if you use the instruction "Nothing, Go To Website" (see below).

Cryptoaddress Pinning

After being used by an Identity, that crypto address will become exclusive to that Identity (for the “X” days specified in the Pinning Window). No other customers may use it.

  • Security measure to deter scamming.

  • Other Identities won’t be able to use the same wallet address during that window.

Pinning Window (in days)

See: Cryptoaddress Pinning (above).

Allow withdrawals only for the same identity as sell transaction

When enabled/set, a SELL transaction WITHDRAWAL can only executed by the same Identity that performed the SELL.

Minimum Age

Set the [integer] minimum age to transact.

Verify Wallet Ownership

Enabled: prompts a user to confirm on the BATM that the wallet used - belongs to the user. Configure the prompt using the Custom String:

Configuration types:

One (or more) need to be enabled/selected to define your sale limits. The limits control how the approval process is applied (if applied at all).

  • VIP limits may be used for sele