Ottó Onboarding: KYC/AML Explainer

Welcome to your latest Ottó article.

Today’s topic: What is KYC/AML and how does it relate to Ottó ?

KYC/AML is an important verification process and has mostly been used by exchanges up to this point. So where does the KYC/AML process sit with Ottó? Let’s dive into some understanding in this medium article.

What is KYC/AML?

KYC(Know your customer) and AML(Anti monetary laundering) is a legally mandated process of establishing and verifying a user’s identity. Regulatory obligations placed on operators also include understanding the nature of a customer’s activities, qualifying that their source of funds is legitimate, and assessing any money laundering risks associated with a customer.

What does the KYC/AML process involve ?

The KYC/AML process will involve scanning a form of identification e.g. drivers license, passport etc through our third party provider Jumio. The camera of your device will then be used to match your face against your identity document. The second part of this process will involve providing an address verification image(e.g. Utility bill) to ensure a user is who they say they are. Once these processes are complete the user’s Ottó account will be fully verified.

How does KYC/AML fit with Ottó’s mission ?

By having each user account go through a KYC/AML process, it is possible to ensure that every deposit or withdrawal of digital assets into or out of the ecosystem can be completed only by verified, trusted parties.

Ottó is a socially-responsible blockchain that embraces regulatory intent by preventing illicit actors from participating. Passing KYC verification means that you will be able to interact on Ottó blockchain anonymously, but other participants can be sure that any digital assets you bring onto Ottó blockchain are legitimate.

About Ottó Blockchain

Ottó Blockchain is the first KYC-compliant, Curated Smart Finance blockchain. Ottó Blockchain leverages NFT identity attestation, and Multichain functionality, vouching for you to service providers, custodians, and other market participants while allowing users to maintain privacy.

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