The KYC/AML Procedure at StealthEX

April 25, 2024

Our News

Ana Rojas

StealthEX is a non-custodial exchanger or swapper, which means that user do not have to register to go through verification to use the service. However, to prevent involving StealthEX into illegal activities and money laundering, the platform has to adhere to AML policies and, as a final, Know Your Customer (KYC) procedure. Transactions requiring KYC verification are rare and are usually connected with suspicious activity. Most customers reading this article won’t be subjected to this, however, here is some basic information you should be aware of if it happens.

Essentials of KYC and AML Procedures in the Crypto

A KYC procedure is considered an initial due diligence stage of Anti-Money Laundering (AML) procedures. Identification verification calls for documents that can be used to confirm your identification, such as a passport, utility bills with your residential address on them, and a valid ID card, etc. The standards for ID documents differ between institutions and even between regions.

The Know Your Customer requirements are merely a small portion of the larger category known as Anti-Money Laundering. AML encompasses a wide range of legal procedures meant to prevent money laundering. Software filtering, record keeping, and prosecution are other AML procedures. KYC is essentially an AML procedure that includes heightened due diligence and identification verification. 

Major cryptocurrency exchanges are required to adhere to KYC procedures to verify that they are compliant with applicable laws and regulations. KYC aims to stop illegal activity and identify questionable behavior as soon as it occurs. Data from Know Your Customer processes are used by crypto exchanges to monitor transaction patterns and guarantee secure and legal transactions. It’s also important for the clients: safer exchanges provide a safer environment.

However, the financial field is generally wary of the KYC/AML procedures, especially the crypto industry that generally holds on to the belief that cryptocurrencies should offer freedom in the digital world. It is also true that sometimes, funds need to be processed quickly, and KYC might extend these periods.

StealthEX’s KYC/AML Policies

StealthEX uses its own security service to perform the KYC/AML procedure. StealthEX’s blockchain specialists and legal consultants are engaged in checking and verifying documents and sources of funds. If the risk prevention system detects a transaction which is considered suspicious, it is stopped for manual verification or the KYC/AML procedure. 

Usually, to pass this procedure, the user needs to provide:

• A high-quality photo of an ID.
• Verification selfie of the user holding their ID and written StealthEX sign.
• Proof of origin of funds.

The documents may vary depending on the liquidity provider for the exchange, but the usual list consists of those.

After the user successfully passes the KYC/AML procedure, the pending transaction will be completed or refunded. According to the service’s Privacy Policy, customers’ personal data shall be obtained for one or more specified and lawful purposes, and shall not be further processed in any manner incompatible with that purpose or those purposes. Moreover, their personal data shall be processed fairly and lawfully and shall not be processed unless informed legal consent from the customer in question is received.

If a customer refuses to go through the KYC/AML procedure, the swapper will return funds immediately back to the address of origin, but only if the customer is not suspected of illegal activities or the transaction is not marked as high-risk. Otherwise, they will need to go through the KYC/AML procedure to continue the exchange or refund to the original address.

User Experience at StealthEX

When it comes to KYC verifications, many customers wonder how long it will take for the verification to be completed. StealthEX tries to make the procedure as quick as possible, and regularly these verifications will only take one day to be fully completed. In case a customer has any queries, they can be addressed by the platform’s user-friendly support team.

Legal and Compliance Framework

As a rule, Know Your Customer procedures not only protect the exchange itself – they give each user an extra degree of protection. This is especially important. In addition, KYC/AML procedures broaden the crypto space and make it safer, more secure, and more reliable, which is eventually what the industry sometimes lacks. Failure to comply with KYC regulations can lead to penalties and the termination of businesses, so it’s imperative that StealthEX adheres to these strictly.

Overall, KYC is an essential procedure for many cryptocurrency and financial sector businesses trying to stay in compliance with AML regulations and standards. These financial rules contribute to creating a secure and law-abiding atmosphere that fosters corporate growth. Although you might not be completely private when transacting with cryptocurrencies, StealthEX is making an effort to maintain KYC compliance in order to safeguard their users. You may be confident that all user data, personal data, and KYC data is encrypted during both storage and transmission.

No KYC for Buying Crypto via StealthEX

While KYC checks are an important step of crypto swapping/purchasing, StealthEX understands that verification procedures may take a while and get on your nerves. 

As an additional benefit for its users, the service has introduced no-KYC purchases on all fiat-crypto swaps under $700 or the equivalent of this amount in other currencies. As long as your fiat money amount doesn’t exceed $700, you don’t have to verify your identity. You can make one big purchase or several small $20, $50 or $100 transactions. StealthEX allows users to buy crypto assets in minutes without the need to go through exhausting identity checks.

StealthEX is happy to welcome new customers and let them use its service without all those tedious registrations or verifications. Start your hassle-free crypto swaps with StealthEX today!

Should you have any questions during your verification or any part of the verification steps, please feel free to reach out to StealthEX’s 24/7 customer support that will be able to answer them and provide you with the help that you may need.

Follow StealthEX on Medium, Twitter, Telegram, YouTube, and Publish0x to stay updated about the latest news on StealthEX and the rest of the crypto world.