Daneel ICO : What is a KYC/AML process and why it is important ?

Daneel Assistant
Jan 23, 2018 · 2 min read

Protecting our contributors and clients is a priority, this is why we decided to implement a KYC/AML process for our Initial Coin Offering.

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What is KYC/AML?

Know Your Customer / Anti-Money Laundering is a due diligence process by which a company can verify the identity of its customers, making sure that the money they wish to send was acquired legitimately and that the customer is not a part of a sanctioned list, a criminal, a terrorist, or a corrupt organisation.

Why is it important?

Regulators across the globe are taking an increasing interest in ICOs. This can create uncertainty for cryptocurrency projects and their investors.

While the national legislation is sometimes absent or unclear, Know Your Customer (KYC) is a universal concept that’s broadly understood in global finance.

Voluntarily complying with KYC regulations provides many advantages to the company and its investors, even if they are not currently explicitly mandated to enact such process.

Here are the main reasons why this approach is advantageous:

  • Voluntary compliance gives a project and its participants a stamp of legitimacy with regulators and banks.
  • Cryptocurrency exchanges are beginning to exclude cryptocurrencies that did not properly implement KYC processes. Thus, not running such checks poses a long-term risk to a project.
  • Voluntary KYC compliance may help ICOs reach a larger global audience and expand the number of jurisdictions in which they can take place.

Will I need to go through KYC/AML and how does it work?

If you want to participate in the Daneel ICO, you will need to complete the process.

If you cannot complete the KYC/AML process due to legal reasons, you will not be able to complete the contribution process.

Please note :

Residents of the following countries : USA, Canada, Cuba, Iran, Iraq, Syria, North Korea, Singapore and China will not be allowed to participate in the crowdsale due to national legal regulations. The contributor’s Token Sale participation will not be authorized.

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