AML&KYC procedures - combating money laundering | MyPhoenix

Please note that the website may not be accessible from within the Russian Federation. If you encounter connection issues, please use any VPN.

AML/KYC policy

KYC (Know Your Customer or Know Your Client) is the principle of operation of financial institutions, which obliges them to identify a person`s identity before they can conduct transactions. This identification serves many purposes: understanding your clientele, monitoring operations, reducing risks, and combating bribery and corruption. What kind of data to request from the client is decided by the services themselves, since there is no single standard. For example: full name, date of birth, mail, phone number, country and address of residence, ID (passport, license or other document)

AML (Anti-Money Laundering, Anti-Money Laundering) are the principles of countering money laundering obtained through criminal means. The procedure includes identification, storage and exchange of information about users, their income and transactions between organizations and departments.

AML verification takes place using the CoinKYT and GetBlock services, as well as built-in crypto processing analyzers and exchanges that accept crypto assets. It determines the purity of crypto assets and the origin of coins.

Asset classification into two main groups:

High Risk

  • Stolen Coins
  • Ransom
  • Child Exploitation
  • Terrorism Financing
  • Dark Market
  • Dark Service
  • Enforcement action
  • Scam

Medium Risk

  • illegal Service
  • Mixer
  • Fraudulent Exchange
  • Sanctions
  • Gambling

The recommended approximate values for risk assessment are as follows: the share of assets in the High Risk category should not exceed 5%, in the Medium Risk category — no more than 10%, and the total Risk Score should not exceed 75%.

At the same time, it should be remembered that each transaction is analyzed individually, and the risk profile can be adjusted for each user.

In case of detection of suspicious transactions, our service has the right to:

  • Suspend financial transactions for up to 14 days.
  • Request from the user a video confirmation of the transfer from the user`s wallet, as well as a hash of the transaction.
  • At the request of the regulator (an exchange, a crypto exchange can act as a regulator - processing, government agency, or other organization with appropriate legal grounds). request any additional information from the user in case of suspicious transactions.
  • To refund digital assets only to the wallets from which they were sent to us.
  • If the user refuses to provide any information requested by the payment system (including KYC), the funds may be frozen indefinitely, and they may also not be refundable. The service does not bear any responsibility for the loss of digital asset data, but for its part does everything possible., to ensure that the refund is made as soon as possible.