New verifications starting as of AMLD5
In January we already informed you about the upcoming 5th Anti-Money Laundering Directive (AMLD5). This much discussed amendment of the fourth anti-money laundering directive was accepted by the Senate on April 21 and will take effect on May 18. With this new regulation, a number of things about buying and selling cryptocurrency change. In this update you can read how this affects you, our verification process and what you can expect from us.
As of the new regulations on May 18, companies that trade in or with cryptocurrency are expected to do some things. Companies that trade in cryptocurrency must register with De Nederlandsche Bank (DNB), and will therefore also be subject to supervision by DNB. The most impactful requirement of the DNB is the renewed identity verification. A requirement that we have met with our customers for years, because we also combat money laundering, terrorist financing and fraud. Our process changes slightly under the supervision of DNB. This is part of the client investigation and monitoring transactions for suspicious activities.
In order to make this process as simple as possible and fitting within the guidelines of the DNB, we have chosen to allow the verification process for new and existing customers to take place exclusively through a video call or recorded video. One of the requirements set by the DNB is that we have verified the identity with certainty. During the video verification, we ask you to visualize some documents, so it is smart to keep your identity document at hand during the video verification. In addition to a video call with a SATOS support employee, it is also possible to record a video yourself and send it to one of our support employees.
The advantage of video verification is that the entire verification process works even faster than the verification methods we used before. With the video verification you have immediate clarity and you know where you stand within minutes. Other verification methods such as the selfie with your identification document and in many cases the bank verification are therefore canceled; and that saves a lot of time and annoyances.
You can complete the new one-time video verification in a few minutes, after which you will no longer be bothered by annoying delays and you can act undisturbed. We noted in the past that sending a copy ID and selfie ID regularly went wrong because, for example, the photo was not sharp enough. These problems will be a thing of the past as of May 18.
We will continue to look for new verification methods to burden you less with required information, for now that will be translated into a video verification.
Monitoring all transactions on our platform is an important part of combating fraud, money laundering and terrorist financing. By clearly visualizing the transactions and adhering to the rules, we also help clear the negative image that is linked by some to bitcoin and other cryptocurrencies.
This monitoring simply means that, largely automated, we go through all transactions on our platform by an extra check. We've worked hard over the past six months to perfect this and make sure you're not going to be bothered by this. If more information is needed to complete a transaction, a SATOS compliance officer will contact you in the same live chat window where you shared your video verification for additional information. This makes this form of verification clear, clear and fast.
In addition, it is important for you as a customer to know that we are obliged to report unusual transactions to the Financial Intelligence Unit (FIU). This includes, for example, very systematic large transactions or irreducible transactions.
Here to stay
We understand that this initially feels like a big change, but we can say that the changes to our current verification process for the customer are relatively small. We have worked hard behind the scenes to make it as fast, safe and easy for you as possible. Also your information; it remains unchanged safely stored on offline disks and will never be shared with third parties without permission. If you have any questions, please let us know! Our support employees are available daily to answer all your questions.