As is well known, anti-money laundering (AML) and know-your-customer rules (KYC) are obligations of service providers like banks and other financial institutions. Their aim is to facilitate investigations into the real identity of customers and the purpose and source of their transactions, so that the services provided to customers will not be used for money laundering, financing of terrorism, tax evasion, or other illegal activities. As transactions involving cryptocurrencies are by nature global yet anonymous, there is thus much room for misuse, so we cannot emphasise enough the importance of AML/KYC in the crypto space.
