We do our best to ensure the highest level of compliance via our services and that is why we worked for several months on our internal AML and counter-terrorism financing procedures.
Who is the PrimaBlock KYC provider?
There is certainly an ambiguity surrounding the question of “who is the PrimaBlock KYC provider?”. To provide a clear answer:
As required by EU regulations, we process and assess the validity of documents and information submitted internally.
What about the third party API?
We do use a third-party API provided by our partner KYC3, a compliance and due diligence company trusted by Europeans banks such as BNP Paribas and Banque de Luxembourg. They provide us up to date international sanction lists including CIA, Interpol, and Politically Exposed Persons, as well as Machine learning based risk assessment and ID verification. But once again, it is important to note that per EU regulations, PrimaBlock is the KYC provider and that this information is used to inform the compliance officer at PrimaBlock during the manual review of each application. Although Machine Learning techniques have improved over the years, they are not perfect and in multiple cases, the manual review is necessary to catch counterfeit passports and other fraudulent applications.
Know Your Customer pools are optional!
We want to specify that Know Your Customer cryptocurrency pools are optional. We will offer more freedom in the next update regarding whitelisting specific users if you prefer to use an external KYC provider. You can find more information in our recent article on the PrimaBlock AML and KYC checks.
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