What Are the Key Differences between Institutional and Retail KYC/AML Procedures?
Institutional KYC/AML is more complex, focusing on verifying the legal entity, its beneficial owners, and its complex corporate structure. Retail KYC is simpler, focusing on verifying the individual's identity and proof of address.
Institutional procedures require extensive documentation like corporate charters, operating agreements, and regulatory licenses.
Glossar
Retail
Participation ⎊ Retail refers to individual investors and traders engaging directly with cryptocurrency markets.
Global AML Standards
Requirement ⎊ Global AML standards establish a set of requirements designed to prevent financial systems from being used for money laundering and terrorist financing.
KYC/AML
Compliance ⎊ The mandatory adherence to Know Your Customer and Anti-Money Laundering regulations imposed upon centralized exchanges and regulated derivative platforms.
KYC
Verification ⎊ KYC within cryptocurrency, options trading, and financial derivatives represents a suite of due diligence procedures employed to ascertain the identity of participants and assess associated risks.